Perhaps you are already thinking that it’s time to quit your job and become an entrepreneur and start a sole trader business. If that’s the case, you will want to give it some additional thought before taking actions that you might regret in the future.
One of the reasons why many are hesitant to quit their jobs to become business owners is because of recession. And even though the economy is rebounding after a long recession, there are still some things to consider before you try to make the jump from employee to entrepreneur unless you know exactly what you are setting yourself up for in advance. The things to think about first include the type of work you have been used to, your previous experience being self-employed, and the role your family will play as you make this life changing transition.
Quitting your job to run a business is not easy as it sounds especially when you are already used to working from Monday to Friday regularly, from nine through five. Keep in mind that working for yourself solo as an entrepreneur means that you won’t be working on regular hours. Rather, you will be working either less or extended hours when needed.
If you consider yourself an expert at any particular field, and you believe you have unique, valuable knowledge about a certain subject matter, then you most like consider yourself an irreplaceable business consultant in that field.
Nowadays, more and more people are joining the forces of business consulting and with the high number of individuals claiming to be “the best” how do you, as a business owner separate the good from the terrible ones?
Passion is one of the things that separate a good consultant from the bad ones. Surely, you must have a great deal of knowledge on the subject matter but passion is where the great will outshine the average.” With all the technology we have today, pretty much anyone can be a consultant. All you need to do is discover what you are good at and welcome the idea of constantly learning more about the particular subject.
In addition, you need to create a niche for yourself. Establish your primary area of consulting like business, personal or career coaching. Once you have done that, you can zero in on a niche within that to build subject matter expertise and a reputation which people seek out.
If you want to start your own business but do not want to spend a lot of effort in introducing your product or service to the public, then you should consider buying a franchise. This alone can save you a lot of money in promoting your product to the public.
When you buy a franchise, assuming you bought from a successful brand, your targeted customers already know about the brand and they will not care about who the owner of operator of the business. This is to say that purchasing a popular franchise is almost like purchasing customers themselves.
Another advantage of purchasing a franchise is that you save a lot of time and heartache learning the ins and outs of the business. You also don’t have to conduct a number of studies and researches about your operations as practices and procedures would have been in place for years. Trainings are usually provided to meet the standard and consistency across all franchise operators.
From the beginning, you being the operator as well as your staff are trained in order to understand certain operating procedures from simple thing like making a sandwich until complex one such as preparing a yearly executive report. Always remember that your customers come into your business with expectation to receive the same quality of product or service they have been using.
Once you have already discovered the benefits of buying a franchise instead of starting a business from scratch, you probably have made a decision to purchase a franchise. But do you know how to buy a franchise?
A sole proprietorship, solopreneur, or sole trader is the most common and the simplest form of business. It is a business which one goes into with family members and there are various advantages of sole proprietorship that one should look out for when considering this type of business.
One of the most popular advantages of starting a sole trader is that it is easy to start. One can therefore start by leasing or buying the required equipment to start this form of business. Mistakes are fewer in this form of business since the owner has to be very careful as he or she is solely liable for any mistake.
Another reward of becoming a sole trader is the pride that one gets from owning such a business. This is especially so in the long-run when the profits are increasing and the business is expanding. As the business owner, you can have a legacy to leave behind for future generations when he or she dies. Unlike in partnerships where in some cases, the business may not reconsider a family member of the deceased taking up his place in case of death.
If you want to operate your business as a sole trader in Australia, then you should check out this helpful article from Australian Taxation Office’s Official Website. It can help you understand better about sole proprietorship.
Running a business is a big challenge more especially if you are leading a large company. Not just the CEO but leadership qualities throughout a company are paramount.
There are numerous qualities a good CEO should have so it is important that your management team have diverse backgrounds and characteristics that their output as a whole can supplement each other’s weaknesses with strength.
As the CEO, you have the most critical position in the business because you are the responsible for each decision you make in behalf of the company as well as the direction and action it will make.
The CEO should have knowledge that comes less from school education and more so from the bottom up through the ranks. More importantly, you should always keep in mind that you are only allowed to make very few mistakes and you need to focus on the company’s development and successful implementation of its plans.
CEO’s face the same challenges in time. Time is one of the most common enemies as it seems that you always have limited time to do all the things you need to do both in your career and your personal life.
Dr. Jon Cummins wrote a great article which talks about the 7 habits you should have if you want to become a good CEO.