If you’re getting tired of the 9-5 grind and want a job where you have more flexibility in your daily schedule, the chance to earn more than your hourly wage and the opportunity to spend every day doing what you do best, you might be a perfect candidate for opening your own company. While being your own boss is not for the faint hearted, it can be the most rewarding way to reach your financial and personal goals. We have put together a few pointers to help you think your way through the pros and cons of owning your own business.
Taking the Plunge
While some people enjoy the security of a safe job working for “the other guy,” it is definitely not for everyone. Is there risk involved in stepping outside of your work comfort zone and doing something new? Yes! But the rewards of working for yourself can far outweigh those initial fears and concerns. The trick here is preplanning so that the cards will be stacked in your favour. Do your homework, find something you are good at and develop a plan to make it happen. The more research and preparation you do beforehand, the more likely you will be to succeed.
Funding your Business
As with most good things in life, it takes money to get started with your own company. If you do not have an adequate salary to put aside a little each month, speak to your banker or an investment company about taking out a small business loan. To do this, you will need a plan complete with figures to show the banker or an investor that your idea for a business will be viable.
There is no doubt that being your own boss is demanding and requires a higher degree of responsibility than working for someone else. But remember that the trade off is more control, the chance for increased earnings and all of the perks of owning your own business, including tax incentives and a flexible schedule.
Health Plans and Insurance Benefits
While you won’t be getting automatic coverage from your employer anymore, you will be able to choose the health plans that are the most appropriate for you. There are plenty of professionals who can help you pick and choose, taking your personal needs into consideration. While you may have to pay a bit more out of your own pocket, you will also have the satisfaction of knowing that you have total control over your benefits.
Opening a Franchise
One way to ease into being your own boss is by opening a franchise. Check the market and one that falls into these categories:
- Highly successful and in demand
- Fills a need in your own locale
- Involves a trade that you understand and enjoy
- Offers flexibility
- Has a good track record
There are a myriad of franchises to choose from, including restaurants, car washes and dry cleaning facilities. Some of the most popular franchises worldwide include Subway and McDonalds and some popular franchises nationwide include Drive Dynamics and United Carpets. According to Forbes, franchises offer the ideal business opportunities if you excel in leadership skills and team building. With franchises, you step into a ready-made operating system that is already up and going with a proven track record.
Flexibility and Portability
Let’s say you’re doing well when suddenly you need to leave your present location and move across the country. If you own your own business, you can literally close it and open it up somewhere else. You still have that expertise no matter where you live. If you have inventory, you can sell it or take it with you. Many jobs are done online so if you are your own boss, it does not matter where you are or how many times you move.
Stepping up to the Plate
Once you choose a niche and find your business legs, take it slowly and steadily. Whether you become a self employed agent, open a small business, begin a consulting firm or buy into a franchise, your hard work will pay off in terms of flexibility and chances for profit.
Neither a franchise nor your own business is going to be easy to open; however, if you are looking for the easier option, then opening a franchise would be best. With a franchise, you have all of your clients and customers ready to go, so you can just jump right into action.
About the Author: Ericka is a business coach who loves to help people start up a new business as well as help improve it; in her spare time she enjoys blogging about a variety of topics, but mainly business.