9 Great Ways To Build Wealth As A Business Owner
Left to the universe, most business owners will become famous rather than rich. Like a river with a subtle current, there are a variety of structural reasons small business owners become local celebrities, even if it is just inside the four walls of their office, plant, or store.
Customers want you to pay attention to their account, employees want your feedback and encouragement, and your industry peers want you to show them your secrets. As a result, most founders become well known to their customers, employees, and community, but often that fame comes at the expense of the value of their business. After all, a company dependent on its owner is next to worthless to an outsider.
If your goal is to build wealth through owning a company, you must fight against these natural forces that — left unchecked — will move you away from building a valuable business.
As you’ll see in a series of articles we’ll publish on this topic in the coming days, Value Builders compared to typical business owners, take proactive steps to prioritize the value of their company over their personal popularity. They are essentially swimming upstream, fighting the natural forces that are pushing them to the center of their company.
Like a typical small business owner, these Value Builders build solid companies that make a profit by addressing a need in the market. On a number of other critical dimensions, they differ:
In the upcoming series we will share stories of Value Builders that John Warrillow, the founder of the Value Builder System™️, had the pleasure of interviewing on his Built to Sell Radio podcast. These are not public figures, but business owners who are building durable companies and substantial personal wealth in the process. There is no magic formula for creating a valuable company, but these Value Builders have left some breadcrumbs for the rest of us to follow.
Here are the “9 Great Ways To Build Wealth As A Business Owner” that we will be covering:
- Start with the end in mind
- Prioritize value over revenue
- Own your product
- Protect your equity
- Win subscribers, not customers
- Build a business that can run with you
- Sell a few things to many
- Run your business like a public company
- Leave some market share for the next owners
In the meantime, feel free to read through two other series we’ve published recently:
- 8 Key Drivers Of Company Value That Every Business Owner Should Know
- Unpacking The Subscription Economy
If you want to see how your business scores in “8 Key Drivers of Company Value” right now, take 15-minutes to complete this survey and you’ll get a comprehensive 25+ page report benchmarking your business against its peers, plus 49 tips on how to improve those 8 key areas.