If you love your business set it free

Actually, "if you love your life set your business free". the sooner you can decouple your business from your own hours, the easier it is to grow it, and the sooner you can enjoy life.

We spoke before about the importance of revenue not being related to your personal hours by "independing" a business; making it independent of you.

I learned a lot from Tim Ferriss's "The 4-Hour work Week". Not that I want to work four hours a week and live like the New Rich - just yet - but if you can cram one business into a four hour box, that sure makes portfolio entrepreneurship easier.

The key points I got from this book:

  • Outsource as much as you can. Whether it be to Indian VAs (virtual assistants) as in the book, or not, don't try to do everything. Don't try to do much of anything. To achieve this you need to get over the fact that it won't be done perfectly. Settle for good enough. "Best Practice" is for NASA and perfection is for anal obsessives. Find someone who can do it well enough that the business works, for a low enough price. Outsource:
    • servers (I'm in New Zealand, my server is in Utah)
    • coding and maintenance
    • SEO
    • website moderation
    • manufacture
    • fulfillment (stock, picking, packing, shipping)
    • payments
    • accounting
    • research
    • ironing your shirts...
  • Empower people. Give them permission to fix things autonomously, up to some preset cost limit (but they still report and account to you later, by email). Give them the tools to do so, eg. low-limit credit cards.
  • Give clear instructions. Test people - check them out with simpler transactions. Build up to the trust required to give them a piece of the business to run.
  • Have a dashboard, get reports. Because you trust them to run things doesn't mean you should trust them to run things: keep an eye on the shop. Just make sure you are out of the loop, watching from the outside, after the fact.

Then move on to do something else.