In the summer of 2009 I found myself between jobs and so decided to explore other options. Surely there are other options working 9 to 5 building wealth for someone else? So I loaded water, cookies and Mac the Dog into my red Yaris (aka the little red shoe) and drove around Ontario looking for inspiration about self-employment. I looked at many unusual options - a tea house, garden centre, lavender farm, small hotel, pub... It was fun and exciting but brought me no closer to my goal of being in control of when I worked, how I worked, and how much revenue I could generate.
How could it? I did not define my goals and objectives, and looked at only those businesses that appealed to me, and those that I thought I could afford. A few months later, I began to consider franchises on the basis that the business would be established, had a proven system and would provide support. But I still never got around to defining those goals and expectations. Now - one year later - I have found my ideal business as a self-employment coach and I want to share some tips with those brave souls embarking on the same course. Consider the following before you head out on the road, literally or figuratively:
1. Are you looking at a business based on what you think you would like to do? e.g. if you love to bake pies, do you want to own a bakery? Remember that enjoying a hobby is not the same as making it your livelihood. And it may not be lucrative, surely the point of working for most of us?
2. Are you discounting businesses because you don't like the product or don't understand it e.g. I know nothing about cars so I would not consider owning a Jiffy Lube?
3. What do you want from your business? Replace your existing livelihood or keep the day job and supplement revenue? Estate planning? Retirement planning?
4. How hard do you want to work? Do you want a Work/lifestyle balance, or are you prepared to work 24/7 to achieve your goals? Do you want staff or do you plan to run the business alone?
5. Do you have the skills necessary to run a business e.g. marketing, financial management, client service, product innovation? Can you go it alone? Or will you have access to professional support?
6. If starting a new business, do you have a system, budget, and marketing plan in place? If an existing business, do you have access to unbiased expert advice on valuation and viability? It's important to know that brokers who sell a business act for the seller, not the buyer. Who will act for you?
It is indeed fun to look at a variety of businesses, but if you are serious about being the Boss, and/or have a timeline in mind, ensure that you are focused on the journey and work with professionals who can assist you and who have your needs in mind.
Owning your own business is a huge step and will be a major adjustment to your lifestyle, income, attitude and peace of mind. But speaking from experience - I wouldn't go back to the corporate world and life at the water cooler. Being in charge of one's own destiny is the greatest empowerment of them all!
How could it? I did not define my goals and objectives, and looked at only those businesses that appealed to me, and those that I thought I could afford. A few months later, I began to consider franchises on the basis that the business would be established, had a proven system and would provide support. But I still never got around to defining those goals and expectations. Now - one year later - I have found my ideal business as a self-employment coach and I want to share some tips with those brave souls embarking on the same course. Consider the following before you head out on the road, literally or figuratively:
1. Are you looking at a business based on what you think you would like to do? e.g. if you love to bake pies, do you want to own a bakery? Remember that enjoying a hobby is not the same as making it your livelihood. And it may not be lucrative, surely the point of working for most of us?
2. Are you discounting businesses because you don't like the product or don't understand it e.g. I know nothing about cars so I would not consider owning a Jiffy Lube?
3. What do you want from your business? Replace your existing livelihood or keep the day job and supplement revenue? Estate planning? Retirement planning?
4. How hard do you want to work? Do you want a Work/lifestyle balance, or are you prepared to work 24/7 to achieve your goals? Do you want staff or do you plan to run the business alone?
5. Do you have the skills necessary to run a business e.g. marketing, financial management, client service, product innovation? Can you go it alone? Or will you have access to professional support?
6. If starting a new business, do you have a system, budget, and marketing plan in place? If an existing business, do you have access to unbiased expert advice on valuation and viability? It's important to know that brokers who sell a business act for the seller, not the buyer. Who will act for you?
It is indeed fun to look at a variety of businesses, but if you are serious about being the Boss, and/or have a timeline in mind, ensure that you are focused on the journey and work with professionals who can assist you and who have your needs in mind.
Owning your own business is a huge step and will be a major adjustment to your lifestyle, income, attitude and peace of mind. But speaking from experience - I wouldn't go back to the corporate world and life at the water cooler. Being in charge of one's own destiny is the greatest empowerment of them all!
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