When a plumber retires, he may be able to sell his tools and equipment. But if he's a solo plumber, it is doubtful an outsider would pay anything for the business.
However, things might be different if that plumber had hired another plumber. Then a second. And if he spent time developing a set of best practices or policies and procedures that each plumber followed so that the plumbing company's customers all had a similar experience. Maybe employees wear smart looking uniforms or customers all receive thank you calls after each appointment, or maintenance contracts are offered to top-shelf customers.
After years of growth and refinement, the plumber finds that he spends zero time in the field doing plumbing and concentrates, instead, on making sure his staff is delivering the best plumbing service customers can experience in his marketplace.
When the plumber decides it's time to sell, he owns a company with a recognized name and standard of excellence within the community that is not dependent on him showing up on any particular plumbing job. In fact, he finds he can take
weeks of vacation off
, and customers had no idea he was out of town.
Then.....This guy has something to sell. Something of value. He built a real business.
This scenario isn't specific to just just plumbing. It could be web design, carpet cleaning, auto detailing, graphic design, bookkeeping, cleaning services, lawncare, handyman services, any number of business types..........even business brokerage.
Delegation is an absolute necessity for any business to grow. Do what you do best. Hire and delegate the rest.
Duplicate yourself. This step begins the differentiation between owning your job and owning a business. It's when you clone you. In our plumbing example, it's when the plumber hires another plumber. At first, it is simply for assistance. Eventually, other plumbers are doing all the plumbing. This is where the old motto applies, "spend less time IN your business and more time ON your business."
Multiply your markets. Or at least your market share. There are only so many stopped up toilets one plumber can fix in a day. But if you can add plumbers , you can increase the capacity of your business to serve more customers. You can increase the number of households you serve in your local community....or in additional communities.
You no doubt realize this is a high level, very simplified view of how to build a business. There are myriad details, and success is anything but guaranteed. To increase your odds it may be wise to surround
yourself with trusted advisors of every stripe to help you along the way.
Few will join you on your entrepreneurial journey and many will try to talk you out of it.
But if your heart longs to create something of lasting value, set your sights high and get ready for a long haul.
Above all, enjoy the ride.