Whether you’re dreaming of spending quality time with family, enjoying a long vacation, or even moving to a cozy senior living apartment, a self sustaining businesses gives you the freedom to step back and let things flow smoothly. And you don’t have to be a tech guru or own a huge corporation to make it happen—just a solid plan. 

Here are 3 tips that will help you get there.

1. Focus on long term profitability

A self sustaining business only works if it keeps bringing in money over the long run. You want something that’s going to stick around, bringing in profits without constantly needing to be adjusted.

Start by choosing a business model that’s built to last. Think about subscription-based services or products that people will always need. For example, evergreen products, like home essentials or ongoing business services, are great because they cater to long-term customer habits. If you’re offering something that people will continue to buy or use, your business is already one step closer to being self sustaining.

To achieve long term profitability, you need to also invest in research and development and technology infrastructure. Consider the example of Amazon, which invested heavily in its logistics network and cloud computing services, laying the groundwork for its dominance in e-commerce and cloud computing markets.

Customer retention is also a major key here. In a long term, it builds a brand that resonates with them on a deeper level. This can be achieved through personalized experiences, exceptional customer service, and loyalty programs. Remember, it’s a process, not a one time work. You must be consistent for this one.

Another thing to keep in mind: reinvest in your business as it grows – whether it’s upgrading your tools, improving your product, or hiring great people.

2. Business automation

The less you’re bogged down with everyday tasks, the more your business can run itself. Automation takes those mundane jobs off your plate so you can focus on bigger-picture stuff—or just take a breather. By automating repetitive tasks and processes, businesses can free up valuable time and resources to focus on core competencies and drive growth.

There are tons of automation tools out there that can help lead the way to self sustaining businesses. For example: 

• Customer relationship management (CRM) systems help keep track of client data, sales, and communication.
• Automated marketing tools can handle things like sending out emails or scheduling social media posts for you. 
• Invoicing systems ensure you get paid on time, without the back-and-forth.
• Chatbots can help answer basic customer questions around the clock, so you’re not glued to your inbox.
• Faster response times and enhanced accuracy lead to higher customer satisfaction.

You must also automate email marketing campaigns and social media management. It will help to to increase lead conversion and revenue.

Successful business automation requires careful planning and implementation. It often involves integrating various software systems and technologies to create a seamless workflow. Consider working with a reputable automation partner that can assess your specific needs and provide tailored solutions.

3. Diversify revenue streams

Relying on just one way to make money is risky. If something goes wrong, your whole business could take a hit. By creating multiple streams of income, you protect yourself from market changes and unexpected dips in revenue.

Think about ways to add to what you’re already offering. If you sell a product, could you also offer a related service? For example, if you’re teaching an online course, you could add a membership program with exclusive content or webinars for ongoing support. It gives your audience more value while boosting your revenue. 

You can also introduce complementary products or services to your existing offerings. For instance, a restaurant might start offering catering services or a gym could add fitness classes to its membership plans. Identify untapped markets or geographic regions where your products or services can be successful. This could involve setting up new branches and partnering with local distributors.

Consider offering subscription-based services or products. This can create a recurring revenue stream and foster customer loyalty. Examples include software-as-a-service (SaaS) platforms, streaming services, and monthly beauty boxes.

You could also explore affiliate marketing. Partnering with other businesses and recommending products that complement yours can bring in extra income while strengthening your customer relationships. It’s a win-win!

Building a self sustaining businesses might take some upfront work, but once you’ve got it rolling, the benefits are worth it. If that sounds good to you, these tips are the perfect place to start!