Episode #44 How to Think Like a Business Owner: From Craftsperson to CEO with Brad Koehn

In this episode of Cupalo Conversations, Brad Koehn shares invaluable insights on the shift from employee to business owner, diving into the mindset changes required to build a profitable business. Brad discusses the unique challenges craftsperson business owners face, especially those who excel at their trade but struggle to develop essential business skills. He emphasizes seeing your business as a "money-making machine" and highlights strategies for structuring it for potential exits. Listeners will learn the importance of shifting from individual craftsmanship to team-focused leadership, the pros and cons of product vs. service-based models, and tips for building a sustainable, adaptable business. Key Takeaways: Work on your business, not in it, to ensure growth. Treat your business as a structured money-making machine. Leverage technology and outsourcing to manage workload. Transition from personal skillset to team and leadership development. Balance autonomy with the solopreneur lifestyle's limitations. Sales, marketing, and emotional resilience are essential skills. Start planning your business exit strategy early on. Service businesses often offer greater stability than product-based models. Adaptability is critical for long-term business success. 00:00 The Transition from Employee to Business Owner 03:38 More Running the Bakery & Less Baking 06:40 The Solopreneur Lifestyle and Its Challenges 12:43 Word of Caution to Craftspeople Business Owners 16:42 Product vs. Service Company: The Business Model Debate 19:17 Building a Business with an Exit Strategy 24:23 Entrepreneurship Through Acquisition 27:14 Navigating Fear in Business Ownership Connect with Lauren Hannon Sign up for "Cupalo Newsletter" (Lauren's email newsletter): https://cupalo.substack.com/ Follow Lauren on LinkedIn: / hannonlauren Check out Cupalo's website: https://cupalo.io