Business – Get mean, go lean

If you can figure out a way to become financially independent in twenty years or less without the help of employees, you should do that.

You want a person to whom you can rely 100% of the time.  This would be you.

You want a person who will work 50 hours a week without complaint. This would be you.

You want a person willing to sacrifice for the good of your company.  This would be you.

You want a person totally committed to your success.  This would be you.

Every other person working for you is going to complicate your plans and present new challenges that will demand your attention.  Make very sure that each and every employee is worth your commitment.

You paint houses.

You work by yourself and you gross $150,000 and net $120,000.

You hire another painter.  You pay that painter $50,000 plus $30,000 in taxes and benefits. 

Now, you have to gross more than $230,000, just to break even.

If you have two employees, you are at $310,000.  Add a third and you go to $390,000.

And, as the company grows, you will need more ladders and scaffold and maybe another truck.   You may need to gross $500,000 and not be any better off financailly then if you were back working alone. 

At $500,000, you have the added stress of contracting many more jobs and you have to juggle schedules and payrolls.  You might have liked painting houses but now you are stuck much of time behind a computer screen.  And, you haven’t made more money, rather, only added to your responsibilites.

If you are bored working for yourself, get over it.  Learn how to whistle or listen to talk radio or books on tape. You’re the boss, so you can take a few breaks and gab with the guys at the local paint supply store or the gals working at the coffee shop. 

If you can paint houses and net $120,000, you can live a comfortable family life.  You will have enough money to buy your six properties and be in a position to retire very young. 

If you can put yourself in this position, you have won.  You don’t need a college degree or an MBA.  You don’t need corporate America or the piles of red tape from employees.  You don’t need suits or ties or long commutes. 

You have you.  You are good.  You are enough.  You have won. 

People will always need interior and exterior painting. 

You are a painter. 

Do not screw this up.

When it comes to running a small business, keep it as small as you can. 

Get mean and go lean.

If you like this post, you’ll like the Master Small Business Course.