A Business or a Job?
Many professionals and business owners believe they own a business when in fact they have actually created a job for themselves. What's the distinction? The difference is in the systems.
A business is a collection of systems and processes that produce results. A job is a task or skill performed by a person in exchange for money. It doesn't matter if the task or skill is extremely well paid, if you are paid only when you show up and do your work, then no matter what your tax return might say, you are self-employed and have a job.
Creating a job for yourself is no small thing! Building a profitable law practice or dental practice, or being a professional coach are major accomplishments! Even if you delegate some of the functions, such as receptionist or bookkeeper, maintaining your skills, serving customers, marketing yourself and running the show is a huge achievement. But, in many ways, it isn't a "business", it's your job.
A business is organized so that as employees come and go the tasks can be learned and performed by different people. A business has systems that allow it to function when the boss is sick or away on vacation. A business has a degree of automation, a sense of flow and momentum so that customers see no difference regardless of who fills their order or provides the service. A business can be sold as a free-standing enterprise.
There are advantages to both processes, and for many people, being self-employed is highly desirable. They don't want to make the investments or design the systems of a business. They like the "hands-on", individual style of working for (and often, by)
The advantage of building a business, however, is that it is as an asset. It can be sold, or franchised, or licensed to other people. The systems can often be replicated, sometimes even in other industries, and that gives a business tremendous financial leverage.
Whichever way you prefer to go, be clear about your choice.
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