Are you a small business owner who has built a business based on your personal brand? While you may feel that your business is closely tied to you and therefore cannot be sold, it’s important to consider a new viewpoint. Research shows that many small business owners struggle to earn more than $100,000 a year because they view themselves as the center of their business, believing that no one can do their job better than them.
It can be challenging to build a business earning over 7 figures, especially when your name and face are the brand. However, it is possible to transition from a personal-branded business to a company brand that can be sold. Successful entrepreneurs like Oprah have shown that their brands can continue to grow and thrive even without them being directly involved on a daily basis. The value of a personal-branded business lies not just in the person behind it, but also in the products they have created and the community they have built.
Entrepreneur Nathan Hirsch, who founded and sold FreeeUp.com, emphasizes the importance of being able to sell your business even if you are the face of it. He points out that someone can come in with a different marketing plan, team, and budget, but if you are the sole fulfillment, no one will want to buy your business. It is crucial to shift from being the sole driver of the business to creating a business that can operate and grow independently.
To transition from a personal brand to a business brand, it is essential to focus on creating something that will last beyond your name and presence. Many successful personal brands have evolved into something greater, even after the founder has stepped back. Building a sellable business starts with a mindset of ensuring that the business can operate independently of you. Trust in systems, automation, and bringing in new faces are key steps in the process of shifting from a personal brand to a company brand.
By automating business processes, creating documented procedures, and gradually bringing in new experts, you can make your brand less dependent on you as the sole individual. Focusing on the products and services offered by your business, rather than on your personal brand, will help to shift the focus away from you as the central figure. This transition can be challenging, but with the right plan and mindset, it is possible to create a business that can be sold or scaled beyond your personal brand.
In conclusion, changing a personal-branded business into a sellable business is achievable with careful planning and strategic steps. With the right mindset and approach, you can take your business to a new level of growth and success. Remember that brands evolve over time, and with the right strategies in place, your personal brand can also transition into a business that can be sold or scaled for future success.
