Sage Social recently published a great new infographic that helps you decide what type of business owner you are. It seemed appropriate that I came across this infographic right after taking a long holiday break to plan the next phase of my business.
During the break, I thought a lot about what type of business I really want to be. Am I a solopreneur marketing consultant? A coach? A strategic marketing firm? A marketing services company? Do I need an office with staff or am I better operating alone and outsourcing to some key partners?
You're Running a Business. But is it the Type of Business You Want to Run?
Like many of us, I kind of fell into small business ownership, but just like I advocate in my marketing programs, I should really have taken a strategy-first approach. But as I also advocate, it's never too late to go back to strategy. So that's what I did.
Of Yurts and Businesses
To help on this journey, I went to the lake where we just finished building our vacation yurt (yes - yurt!). There is power, but no Internet connection or cell phone service (yes - there are still places in BC without cell coverage). For emergencies, there's a wired phone line at the cabin down the road. But that's pretty much it.
It's been a long time since I've been away from the Internet and cell phone for more than a couple of days, and I have to say that the lack of distractions - and knowing that people really can't reach you or interrupt you - really clears the mind and allows you to focus on and think about strategy. I think I am going to make a corporate yurt retreat an annual event.
The Two Small Business Books Every Business Owner Should Read
Before leaving, I researched and downloaded some books on small business ownership, consulting and coaching. Am I ever glad I did. The two books that have had the biggest impact are The E-Myth Revisited by Michael Gerber and Million Dollar Consultant by Alan Weiss. Both are books I wish I would have read prior to starting my own business, because they would have given me a very clear vision of what type of business I wanted to be - and even more clearly the type of business I don't want to be.
Have You Thought About Systems and Processes?
In the E-Myth, Michael Gerber talks a lot about (and this is just my take so I really suggest you read his book to get the real deal) setting up your business so it can be replicable (like a franchise). He doesn't necessarily mean you have to become a franchise, but the point is more that your business should be able to run without you. This is where business processes and operating procedures are key. The main message I got is that your business shouldn't kill you, your business should enable you to live the life you want to live - including a life outside of business. This book deals primarily with what people would typically consider to be a small business - an office with an owner and employees.
It's OK to Be a Solopreneur
Alan Weiss, on the other hand, holds nothing back in letting you know that it is ok to be a solopreneur, work out of your home office and have no staff. The main message I got from his books (and once again you'll have to read them yourself to understand how they relate to your particular situation) is that you can make a good income, doing what you're passionate about, and still have time to live your life. If you do it right (there are oh so many ways to do it wrong!) Best of all, you can make enough money to save for retirement - which means selling your business as an exit strategy does not have to be your give all and end all goal.
My Big Wake Up Call
This was a wake up call for me. At the core, I am a consultant and solopreneur. I appreciated the messages of the E-Myth, especially the emphasis on business systems and processes. But I realized I simply don't want to be a manager and be responsible for an office and staff and build a business that I can sell. I want to consult with and coach business owners on how to apply strategic marketing and smart marketing systems to achieve predictable growth. In the end, my message is all about having the right business systems and processes in place for marketing, just like any other business process.
On an interesting side note, I learned that John Jantsch, the founder of Duct Tape Marketing - the consulting group I am affiliated with - was once involved with E-Myth. And John (it would appear) did just what the E-Myth book recommends - created a marketing consulting business with systems and processes that could be replicated. Today John has more than 60 consultants in his network, and has built a business that we are all proud to be a part of. So I can see how the E-Myth principles can be applied in the real world.
What really hit home (and thank you to Alan Weiss for your "contrarian" and very straightforward writing) is that I was starting to fall into a grey area between being a solo consultant and a business owner with staff. This grey area is what often causes consultants to fail or becoming workaholics with all the stresses and none of the benefits . So with the new year upon us, I am starting off with a clearer direction on my business - and it's both exciting and liberating (and of course a little scary).
If You Just "Fell Into" Business Ownership - It's Never Too Late to Go Back To Strategy
Whether you run your own small business with staff, are a solo consultant, or think you might be falling into a grey area - I highly, highly recommend you read these two books. They could mean the difference in the direction of your business - and your quality of life as a business owner - good luck!
So What Type of Business Owner Are You?
And now back to the infographic that inspired this whole blog post. What type of business owner are you?
This Infographic was created by Sage Ireland