The downside most business owners face is not being able to take a break. When working with a business owner, these are the questions I frequently ask:
- How confident are you about leaving your business for a few days, a week, a month?
- Do you end up glued to your computer or smart phone when you take a family vacation?
- What would it be like if your business could literally run without you?
I am planning on traveling out west with my husband next year for several months while he is on sabbatical, and because I have a virtual team in place, my business will continue to run while I am gone.
Although this trip will feel like a vacation because we will be site-seeing and visiting friends and family, I will also be working. The exciting thing is that with today’s technology, it’s possible to work from anywhere and not skip a beat. For example:
- I can access my website, emails, edit my ezine and social media from anywhere.
- I can have phone calls forwarded and post an away message on my email.
- I can create radio shows, ezines and blog posts in advance and have them scheduled to go out while I am on the road.
- In addition, with the right team and systems in place, I can delegate and outsource projects virtually, wake up, and the work has been completed over night.
So often I hear people say that some day when they retire … they hope to travel, to do what they love, to spend more time with their family. It’s possible to set-up your business now or over the next few years so that you can have your dream lifestyle while you are still young and healthy. I’ve done it! I left my business for one full year, and it ran flawlessly without me. In fact, it ran so well, I was able to sell it for seven figures to launch the Smart Women Companies.
Now I am planning on doing it again, only with a whole new business model. And you can do it, too! Creating a system for passive income, no matter what type of business you own, is a key to generating value.
What if YOU are the business, like a therapist or a plumber? What happens when you are sick or on vacation? You probably don’t get paid, right?
In my former business, I was a financial planner. Therefore, I was the expert in the firm. What did I do? I hired and trained the perfect intern who was able to understand and run my business from the bottom up. I learned everything I had taught him, and then became the expert himself and developed a relationship with my clients. This took years and many hours of setting up systems, but had I not done this, I would never have been able to sell my business to him for seven figures.
Whether you have a product or a service, it is possible for your business to run without you AND for you to create an “Exit Plan.” Bruce Wright, author of The Wright EXIT Strategy, talks about creating an exit strategy as part of your initial business planning.
I want you to take a moment now to look at your business and write out what is going well and what is not working. Reach out for help from someone who has done what you would like to do.
Looking for one-on-one support? I have an opening in my private coaching practice for a few new business clients right now. You can schedule a complementary coaching session with me so we can discuss your dreams and your challenges for your idea business.
The good news is that it’s possible to create a business that runs without you. You simply need to reach out, follow the system, and do the work.
Katana Abbott, CFP®, is a Retirement Coach, founder of the Smart Women Companies, and the host Smart Women Talk Radio with over a million subscribers. For over 30 years, Katana has shown women how to take charge of their life and finances and believes it’s never too early to plan for expected and unexpected events like retirement, encore careers, moving abroad, or preparing for long-term care. She has written several books, created a financial literacy course, and is a popular speaker. Katana has been honored by NAWBO as one of Detroit’s Top 10 Business Women, receiving the Breakthrough Award. To download her new ebook, The Five Biggest Money Mistakes Women Make and How to Fix Them, visit www.katanaabbott.com