Your Website Isn’t Sell-able Because of YOU!
This can be the case more than you might think. I’ve recently been consulting with a large online retailer website that’s had fantastic success running a drop ship operation as a family business.
In the midst of a bad economy, he has 8 years of solid growth, and is projected to break $2 Million in sales this year!
The business is amazing, and I’ve been able to become intimately familiar with all the day to day operations. It’s a great business, in an evergreen market, and it’s growing at a rate of about 50% a year.
But, this website and business isn’t ready to sell, yet. Why? Because if the current owner left town tomorrow, it would crumble.
Is that what your business is like?
One of the most difficult things to overcome in a website you’re ready to sell, is the business’ dependence upon you. And oddly enough, when you actually achieve building a business that grows and thrives whether or not you’re around, you end up not wanting to sell it!
It’s important to build your business, doing everything through the lens of this question: “Does this make my business more sell-able?” Because should the day come that you DO want to sell it, you’ll only be able to do so if YOU are able to leave.
So, here’s a few things you can do to make your business less centered around your own personal efforts to keep it running.
1.) Apply the 80/20 rule. A lot of great books talk about the 80/20 rule, but in a nutshell, it basically means that 80% of your success, is derived from 20% of your effort. Which means the other 80% of the time you spend in your business, is likely the stuff you’re wasting time on, and it doesn’t make you more money. Find out what that one most important thing is, and immediately find alternative ways to get the other stuff done by other people, software, or systems.
2.) Create process maps. Boil it down to a science. “My business includes doing X, Y, and Z.” Color by numbers. As you’re working each day, take detailed notes on what it is you’re doing so that someone else could easily pick it up and follow the instructions, regardless of their level of experience.
3.) Hire people! This isn’t always the answer, but it’s less scary than most people make it out to be. You probably CAN afford to do it. You just don’t think you can because you don’t know the value of your own time. Imagine if you weren’t spending 8 hours a day doing something that could be done by an employee? Are there more profitable tasks you could be focusing on in that time?
4.) Don’t be an expert on everything. It’s a great way to become a bottleneck. The guy I told you about above is a victim of this very thing. He’s SO knowledgeable in his field, that everyone asks him for answers to Google-able questions. Force people to know stuff. Make it a point to let others be experts about things you don’t need to be.
What are some other things you can do to make your website and business less dependent upon you? leave your thoughts in the comments below!