Here are two criteria I recommend for the success of your small business:
1. How much could you sell your business for today? Would you be able to sell the business and have that retirement nest egg or the money you need for another exciting startup? If you can build your business to a point that somebody else would purchase your cash flows, then you have achieved one element of success.
2. Could you franchise your business? I’m not saying you want to have your business on every major street corner in America, but building a business that could be duplicated with ease is a sure sign of success. If you have processes and procedures in place that would allow for just about any qualified person to step in and start running the business, then I think you've stepped right up next to success. Many small business owners talk of hiring a manager to run things while they go play a round of golf or soak up the rays in Hawaii. Building your own ‘franchise’ is one sure way to get there.
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