Let’s be honest. Owning a small business is not for everyone.
Making the move from employee to freelancer to boss is not easy. It takes certain personality traits and a whole lot of organisation.
Not everyone is cut out for the business owner and entrepreneur life. There can be a lot of benefits and often safety in sticking with a steady paycheck and working for someone else.
But sometimes, those benefits and the safety are more about your mindset and perception rather than your reality…
So, how do you figure out if you’ve got what it takes to be a business owner… or not?
Here are 5 questions to ask yourself today.
Do I appreciate freedom or safety more?
There is safety is knowing exactly how much money is coming in each month when you’re an employee. Knowing that you alone are not the one ultimately responsible for making the money needed to pay you takes a lot of pressure off!
But you also are limited in what you spend your days doing, how you work and when you work.
Running your own business means you get to follow your passions and work in a style that suits you. Having said that, there will be times that you have to do things you don’t enjoy and that you might not be able to outsource. But once you’ve put in the work to create a core offering and systematised your workflow, you gain the freedom you’ve been looking for.
Do I enjoy fixing or creating more?
In most cases, being an employee means we are limited when it comes to creating. We have to work within the briefs, requirements and restrictions provided by our employers. Some of us thrive working in this way – give us a criteria or a goal and watch us problem solve to get things to where they need to be! If you enjoy fixing existing systems and processes or refining existing product offerings, being an employee could be the path for you.
The downsides to this can be that you don’t necessarily get a bigger say in which direction you go in. And sometimes you can see a better way of doing things but it’s pretty difficult to get a whole company to shift and make big changes when you’re not the one in charge.
Want to bring in more up to date and efficient ways of working or maybe there’s an innovative idea that you’d struggle to get your managers to invest in? This is when you need to think about striking out on your own.
Do I thrive on calculated risks or relative predictability more?
Being a business owner means taking (well thought out) risks – it’s inevitable. Even the act of deciding to become your own boss is a calculated risk!
Don’t worry if that makes you nervous, that just means you’re human! But if it gives you a lot of anxiety and you prefer low risk moves that you know are safe, being an entrepreneur is probably not the right path for you.
Calculated risk taking is about making the most out of opportunities and without it, business owners stagnate.
Do I motivate co-workers or prefer to work alone more?
As a business owner, you’ll need to build a team around you. There’s only so much you can do alone, you’ll need people who have different expertise to you and if you want to grow you’re going to need others.
This means you’ll need to learn how to motivate, equip and empower your team to achieve your goals and greatness!
If you prefer working solo or being part of a team but not taking on a leadership role, being an employee sounds like your best bet.
Keep in mind that having a team isn’t necessarily the big scary jump you think it is. When you’re trying to level up, it can be trusted freelancers, other businesses you collaborate with or even The Simplifiers team backing you up!
Find out how to get help and business support from The Simplifiers team members HERE
Do I understand cash flow or creativity more?
There’s good news and bad news here.
Bad news: To run your own business you’re going to need both. The number one reason why 90% of small businesses fail in the first 5 years is a poor understanding of cash flow. Meanwhile, you’re going to need creativity to have a product offering people want to pay for.
GOOD NEWS: You can get help in the areas you struggle with. For example, want help with cashflow, business processes, marketing and more? You can even get support directly from our CEO – Mary Baird-Wilcock, CSEP through 1-1 business coaching!
So, get creative, follow your passions and hire a business coach to teach you the rest!
Have you listened to our latest podcast episode? Our CEO – Mary Baird-Wilcock, CSEP talks to experts and helps you simplify in business and in life.