Buying a Job vs Running a Business – How to Recognise the Difference

by Dione Mauric 12th of December, 2023

Buying a Job vs Running a Business – How to Recognise the Difference

Have you bought yourself a job? Or are you running a genuine business?

There’s a difference.

While one might definitely give you the income you need to enjoy a nice lifestyle, it might not be truly sustainable – and it won’t deliver the financial security you need in the long term unless you keep working. That is a job.

And a business? That’s a career that delivers the income you need and delivers that same income, even when you are not the one personally doing all the work. Congratulations! You are definitely one step closer to financial security and sustainable success.

For Genuine Business Success - Don’t Be A Control Freak

To build a business that has a life beyond you, it’s important to know when and how to let go. By delegating and outsourcing tasks to others, you begin to run a business that is scalable and, hopefully, one day, saleable.

Implementing systems that track every aspect of your business – from the steps and processes involved in each individual client engagement to every detail of each service that you deliver, you are off to a good start.

Although there is no one simple recipe for business success, these tips can help.

1. Don’t get bogged down by little things.

If there are tasks that someone else can do – by all means, let them do them. Your time will be spent far more effectively in other ways, including developing and implementing strategies that enable you to grow the business even more – with better marketing driving more clients and careful management of a bigger team to deal with that continued growth.

2. Have a business plan. There’s a saying that many business owners have heard before. If you don’t have a plan, then you can plan to fail.

By writing down your business goals, you can take steps to actually make them happen. Start with the end in mind by being realistic about the turnover you need to fund the lifestyle you want. Then work backwards – breaking the goals down into target client quotas, combined with a clear marketing strategy to help you secure those clients.

3. Assemble an autonomous team.

Without the capacity to grow, your growth is simply not sustainable. Take the time to put together a quality team of professionals you can trust. Their skills must match your professional vision for your business – it’s the only way you’ll deliver the results you need.

4. Manage your time.

You cannot and should not be working in your business 24 hours a day. As a business owner, your most valuable asset is your good health and running yourself into the ground may solve short-term problems but will only lead to disastrous long-term consequences. Structured times to answer emails and other correspondence is a positive strategy to win some of that precious time back. Not everything is urgent.

5. If you cannot scale it, the bad news is that you have a job.

If you need to be there all the time, it’s time to make some serious changes and create a pathway towards a well-run business.
If you have realised that your business is not quite the thriving concern you set out to create, don’t think you have failed but do use this as motivation to change the way you do things. You can turn things around, with some careful planning and advice from professionals you can trust.

To learn more about what steps you might need to take to turn your job into a business, taking a close look at your financials is a good first step. Our team at Advantage Business Sales & Valuations are always happy to answer your questions.

Tags: buying entrepreneur tips