How Do I Start a Business That Can Run Itself?
Published on May 28, 2023
There’s nothing more fulfilling than watching a seed you planted sprout, grow, and flourish into everything you wanted it to be. Now, transpose that feeling to the world of business – the seed is your entrepreneurial idea, and you want to nurture it to become a self-sustaining enterprise. Don’t worry, this isn’t a distant dream.
If you’ve been wondering, “So how do I start a business that can run itself?”, you’ll need to create systems and a workplace culture that fuels growth even in your absence. This entails meticulous planning, hiring a dependable team, developing efficient workflows, and embracing modern technology.
Word of Caution: You Need a Burning Desire to Succeed and Still Put In Some Work
Building a self-sustaining business requires intense passion and consistent dedication to its success. You’ll need to handle the long hours, the decision-making, and the risks that come with any type of business. Experiment. Iterate. Charge to experience. Repeat.
Keep in mind that even with all the right systems and people in place, you still need to put in work. You need to monitor your business’ performance, keep an eye on the market trends, manage client relationships, and lead your team. The goal is not to eliminate work but to ensure that your business can function effectively even when you’re not there.
In other words, you’ll be creating something that can stand on its own, but still benefits from your vision and leadership.
Pro tip
Passion fuels perseverance.
How to Start a Business That Can Run Without You
1. Find a Business Idea That Resonates With You
The challenges that come with being a business owner will never run out. That’s why you need a strong purpose. Don’t just choose a business idea because it’s profitable. You need to have a deep connection with your core vision to keep you motivated when things get tough.
For instance, suppose you have a deep passion for sustainable living. With this passion, you might decide to start a company that produces eco-friendly products. Your love for the environment and your determination to make a difference would serve as a guiding light, pushing you forward through the trials and tribulations of entrepreneurship.
However, passion isn’t the only element of a good business idea. It must also have market viability. Conduct comprehensive market research to determine the demand for your product or service. An idea that resonates with you is also more likely to resonate with others.
Enthusiasm is infectious. If you’re passionate about your business, your employees, partners, and customers are more likely to be passionate about it too, which is critical for the long-term success of your business.
Related article: How to Write a Simple Business Plan | Australia
2. Figure Out How to Put Clients on Retainer
Retainer contracts can provide a steady income flow and stability. This strategy is popular in service industries like law, consulting, and marketing – but you can, of course, apply it to your own business.
A retainer-based business model requires trust and value demonstration. Clients need to see the tangible benefits of your services before committing to a longer-term contract. This is where a track record of success comes in handy. Show prospects how your services have driven results for others.
Pro tip
Sell the value your service provides, not your hourly rates.
3. Create Standard Working Procedures (SOPs)
SOPs form the backbone of any self-running business. These are the step-by-step instructions that guide your team in the completion of routine tasks and complex operations, maintaining consistency in the quality of work. Creating SOPs may seem time-consuming initially, but the return on investment is significant.
Observe any branch of Starbucks. To ensure that every cup of coffee served is of the same high standard, regardless of who makes it, they have an SOP for coffee preparation. They’ve laid out in extreme detail everything from the type and quantity of coffee beans to use, the water temperature, and the brewing time.
SOPs, however, are not just for food businesses or manufacturing firms. They’re essential for all types of businesses. For example, if you run a digital marketing agency, you might have SOPs for tasks like creating SEO-friendly blog posts, managing social media accounts, or setting up pay-per-click campaigns.
4. Take Advantage of Automation and Tech Tools
In today’s digital age, there’s a plethora of tools available that can automate various aspects of your business – saving you time, reducing costs, and increasing efficiency.
Online retails stores are a case in point. For these types of ventures, inventory management can be a major challenge. By using an automated inventory management system, they can keep track of their stock levels in real time, receive notifications when it’s time to restock, and even automate the restocking process.
That said, there are also countlessautomation softwares(e.g., email marketing, CRM, social media) you could use to enhance your marketing workflows. These digital solutions can reduce manual labour, as well as provide a more personalised experience for your customers.
5. Make Your Team Feel Seen and Heard
The final, but arguably the most important, step in creating a self-running business is making your team feel seen and heard. People are the most important asset of any business. Without a motivated and committed team, no business can thrive, let alone run itself.
A simple thank you note or a shout-out in a team meeting can go a long way in boosting morale and productivity.
Encourage feedback. Your employees are the ones on the frontlines. They can provide valuable insights into what’s working and what’s not. Implement a system where they can easily share their thoughts and suggestions without fear of criticism.
I highly recommend that you provide your team with opportunities for growth and development. This could be in the form of training programs, workshops, or even providing time off for self-learning. When employees feel that the company is investing in their growth, they’re more likely to stay committed and loyal.
Related article: How to Start a Small Business in Australia
Make Your Business Work for You
If anything, launching a business that can run itself is not an elusive dream. It’s an achievable reality that demands strategic planning, passionate involvement, and tireless dedication. It’s the end product of aligning your business idea with market needs, your passion, and your team.
Speaking of personal aspirations, as the founder of a successful bookkeeping studio, I’ve experienced this journey firsthand. I know what goes into starting, running, and maintaining a profitable business, not to mention the hours of overtime and self-doubt you need to go through. If you need help fleshing out your business idea, let me know – let’s have a quick chat!
Hey, my name’s Bindi Gethen! I’m the founder of The Bookkeeping Studio in Australia. With over 15 years of experience in the industry, I have a deep understanding of the challenges that small and medium-sized business owners face when it comes to managing their finances.
I am passionate about empowering my clients with the financial information they need to succeed. My team and I pride ourselves on our commitment to exceptional value, accuracy, and confidentiality. Our virtual bookkeeping services include payroll, budgets, and management reporting, among others.
Not to toot our own horn, but we can assure you that you won’t find a bookkeeping partner like us anywhere else in the Southern Highlands.
