Treat Your Trading Like THIS Kind of Business

In yesterday's post, I said you should NOT treat your trading like a business.

Because most small businesses fail after just 5 years, simply treating your trading like a business isn't good enough.

But there is a type of business that has a much higher success rate than the average small business.

(A couple of astute readers guessed correctly.)

The answer is a franchise.

Why?

The reason is simple. The owner of a franchise business has designed it from the ground up to operate independently of their direct involvement.

That's the whole point of a franchise.

The ceiling for a business is much lower if the owner has to be heavily involved for it to function.

A business can't scale if the owner has to be on site at every location, making decisions.

OK, so what are the lessons here for your trading?

Systematize everything.

Are you making decisions during your trades rather than following your pre-defined script?

If you are, you're like the owner who needs to be at every location for the business to function.

How "involved" are you in your trades?

How much more capacity would your trading have if you weren't directly involved in every trading decision?

How can you get there?

Over the next few days, I'll share ways to transform your trading from a struggling small business into a growing franchise.

-Dave