BOOK SUMMARY: Built To Sell (Applied to Locksmiths)
TL;DR Summary
John Warrillow's Built to Sell provides invaluable insights for creating a business that can thrive independently of its owner.
For locksmiths who feel trapped in the day-to-day grind and worry about their ability to sell their business in the future, the book emphasizes the importance of creating a "self-managing business".
By developing standard operating procedures (SOPs) and implementing automation systems, locksmiths can enhance productivity and profitability, attract top talent, and transform their business into a sellable asset.
Even if selling isn’t in your immediate plans, building a business with these principles will make it more manageable and fulfilling for you and your employees.
Introduction
Ever feel like you're stuck in a never-ending loop of working in your locksmith business rather than on it?
You’re not alone.
Many locksmiths find themselves entangled in daily operations, feeling overwhelmed and concerned about their future.
John Warrillow’s Built to Sell offers a blueprint for transforming your business from a job into a thriving, self-managing asset.
This blog will explore how the principles from the book can be applied to your locksmith business, ensuring it's not only more manageable today but also a valuable asset for potential future sale.
Challenges of Always Working In and Never On Your Business
Being the linchpin of your locksmith business might seem like a badge of honor, but it can also be a serious drawback.
When you're constantly involved in every aspect of your business, from answering calls to handling installations, you're limiting your growth potential and burning yourself out.
Here are some common pains of locksmiths who haven’t externalized their roles:
- Constant Stress and Overwork: Without proper delegation, you’re on the hook for every minor detail, which leads to burnout.
- Lack of Scalability: Your business growth is tied directly to your personal input. If you're not there, the business stagnates at best, and and seriously suffers at worst.
- Difficulty in Attracting Talent: High turnover and the inability to offer clear roles and responsibilities can make it hard to retain skilled labor.
The Risk of Rejecting This Approach
Rejecting the idea of building a business for sale can lead to several risks:
- Limited Business Value: A business dependent on its owner is worth less and harder to sell.
- Operational Inefficiencies: Without systems in place, you may struggle with inconsistent service and missed opportunities.
- Future Uncertainty: If you plan to retire or change careers, you might find it difficult to exit the business smoothly without a scalable model.
Benefits of Automation and Building a “Built for Sale” Business
Building a business that operates independently of you offers numerous benefits:
- Increased Efficiency: Automation and SOPs streamline processes, making your business run smoothly even when you’re not directly involved.
- Enhanced Profitability: With efficient systems, you can cut costs and improve margins.
- Attracting and Retaining Talent: A well-structured business is more attractive to skilled professionals who seek stability and clear roles.
- Business Value: A business that runs well without the owner is more valuable and easier to sell if you ever choose to.
Applying “Built to Sell” Principles to Locksmithing
1. Create a Self-Managing Business
- Develop SOPs: Document all key processes, from customer interactions to inventory management. This ensures consistency and allows others to step into your role.
- Automate Routine Tasks: Implement tools like missed-call text-back, AI chat widgets, and reputation management systems. These automation features can handle routine customer interactions and marketing tasks.
2. Think of Your Business as an Asset
- Standardize and Systematize: By focusing on creating a business that can function without your daily input, you increase its value and operational efficiency.
- Innovate with Subscription Models: Experiment with a subscription model for premium services.
Offering a monthly or annual subscription for faster response times or exclusive services can create a steady revenue stream and enhance customer loyalty.
3. Build a Business for Scale
- Hire and Train Effectively: Create clear job descriptions and training programs to ensure new hires understand their roles and responsibilities.
- Focus on Customer Experience: Implement systems that ensure every customer interaction is top-notch, enhancing your reputation and attracting more business.
Conclusion
Building a locksmith business with the principles from Built to Sell is not just about preparing for a future sale.
It’s about making your business more manageable and enjoyable to run today.
Your locksmith business doesn't have to feel like burdensome baggage forever breaking your back.
By creating a self-managing business, you’ll experience less stress, attract and retain top talent, and potentially increase your business's value.
Ready to take the next step?
