READY TO BE BOSS FREE AND BECOME A BUSINESS OWNER?
Are you ready to become the boss instead of reporting to one? Do you have an entrepreneurial spirit that is ready take the reigns of your own work schedule? There is no particular path to becoming a business owner or becoming an entrepreneur. Each person has to navigate their own course. The most typical ways of becoming an owner are:
- Starting up a Business
- Buying a Business
- Buying a Franchise
Here are key questions to ask yourself on ‘Why do I want to become a business owner?':
1. Have you always enjoyed entrepreneurial pursuits? If even as a child you felt the pull to make money on your own terms through mowing yards, car washes, babysitting or lemonade stands, than that can point to your commitment moving forward at that young age.
2. Are you good at multitasking? Business owners where a lot of hats and manage a variety of tasks including strategy, accounting, hiring and customer service. Every day brings a new set of challenges that an owner must handle.
3. How do you feel about money? Owning a business requires a big cash injection and additional expenses can quickly add up. Having a stable and non-emotional relationship with money will go a long way within your business success and longevity.
4. Can you handle the unknown? Owning a business will have its ups and downs and deals with a high level of uncertainty - are you prepared to feel uncomfortable sometimes? And can you deal with that stress in a reasonable manner?
5. What are you hoping to get out of business ownership? There are many benefits to owning a business, including controlling your schedule and your financial future/freedom. Consider the world’s wealthiest people - most of them are self-made, business owners like Bill Gates or Jeff Bezos. There is not necessarily real earnings cap as a business owner, because the compensation goes back to you. Also if you are going to dedicate your professional career to a business, why not be a business you own? With a business that you own, you’re in control of your compensation structure, the hours you work, and get to decide when you sell the business. Owning a company also affords you a more flexible lifestyle, especially when you build middle management into your company so it can run without you actually being there.
These benefits do come with drawbacks. At the end of the day the business owner is the one who is responsible for everything - they have to put out fires, and fill in when an employee is sick. This can lead to burnout, even when your business allows you to pursue your passion.
Being a successful business owner requires capital investment, a lot of time and a considerable amount of effort. And despite the appeal of the “American Dream” and getting to be your own boss, the reality is that not every person will be a successful business owner even if the dream is there.
Whether you’re starting up or thinking of buying a business or franchise, there are a lot of resources. Local chambers of commerce, like the Knoxville Chamber of Commerce, offer workshops about entrepreneurship and other training opportunities. There is also a network of Small Business Development Centers across the US that can offer support through workshops, conferences, and local business consultants. East Tennessee is blessed to have the Tennessee Small Business Development Center as a great resource for small business owners. Finally, you can speak to a business broker who will be very knowledgeable about your state’s small business landscape, has access to local professionals, business listings, and franchise opportunities and can help you weigh your ownership goals against the ownership options available.
Transworld Business Advisors is passionate about small business owners, and we want you to become a successful business owner in your own right. We help people find their own version of the American Dream! Are you ready to buy a business and become boss free? We would love to help make it happen for you and we can schedule a free consultation with one of our trusted staff. Thanks for reading!
- Doug Kose, President Transworld Business Advisors of Knoxville