Starting your own business places you in charge of making all of your own decisions and although there will be vast challenges ahead, you will not be looking towards a performance review with your boss to see if you’re staying in your job next week.
Once you have understood that your working hours will significantly increase as soon as you start your own business, you will begin to feel a high level of personal satisfaction when you have committed yourself 100% to your business. You should not expect to see incredible financial gains immediately, but where you don’t have to consult other people to make decisions about your business, the opportunity to succeed financially is a chance that many people will not want to miss.
Starting your own business allows you to find out what other skills you have, but didn’t realise. Instead of having department heads to report to and negotiate with, you will be the head of every single department in your business. This will stretch your creativity, but you might find you have a great skill for marketing and public relations. Where you find yourself lacking in a task, for example, accountancy, you can employ someone to perform that skillset for your business on terms that suits you, which might only mean one or two hours a week.
Being in business is extremely rewarding, but only if you have identified an opportunity in the marketplace that is sustainable and profitable. Through research, choosing the right mental attitude and a small percentage of gut feeling, you will be able to develop a plan that meets your customer’s demand.
Being in control of your own destiny is important for many personalities. If you are the type of person that likes to take control and make decisions as opposed to someone telling you what to do all of the time, beginning your own business may well be right for you. If this sounds all too overwhelming for you, which parts of your business can be delegated to trusted people?
After your business has settled down in both trading levels and profit, you will be able to organise your own work and life balance. If that means you can play golf every Wednesday morning, you will be achieving some of your initial targets.
You will be able to choose the people that you’re going to work with, be they customers or employees. Why work with people who don’t hold your enthusiasm for high levels of service?
It can be daunting to take on the level of risk that is involved with setting up a new business, but you will reap the rewards over the long term. Being in business for yourself provides you with the opportunity to follow your passion. If you have always enjoyed playing the guitar, opening a guitar shop and giving lessons to new guitarists might become your ultimate paradise.
Starting your own business gives you the opportunity to get things done your way. Your personal commitment to the business will show as you interact with your customers and your employees and even if difficult times are ahead, you will act with pride as you offer your business services locally, nationally and then perhaps globally. Do not think too small!
Samuel Rosenberg is the founder and CEO of Axcel Finance Ltd., the leading regional microfinance institution. Share your thoughts and email your questions to [email protected]