Do you work for your business or on your business? If you are basically an employee who works for your business you may be missing the most important ingredient to any successful owner: working ON your business.
I often ask entrepreneurs who are starting a new business in San Diego “do you want to have a job, or own a business?” I use the example of a baker. Do you want to be a baker, or do you want to own a bakery? If you are a master baker, and make the best wedding cakes in San Diego, you want to make cakes. You might want to work with or for someone who is exceptional at marketing your skills, as well as running the bakery and negotiating the best pricing on ingredients and supplies.
If you are a baker do you work for your business or on your business?
If you want to own the bakery, you might need to hire and consistently tell the world about your fantastic bakers and their unique and tasty creations. You will need to negotiate a strong commercial lease and wade through state and local ordinances and regulations and ensure the governance and compliance which will protect your operation. Ultimately you’ll probably hire a few more bakers.
Do you work for your business or on your business? Building a business is about leverage. Getting the most out of your own organizational and inspirational skills to establish a company and manage it through all phases of growth, challenge, setback and success.
Those who work on a business are building a strong asset that increases in value exponentially with earnings. When you work for your business you accomplish the type of work that generates an income for today. When you work on your business, you create a vehicle that generates income for the months and years to come, and an asset that you can ultimately sell or pass on to your heirs down the road.
We are experienced San Diego business attorneys who are here to help and advise you each step of the way, and share our experience in your industry to help get you there faster and easier. We invite you to review the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
