How Safe Is Your Income If You Get
Injured and Can't Work?
by Ron Roberts and Ranger Kidwell-Ross
When your income is dependent on your availability,
your income is never fully safe. Your wealth is
threatened. Your happiness is threatened.
The point of this article is to illustrate what a self-managing
business looks like. Just like there is no such thing as job security for
an employee, there is no such thing as income security
for an owner/operator.
A self-managing business is one in which your daily
involvement is not needed. It's one where your marketing
system creates good leads; one where your sales
staff meets with prospects, qualifies their fit to
your business, and closes deals at attractive prices;
and one where your operations team gets the work
installed per budget and schedule.
It's a business that you can monitor from out-of-state
(or in a hospital bed) via computer, fax machine, and
telephone. It's a business that continues to spin off
cash whether you are there or not. Now, that's a
There is a famous Warren Buffett quote in which he
describes the type of business investors should look
for, "You should invest in a business that even a fool
can run, because someday a fool will."
describing a business that is so strong, it doesn't
need superior leadership to keep the profits flowing.
That's the type of business that gives it's owners
Now, there has been much ink spilled over how to
create such a business, the most common advice being
"install systems." Well, the easiest way to do that is
to perfect them yourself then teach someone else how
to do perform them.
Here's the basic sequence for building your business:
1st step: Perfect your lead generation process.
2nd step: Perfect your selling approach.
3rd step: Perfect your method for getting the work done.
4th step: Bring in foremen and teach them how to
produce the work.
5th step: Bring in a salesman, teach him how to sell,
and pay him for profitable sales.
6th step: Bring in an operations manager / estimator
to run the work.
7th step: Put in place tracking systems to key an eye
on EVERYTHING and EVERYONE.
If all the other wonderful benefits of owning a self-
managing business fail to inspire you to build one,
income protection should be enough incentive for you
to put forth the required effort.
Until next time, best of luck with your business!
The Contractor's Business Coach
More information about Ron Roberts' and his company may be found on his website FilthyRichContractor.com. Ron may be reached via email sent to email@example.com.
If you have new information to provide on this topic, let us know and we can add it in as an addendum to this article.