Few days ago, I came across this Rich Dad Summit replay and discovered a critical flaw of my website. I learned something very important – how do I scale up small business for ultimate freedom.
How do I scale up this small business of mine where the thing I sell is my expertise? As a home business coach who wants to specialize in helping people succeed online via blogging and SEO, I think it is quite hard to scale up my business into something I am free of the work someday.
You know, that kind of website wherein you as the owner exits the limelight and let your manager or your employees run the tasks. I can imagine, if someday this website you’re in right now grow big and managed by a team, how will my people deal with the usual question, “Where is Coach Gom?”
So, today, in this blog post, I’m going to share with you some thoughts generated in my mind after watching the Rich Dad Summit replays. This is all about conceptualizing your business in the right framework so that when it succeeds, you will become free as its owner.
Begin With The End in Mind
Inside Wealthy Affiliate, a website teaching people online business and where I am an active member right now, people usually are motivated to become experts.
There’s no other website on the planet that I can think of that’s better than WA in teaching people how to become good at building online businesses regardless of background.
From simple lessons of building a wordpress website (blog), to getting your website ranked high in the search engines, you can learn all that inside WA. And if you follow the lessons diligently, chances are you will emerge as an expert in the online business field.
I have seen people there build niche websites, and later sold the websites for profit giving them a good exit. There are also those who maintain ownership of their websites to reap regular income monthly. Their websites are not attached to their names.
Imagine if you are the owner of that site, you can delegate experts to manage your site while you enjoy a good vacation. And you’re assured that if you stay long in that vacation, you can just withdraw money on a nearby ATM – money coming from the revenue your site make.
That’s freedom, and I encourage anyone gets started in online business, to aim just that.
What is An Scalable Business?
Let’s say you start a business from home called “home-based business“…
At first, you depend on word-of-mouth advertising with your friends telling others about your products or services. Your most satisfied customers become advocates spreading the news about your business to more people.
Then, you either hire a digital marketing expert to create your business a website and do promotions online, or you yourself do these works. Your business then gets new customers via online thereby increasing your profits.
With increased profits, you can now afford to pay for advertising. With wider reach advertising on Facebook (or in Google AdWords), your revenue and profits get multiplied even more giving an opportunity to hire staff.
Depending on the increase in size of your business, you determine the kind of staff you hire, whether an in-house staff or a virtual assistant who helps you in creating content and replying to inquiries.
And like any other business that reached their full potential, you can either sell the business for profits or hire someone to manage the business for you. That manager answers to you either daily or weekly on what’s happening with your business.
Does Your Business Idea Allow Scaling Up?
I am often contacted by a friend on Facebook about new business ideas and my usual reply to him is this question…
“Does your business idea allow scaling up?”
His answer is often “no”. The reason is, he’s a consultant by heart. In Robert Kiyosaki’s Cash Flow Quadrant, he’s an S by heart.
He always wanted to start his own online business so that he can establish a retirement income. Recently, he tested his idea if people would buy it by writing a short report or an ebook revealing solutions for the struggling network marketers.
I bet, what he’s aiming for is, he wants to become like those gurus or experts in the industry. Experts want people to seek them out so they can charge them money. An example to this is, Perry Marshall.
There’s no doubt you can get rich that way especially if you’re really good at what you do.
But for me, what I am aiming to do is establish a business that is not always attached to me although I am the owner of the business. I am the owner, but I don’t run the business myself but rather someone is running the business on my behalf.
Scale Up Small Business For Ultimate Freedom
I don’t know your reason for starting your own online business. Maybe you just want to earn extra money or be your own boss. Or, maybe you want it big like I want, like HuffPost.
The reality is, we all get to start small, maybe from your home office or doing it part-time while you’re on your day-time job.
But did you know that, that small business of yours being run from home, if right from the start it is designed for scaling up, it can grow big beyond your wildest dreams?
I remember, in a chat, someone reminded me that I can’t sell my website CoachGom.com. I sarcastically replied that I have no dream of selling this.
But the truth is, it hit me hard, the reason why I wanted to start a second niche website. I will maintain this website, my gateway for inviting and coaching people to WA, but for the ultimate freedom, I have to start a new site that’s not attached to my name.
Now, if up to this point you still don’t get it, I encourage you to read the book Cash Flow Quadrant written by Robert Kiyosaki. You will see a new way of owning a business, something that allows you to fully enjoy life while your business grows.
Gomer Magtibay a.k.a. Coach Gom blogs about home business ideas and answers questions (free coaching) about starting or growing a home-based business. If you would like to learn more about him or connect with him, click here.