What Kind of Business Owner Do You Want to Be – and How to Get There
Is your business delivering the lifestyle you desired when you started out?
I’ve found there are as many types of business owners as there are types of businesses.
Everyone is motivated by something different. And that impacts what they want from their business – and their goals for its growth.
It’s important to understand what type of business owner you are in order to achieve success. That’s because what success looks like varies from one person to the other.
And if you’re struggling today, it may be because you’re not honoring the business owner you want to be. Or because you don’t recognize problems inherent in the type of business owner you are.
So let’s start by identifying what type of business owner you are – and then we’ll talk about someone common problems that could be preventing you from achieving the lifestyle you desire.
Which of these business owner types sounds familiar to you?
All-Heart Business Owner
These owners love what they do. It’s their passion. Their reason for existing. And they want to share it with others.
That’s their singular focus, the reason they got started, and the reason they keep going.
These are the kind of owners that want to keep their hands in the day-to-day operations of the business. And that can be a huge asset – they know their stuff inside and out.
But it can also inhibit their growth, because they’re so busy with those smaller details that they can’t see the bigger picture.
My Way Business Owner
You want a flexible schedule. Control over your own paycheck. To vacation when you want to vacation.
These self-motivated owners made the leap because of what they value most: flexibility.
Research shows that women fall into this camp more than men. They’re much more likely to say they started their business for the flexible hours.
Growth isn’t always the goal for these business owners. More time may be more valuable to them than more money.
All in the Family Business Owner
This business owner type is pretty easy to identify. These owners inherited their status as small business owners.
Often, they have long tenure and larger business size.
Here’s something interesting about business owners in general: more than 75% have a family member who owned a small business previously.
It must run in the genes!
Of course, with family businesses, there are often more sensitive family dynamics to deal with that. And those dynamics can inhibit growth – or even break apart families.
Mastering the Niche Business Owner
These business owners see themselves as visionaries.
They see an opportunity – and want to capitalize on it. They believe they can do better than competitors.
And they want to do it better. Deliver the best. For them, it’s all about growth.
Often, these business owners always knew they would own a small business. It feels like a part of them.
It can be a source of identity for them. And that’s great. But… this can also cause them to neglect other areas of their life – such as health and family.
Those things are important. When you are a happier, healthier person, you are also more productive, creative, and effective. That means more success for your business.
How to Get There
Okay, now you’ve identified what type of business owner you are. And maybe have a big of an understanding about how it shapes your success.
But what can you do if you’re not achieving that lifestyle you desired when you started?
Here are two common problems that could be posing barriers for you.
You’re working in your business, not on your business.
When you’re handling the day-to-day functions of your business, it is hard to pinpoint opportunities for growth, spot problems that need correct, and prevent issues that are developing.
This can prevent you both from growing your business – and achieving the flexibility you desire. If you’re necessary for the day-to-day, it can be hard to turn it off for a few hours, let alone a few days.
I know you All-Heart Business Owners are shaking your heads at me right now, but here’s the thing. You can still keep your hands in this business.
You’re just changing how you do that. And how often you do that.
You’re looking for quick-fixes.
You need a bigger picture change your business. If you just keep trucking along like you’ve been doing, how can you expect anything to change?
Many people think the key is more. If I get more business. If I do more work.
But that doesn’t necessarily translate into more income. And it rarely translates into more flexibility.
You need to address how your business works.
What can you do more effectively? More efficiently? How can you reach more people with less effort? What can you delegate? (That’s a big one!)
Consider this story. I worked with a water testing company. They had people dedicated to taking orders over the phone, and those orders were processed and scheduled manually.
Their focus initially was how to get more customers. How do we reach more people who need water testing?
But that wasn’t the right question to be asking. They need to look at how their business worked first.
I recommended that they make the order system more efficient. We added an online order system that took care of the process for them.
They then needed fewer customer service reps. And those reps were freed up to spend time ensuring they delivered quality service, addressing problems quickly.
And what more: the order process was so easy that more customers flocked to the business.
So not only did they find more customers, they also had a higher quality, more efficient, and less expensive system on the backend to handle those new customers.
So, don’t just look for more. Seek improvement.