Starting a business for many young entrepreneurs symbolizes the dawn of financial freedom. Some dream of creating ventures that will eventually function autonomously. While these aspirations are commendable, we must ask: is it truly possible to create a business that runs itself?
The short answer is yes, it is possible. However, there’s a prevailing misconception, especially among the ambitious youth, that such a business model allows them to sit back and simply reap the profits. This concept is undoubtedly appealing. But, there’s a difference between a business that can operate without any input and a self-sustaining business. In my experience, the latter is far more realistic and beneficial.
So, instead of asking if you can create a business that runs itself, a better question might be: should you?
My answer is no. The notion of completely passive income is a myth even though it is an attractive idea. Achieving a degree of passivity in your business takes time, sweat, and tears. The reality is that you must still work on and periodically check your business operations. The true goal should be to ensure your business can function smoothly even if you step away for a few days or months.
One effective strategy to achieve this is professionalizing your business. This involves evolving the way your company operates. It means decentralizing your operations, reducing reliance on a single person, and delegating authority, processes, and decision-making to capable team members.
Hiring skilled professionals is a crucial step in professionalizing your business. They bring not only their expertise but also valuable insights, suggestions, and feedback. Finding the right talents and nurturing their skills ensures your business becomes self-sustaining.
Additionally, having the best people in every operational role not only enhances expertise but also fosters innovation. By mentoring individuals with innovative ideas and a strong vision for the company, you ensure both self-sustainability and longevity for your venture.
Incorporating technology to streamline operations is another key aspect of creating a self-sustaining business. Systems that keep you connected with your team, even from different locations, help you stay updated on developments and challenges. This promotes accountability and accuracy in your outputs.
The idea of a business running itself is thrilling, but true self-sustainability requires ongoing effort and commitment, even years into your journey. However, by professionalizing and leveraging technology, you can create a business that thrives and grows, even in your absence.
For more insights on making your business self-sustaining, watchmy video, “Business Sustainability: How to Make Your Business Work Without You,” where I delve deeper into professionalizing and other strategies. You can also tune into my podcast on Spotify!
