Are you hungry for greater opportunities to take your career and income to the next level?
With the prospect of a flexible lifestyle and uncapped financial rewards for your hard work, you may be considering taking the plunge and becoming your own boss.
Making the move
From a practical perspective someone contemplating a move from being employed to being self-employed will need to consider the income required to sustain their lifestyle. Moving from the relative security of an employed role will most likely cause some level of disruption so it’s important to ask yourself the following;
- How can I minimise the impact and continue to look after my family and myself, cover the mortgage or the rent, provide all the essentials and fund a decent lifestyle?
- How do I replace my income without compromising everything that I have achieved so far?
With this in mind, proper planning in the lead up to the transition will be invaluable.
Importantly, you also need to evaluate the proposition from a personal perspective.
- Do I have a burning desire to be my own boss?
- Do I have the ‘fire in the belly’ and absolute self-belief that I’m good enough at my core business to generate a better outcome?
- Am I able to back myself 100%?
It goes without saying passion, determination and commitment will be fundamental to your success as your own boss, in any business or industry.
Failing to plan is planning to fail
If you have that self-belief, that you can translate your skills into a business, it is then a matter of forming and developing a logical business plan.
Your business plan can be extensive, with lots of research or you can do it on a single piece of paper. The more you can assess the environment in which you are operating the better however as long as there is a realistic and well thought out pathway that enables you to start that business activity and generate revenue, identifies costs and ways to minimise those costs, you have a plan.
The concept of business is a simple thing which is often overcomplicated. If your activity is generating more income than it costs, you have a profitable business. Over time, as you begin to focus on doing more dollar-productive activities more efficiently and controlling your expenses, your profits will grow.
Know your strengths and weaknesses
It is also important for anyone looking to become their own boss to undertake an inventory of what their existing skills are and what additional skills the business will need to be successful.
Once you are able to identify the shortcomings, how do you then find a solution? Most people can’t just employ additional staff to fill the gaps because their business simply can’t afford it in the early stages and for a small operator, there is often not sufficient work to warrant a full time staff member.
So the options are to find a part time employee or engage an external service provider for support. The challenge remains, who do you go to, who do you trust, how do I know this person or organisation is any good? The answer is you don’t – it’s often a matter of trial and error until you strike the right balance of efficiency and cost effectiveness.
The barriers to business
The most common barrier to starting a business is a lack of self-confidence.
When people have to make the decision about outlaying money, taking on debt or jeopardising a secure income, the risk often appears greater than their desire to do something.
However, for those that have the drive and motivation to be successful, the rewards of being your own boss are often far too enticing to ignore.
Are you ready to start the journey?
At Richardson & Wrench, we offer flexible business solutions that are tailored to your individual needs to ensure you are set-up for career success.
To find out more about what your future looks like with R&W, check out our Franchise Opportunities.
Article by Andrew Cocks