Read · 8 minutes
Building it without
it eating you.
For men running their own thing: the trade, the side hustle or the full-time business. Growing it is one problem; being consumed by it is a another.
Nobody starts a business to work more hours for less money, but plenty end up there anyway, with no real solution in sight.
The thing that stops working
In the beginning, effort solves everything, and you're happy to do it. No work? Knock on more door;. fall behind on tasks? Work on Saturday. It's effective, satisfying, and you see things moving forward.
However, it's not long before you hit the ceiling. Your head is full, but the phone still rings, and your only remaining lever is hours you haven't got. The thing that got you here stops being the thing that gets you further.
Raise your prices before you raise your hours
The most common problem for small businesses isn't demand; it's margin. Men who are rushed off their feet but are still skint are often underpriced, and reluctant to raise it. They want to remain competitive and not feel like they're taking advantage of clients.
Work out what an hour of your time actually costs once you include the van, insurance, quoting, chasing, unpaid Sunday admin and the time off you don't take. This will help you identify what your True Working Value (TWV) is and how much you've undervalued yourself and your services.
Action plan: Put your prices up 10% on the next five quotes. Maybe you'll lose one or two but in this climate, a lot of clients will be understanding, especially if they've been to you before and know how good you are!
The four numbers worth knowing
- What your True Working Value (TWV) is
- What's owed to you, and how old the oldest one is
- Your essential expenses every month (for everything: home, work and/or business)
- How many months you'd be able to cover these expenses without income
Look at these key metrics every month. If you're doing well, you can take your foot off the pedal and focus more on relaxation and recovery; if the numbers are worse than expected, you at least have the information in front of you to make sensible pricing amendments. Busy and profitable are different things; don't get caught up being "busy".
Get the worst hour off your desk first
When men finally get help, they usually hire someone to do the work they enjoy — the actual trade — but keep the invoicing, chasing and quoting for themselves, at night.
Do it the other way round. Pay someone a few hours a week for the admin and the chasing. It costs less than you think, buys back your evenings, and removes the feeling of resentment and being tied up in parts of the business you don't care for. Once this foundation is established, you can move onto outsourcing the trade itself and really scale.
Learn to say no to the wrong work
Every self-employed man knows a customer who haggles, changes their mind, pays late or calls on a Sunday evening. They fill the space good work would have taken, and they're usually accepted out of a fear of empty weeks.
If such a client comes along, realise your worth and simply tell them: "I'm not the right person for this one"
The bit that isn't about the business
Running your own thing does something to a person's identity that a job doesn't. It stops being what you do and becomes who you are. A slow month isn't just a slow month; it feels like a reflection of you and the quality you offer. It's easy to take this personally.
Put something in your calendar (and time block it!) that has nothing to do with work; maybe a date night with your partner or a social event with close friends. This will show you that your worth doesn't only come from one place and that you are more than just the success/failure of your business.
A question for the year-three version of you
What was the point of building this?
Usually it's to have more control over your time, create more money, and be your own boss. Does your business deliver all three? How about 1 or 2? plenty build something that delivers none, and call it successful because they're always busy
Nobody to think out loud with.
That's what most self-employed men are missing — no colleagues, no board, and a partner who has heard quite enough about it. An hour a fortnight fixes more of that than you'd expect.