You’ve decided to take the plunge start a business and be your own boss. Financial freedom, creative control and extended tropical holidays are just around the corner right? Wrong. The notion of being your own boss can sometimes be blown out of proportion leaving nothing but misconceptions of self-employment.
Yes, there are many positives to starting your own business. But the lavish lifestyle of a business owner that is constantly promoted can sometimes be exaggerated. The benefits to self-employment are obvious:
- You’re your own boss.
- You have the freedom to run the business as you please.
- You have all the decision-making power.
- You have creative control over all aspects of the business.
- You’re responsible for your success.
- You can’t get fired.
Although these points are appealing, with great power comes great responsibility. Having complete control over a business places you in a position with pressures and expectations from countless stakeholders, if you are not prepared for that your self-employed dream can turn into a nightmare.
The best way to decide if you truly want to take the plunge is to consider the negatives; if they don’t scare you away then you may be on the right path. ‘The ugly truth about being your own boss’ was published by the Huffington Post and explains the downside of owning a business including:
- Start-up costs
- The working hours
- Getting your feet off the ground
- Gaining a customer base
- Financial burdens
- The confusion
Let’s consider these.
- Regardless of the business you’re in, there are going to be significant costs to begin providing a service or selling a product.
- You’ll still be working 9-5, if not longer. Even when you’re not working your mind will most likely be on the business.
- You’ll need to consider your business name, location, values, customers and competitive edge amongst countless other tasks.
- Let’s face it, customers want a brand they know they can trust, if they’ve never heard of you they may be reluctant to buy from you. You’ll need to work hard to establish a reasonable customer base.
- The business is yours, so are all costs associated with it.
- You’re suddenly responsible for sales, marketing, accounting, operations, research and IT.
Despite the daunting list of challenges, it’s not impossible to be your own boss and succeed. Richard Branson, Steve Jobs, Henry Ford, Sara Blakely and Bill Gates have experienced more success than they could have imagined, but they each had something in common, they were passionate and worked extremely hard to achieve their goals. They considered their options and chose the best path.
If you’re going to start your own business there’s something you’ll need to clarify; WHY?
Develop a clear understanding of why you want to be in this business and use that as motivation. You’re going to need a lot of passion for what is ahead, floating by just won’t cut it. Focus on singular projects at one time; find ‘an accountability buddy’ or clarity coach; someone who will provide reality checks to ensure you’re not getting too far ahead of yourself.
By investing into a franchise you have the opportunity to meet your goal of becoming your own boss with a support system to help. As a franchise system, Hotondo Homes provides its members with more support than most other franchise networks, offering guidelines and procedures we’ve developed and a Franchise Sales Manager; your perfect reality check. Your Franchise Sales Manager is there to assist you through managing the business and ensure you’re on track. They also assist in project management to ensure businesses are prioritising tasks appropriately. As a network, we work together to achieve the goals of our franchisees.
While there are financial costs associated with franchising, there are significant benefits including the support you receive in a variety of business operations including sales, finance, marketing and design. You are still responsible for your business but have the assistance and advice from a strong support system. You may be in business for yourself, but you are not in business BY yourself.
If you would like to know more about the Hotondo Homes network please contact us or call 1800 677 156