The Practical Guide for Transforming Your Successful Side Hustle into A Company that Runs With or Without you
The Franchise Prototype
When building a company your objective goal is to build a well-oiled machine that runs without you having to work in it.
Unfortunately for most entrepreneurs, in order for their company to grow, they have to spend countless hours away from their families and loved ones and the things they love to do.
If this is you and you no longer want to operate in business like this then you need to take on the mindset of someone who owns a franchise.
We call this the franchise prototype and it’s designed to help business owners make more money in less time, stress free.
Whether you’re a new business owner or seasoned 6-figure earner, if your business requires you to be involved, there is a ceiling to your profit growth.
There are 7 specific areas you need to consider in your franchise prototype process:
- Primary Aim
- Strategic Objectives
- Organizational Strategy
- Management Strategy
- People Strategy
- Marketing Strategy
- Systems Strategy
These 7 areas will fine tune your plan for the ultimate level of success. In this lesson we are going to cover the first three areas.
- Primary Objectives
- Strategic Objectives and
- Organizational Strategy
A Story of Hope
“Babe, what are we going to do? You have to do something.”
These were the words of my pregnant wife who was so sick during her pregnancy that she couldn’t work.
I was working in corporate America as a senior business analyst and was operating at a high level with the potential to climb the corporate ladder.
But there was a catch.
I had no desire for the office politics, fake smiles, favors, and long nights in the office away from my family.
I just wanted an increase in income.
Not just any type of increase in income because I could have gone to a competitor company for a higher salary.
I wanted an income I could control. One I could scale to the moon if I wanted to.
This was the birth of Digital Business Growth, a company that built websites.
When I first started, I knew I wanted to build a company. However, the lures of social media posts, ads, inspirational videos along with the increasing need to pay debt and expenses led me to believe I could skip the process and be okay.
This by far was one of the biggest mistakes I’ve made in business.
My primary objectives, strategic objectives, and organizational strategy was an afterthought to acquiring my next customer.
Sound familiar?
If understood and applied the 3 areas of business I’m going to share with you below will transform your business this year.
Area 1: The Primary Objective
It’s essential when developing your business, you are setting goals and see a clear vision for the future. Your vision needs to go beyond the business and you need to think about what you want out of life.
What do you dream about?
How do you see your success unfolding?
What lifestyle do you desire?
Knowing and understanding these things will give you the momentum to get started and the mental endurance to see it through to the finish.
Take a minute to write them down and tape to your desk for a constant reminder of what you’re aiming for.
Area 2: Strategic Objectives
Strategic objectives are essential in taking your business from surviving to thriving.
All of these objectives should offer solutions for how to get to your primary objective.
There are many things you can use to set strategic objectives, but here are a couple of the most popular:
- Money: Setting monetary goals is a great, simple way to see how you are doing at any point in the game. It’s easy to measure and easy to find adjustments to help meet this goal.
- Worthy Opportunities: When considering partnerships and other business opportunities you need to think about whether or not they will help you reach your primary aim. Those that will are the best opportunities to seriously consider.
The key in setting standards and goals is not to limit you or stress yourself out. You need to find some quantifiable things you can use to measure your progress toward your primary aim. These are just two suggestions, but make sure no matter what you standards you set you are paying attention to the details, as these are one of the biggest keys to your success.
Area 3: Organizational Objectives
The strength of your organizational structure can make or break your business, so it’s important to take the time to put together a solid structure for your business to grow and scale so that the amount of profit you generate doesn’t require more of your time.
A company is typically organized around the roles and responsibilities that need to be taken care of on a daily basis and the personalities that need to fulfill those roles.
No matter what roles and responsibilities you’ve defined for your employees, you must always keep your personal primary aim separate from your company’s primary aim or mission statement.
Once you’ve identified the primary aim for your company it will be easy to set up a position structure that will work.
Don’t forget to put together position contracts. Your employees should sign a statement of their roles and responsibilities. This helps keep them clear for you, the employee and other employees/vendors or other individuals.
You can see how these areas all work together to build a solid structure on which to build your business. If you need help defining any of these areas, you can check out the resources, tools and speak with one of our fantastic coaches during your GUIDED TOUR.
While the areas mentioned above are not the “sexy” topic you’ll find on social media they are essential for long term business success.
It’s the difference between a having a side hustle and creating a company that will have an impact on generations to come whether you sell it or leave it as an inheritance.
Whatever you do, do not ignore these instructions if you desire to create a company that will help you achieve the lifestyle you truly desire.
About Digital Business Growth
Digital Business Growth is a digital marketing consulting firm based in Philadelphia, PA birthed with the intent to help small businesses and non-profit organizations grow profits, do meaningful work and live a life of purpose . We do this by showing them how to 2x your sales, 3x your leads and grow your business by 100% or more in less time then what they currently spend in their business. Visit us online at www.digitalbusinessgrowth.com or connect with us on Facebook by liking and following our page at facebook.com/digitalbusinessgrowth1 or on Instagram Instagram.com/digitalbusinessgrowth for up-to-date digital marketing tips for your demanding business.
About the Author
Marvin Satchell is a husband, father, award winning community leader and CEO of Digital Business Growth. He lives in Philadelphia with his wife, teenage son, daughter and son. He’s passionate about helping entrepreneurs pursue their passions and live their purpose while wildly growing their business profits. Learn more about Marvin by following him on Facebook at facebook.com/marvinsatchellfan or Instagram instagram.com/marv_s.