Trading Salaries for Freedom: How to Build a Thriving Business and Achieve Freedom

Have you ever heard the statement, “Are you working on your business or in it? ” If you answer “in it,” then your business probably owns you and you don’t have much freedom. Unfortunately, this is all too common among entrepreneurs.

In other words, entrepreneurs are often stuck in a never-ending cycle. By sacrificing time for a paycheck, they unintentionally create a job for themselves rather than building a successful company. Although working excessively long hours may be necessary when building a business, it is also a recipe for burnout.

If you don’t allow your body to rest and recover, you may feel tired and run down. Your relationship with your family and friends is also affected.

How can we deal with overworking? Learning to delegate tasks to others is probably one of the best skills you can learn. It may not be possible for you to hire employees, but maybe you can hire a few freelancers, specifically virtual assistants, to offload some of your work.

Someone who has mastered this skill is Bryan Miles.

It would be fair to describe Bryan as a modern-day Renaissance man. In addition to being an entrepreneur, he’s a husband, father, mountain climber, mentor, and writer. His company, BELAY, provides virtual staffing services to businesses nationwide. With a passion for growth and learning, Bryan started the company with his wife, Shannon, during the Great Recession.

In less than two years, the company has expanded from a handful of team members to over two thousand employees all working from home. With BELAY, Bryan and Shannon have helped thousands of entrepreneurs shed hours of wasted time so that they can take control of their lives and businesses.

The two sold their majority interest to Tenex Capital Management in June of 2021, and Bryan remains a board member as well as a shareholder. In addition to running NoFo Brew Co. in North Atlanta, Bryan and Shannon invest in businesses through Miles AG. As a result, their marriage and relationship with their children flourish.

Let’s examine Brian’s journey to see how it can help you build a thriving business and achieve freedom.

From Corporate Climbers to Entrepreneurial Leapers

Bryan was living the good life with his wife, Shannon. The couple enjoyed a comfortable life, earning a combined salary of a quarter to a half million dollars. Even so, a nagging feeling persisted—a longing for something more meaningful that they could build together. 

Inspired by Tim Ferriss’s “The 4-Hour Workweek,” they spotted an opportunity in the growing virtual assistant (VA) industry, which ignited their entrepreneurial spirit. 

Moreover, it reignited Bryan’s entrepreneurial spirit, which had simmered for years despite his longing for independence and freedom.

Taking the Leap: A Bold Move in Uncertain Times

As with any investment, a risk was associated with their leap of faith. Belay Solutions was founded in October 2010, at the height of the Great Recession. As unemployment rates soared, friends and family expressed skepticism. However, Bryan and Shannon were resolute. In order to achieve their dream, they cashed in their retirement savings and poured their hearts and resources into it.

During the first few days, there was a whirlwind of emotions—excitement about new possibilities intertwined with fear of the unknown. Despite the challenges, their determination and clear vision fueled them.

Building Belay Solutions: From Humble Beginnings to Exponential Growth

As remote support became increasingly popular, Belay offered virtual assistant services to businesses. At first, growth was slow but steady. As they expanded into multiple service verticals, mentorship from industry leaders such as Michael Hyatt was invaluable. 

Thankfully, Belay experienced significant growth in 2014, which continued into the following years.

The Power of Partnership: A Complementary Collaboration

However, for any business to thrive, it is important to have a strong co-founder, according to Bryan. While Bryan was the visionary and Shannon was the executor, their personalities complemented each other well.

Additionally, it was essential to establish clear boundaries between work and personal life to maintain a healthy balance.

The Secret Sauce: Crafting a Resonant Brand Message

While offering the right service at the right time was key to Belay’s success, it wasn’t the only factor. They also perfected their communication skills. 

Using Don Miller’s StoryBrand framework, they developed a clear message resonating with their target audience. To empower entrepreneurs to reach new heights, they positioned Belay as the “belayers.”

Trusting Talent and Embracing Stewardship

According to Bryan, business growth requires relinquishing control. Entrepreneurs can unlock true potential when they empower talented individuals and transition from heroes to stewards. 

Their success was largely due to their trust in their team and the strong leadership they fostered within Belay.

Letting Go: The Importance of Stepping Away to Unlock Freedom

However, for Bryan, transitioning from CEO to owner was one of the biggest obstacles. This changed in 2019 when they took a 90-day sabbatical. They wanted to test their ability to surrender control to Tricia, their COO. By completely distancing themselves and trusting Tricia with the reins, they tested whether or not letting go was feasible.

However, it was a successful sabbatical. Tricia’s successful leadership solidified their decision to move from CEOs to owners.

As a result, in 2020, just before the COVID-19 pandemic hit, they officially stepped back.

Thriving Through Adversity: Pandemic Boom and Exponential Growth

For Belay, the pandemic turned out to be a fortuitous event. Due to the shift to remote operations, the demand for virtual assistants has skyrocketed. With Belay perfectly positioned to meet this need, exponential growth was experienced. The success of their company was covered by national media outlets, such as CNBC and Yahoo! Finance.

In short, Belay’s value skyrocketed with the work-from-home revolution.  It attracted potential buyers, resulting in a highly successful exit..

Beyond Financial Reward: Building a Freedom System, Not a Cult of Personality

In addition to improving Bryan and Shannon’s quality of life, the transition from CEOs to owners significantly increased Belay’s value. As a result, the company became a well-oiled machine, reliant no longer on their individual presence. They were rewarded for their vision and strategic decision-making.

Lessons Learned

Aspiring entrepreneurs can learn valuable lessons from the Belay story:

• Take calculated risks. You need to take calculated risks to grow.
• Find a strong co-founder. Your strengths and weaknesses should be complemented by someone else.
• Build a clear brand message. Effectively communicate your value proposition.
• Empower your team. Give your team the freedom to make decisions on their own.
• Let go when the time is right. By stepping back, you can realize your company’s true potential.

Featured Image Credit: Pexabay; Pexels, Thank you!