My Barber Wanted Business Advice
Talk With The Video
Summary
- When you want to expand, keep your business model simple and easy to manage. This helps in scaling effectively without losing control.
- If you're running multiple stores, the goal is to ensure your involvement is minimal in operations that consume time. Focus on what's scalable without your constant input.
- For example, if half of your income comes from an activity that takes none of your time (like renting chairs), and the other half comes from something that takes all your time (like cutting hair), consider scaling the less time-consuming side.
- By freeing yourself from activities that consume a lot of time, like haircuts, you can focus on opening more stores, which will eventually double or triple your cash flow.
- Think of expansion as a way to multiply your current operations. Once you've opened a second location, consider a third, and so on, to increase overall income without increasing your time investment.
- The key to scaling is to replicate what works and requires little of your personal time, allowing for growth and more streams of revenue.
Video
How To Take Action
I would suggest keeping your business model as simple as possible. Focus on the part of your business that takes the least amount of time but still brings in income. This way, you can easily grow your business without getting overwhelmed with too many tasks.
A good way to do this is by identifying what parts of your business generate income without needing too much of your time. If you've got a side of your business, like renting out equipment or space, that brings in money without your active involvement, think about expanding that part. This way, you free up your time, and you still make money.
For instance, if you’re earning half of your income from activities that don't require much of your time, focus on scaling those. This means less time spent on things like providing personal services, leaving more room to expand your operations.
When expanding, start by opening a second location and applying the same model. This could help you double your cash flow. Once you manage this, consider opening a third location, repeating what already works well and doesn't rely heavily on your involvement.
Remember, the trick is to replicate what works efficiently. Keep multiplying these efforts while keeping everything simple, focusing on what expands income without increasing your time investment. This strategy allows for growth and more revenue without stretching yourself too thin.
