Building a business around a personal brand might seem like a dead end, as many small business owners never make more than $100,000 a year due to viewing themselves as the center of their business. However, it is possible to transition from a personal brand to a business brand that can be sold. Successful examples like Oprah show that the value of a brand is not just in the person, but also in the products they create and the community they build.
To make this shift from a personal brand to a business brand, it is essential to focus on creating something that can last beyond the founder’s name, face, and energy. This may involve expanding the brand’s offerings and bringing in new faces to represent the business. Building trust in systems, not just faces, and making products and services the star of the brand are crucial steps in this transition process.
Business valuation specialist Graham Stephen emphasizes the importance of ensuring that the business can operate independently of the founder, as this mindset is key to building a sellable business. Automating business processes, bringing in new experts, and focusing on the products and services of the brand are steps that can help in this process. By taking these steps, a personal-branded business can be transformed into a scalable business that can be sold or exited when the time is right.
Photographer Sue Bryce shares a valuable insight in successfully separating herself from her business by realizing that she is not that important. This mindset shift can be empowering for business owners looking to transition from a personal brand to a business brand. By focusing on the boring parts of the business, such as hiring, finances, and marketing, and bringing in new faces to represent the brand, business owners can create a brand that can thrive without their constant presence.
Ultimately, changing a personal-branded business into a business that can be sold is not only possible but can be an exciting new level in the business journey. With the right plan and mindset, a personal brand can evolve and grow beyond the founder, providing freedom and opportunities for growth and exit when the time is right. By following a strategic approach and embracing change, personal-branded businesses can transition into successful, sellable entities that can continue to thrive even without the founder’s direct involvement.
