So you want to be your own boss

So, you want to be your own boss? Then ask yourself WHY? Unfortunately reasons like –

I won’t have to work such long hours
I was tired of taking orders from someone else
I want the freedom to do my own thing
It just seemed like a good idea (almost a whim) at the time

The only reason for going into business should be that you have a great business opportunity or a concept that neatly fills a gap in the market and is feasible. You should be able to back this up with good commercial skills and a burning determination – and the diligence – to make it work. It is also handy if you are an excellent communicator a good time manager and either happy to work alone or an understanding of the value of delegating.

And that‘s just for starters. The full set of skills you will require to be successful is much longer. You have to be realistic, evaluate your skills and determine whether you have all the ones you will need whether you can develop them or hire some one who already has them.
Evaluating your suitability for owning a business is an important step you have to face. In evaluating not only your desire for a business of your own, you will have to consider what is involved in running a business and what roles you will require to play as the owner/manager.

Finally, you also need to have a good understanding of what you want to get out of your business.

More family time
A stable income
Something to call your own.

Simply having a desire to succeed isn’t enough – you need a goal to measure your success with. Once you have faced up to these tough but important questions, you will be ready to move on to the next step.

Responsibilities of business ownership

Business ownership is not just another job. It is a totally different lifestyle. You have to ask yourself whether you are ready for a complete commitment to the success of your business. As the owner of a business, you have considerable responsibility …. To customers, employees, the community, your family and importantly to yourself. You may have less time for your personal life. You may require a loan and need to use much of what you own as collateral.

The many roles and tasks of a business owner

You have probably heard people complaining about being overworked because they have to juggle two or three different roles in their job. Most business owners would be happy if they only had to juggle two or three roles. Tasks a business owner can expect to be involved in:

Tax Collector
Manager/boss
Marketing executive
Accountant
Legal adviser
Business planner
Debt collector
Market researcher
Receptionist/secretary
Customer relations manager
Product or service development expert

You don’t need to be an expert in all the small business skills above. But you need at least to be comfortable with most of these aspects of business and recognise what skills you do have and where and when to get advice relating to the skills you lack.

Golden rules of business

I grew up working and running a successful small business and saw both financial success and the effect that running a business had on people due to long hours, responsibility and stress. After 30 years working in a small business environment, consulting with others, networking and researching factors that make a business grow; I believe that there are 12 golden rules for establishing and developing a business.

Don’t kid yourself. Face the facts on business success. Self deception is easy, but it is fatal to your business.
Keep it simple. Focus on what you do well.
Don’t try to grow too fast.
Meet your customers needs, not your own, customers come first.
Plan everything. Leave nothing to chance.
Build a winning team, you can’t do it all by yourself, the right staff can be your best asset.
Keep accurate records and accounts and use them to manage the business.

Know your business better than anyone else does.
Be honest, being ethical pays in the long run.
Live a balanced life. Life exists beyond the business.

About Elaine Tunn | Lifestyle and Business Consultant

Elaine has lived on the Redcliffe Peninsula, Queensland for 37 years & started her own Florist business at the age of 21. Her business experience comes from 30 years as owner/operator of Garden Path Florist, Redcliffe where she achieved excellence and outstanding success as a small business operator. The growth and success of her business was during a time when many other local businesses were failing, this is a testament of her management abilities, utilizing innovative strategies for marketing and promotion and ensuring a high quality of customer service.

As a Business & Lifestyle Consultant Elaine’s goal is to encourage clients to improve business today for a more profitable future and to keep them in the driving seat of life by living an abundantly, happy, successful, peaceful and holistic lifestyle.

Elaine was nominated as Chairperson Brisbane North Institute of TAFE, Redcliffe Campus and board member of Brisbane North Institute of TAFE, Gateway Campus for 11 years. She was founder member of Redcliffe Chamber of Commerce; Zonta Club of Redcliffe and Co-ordinator Redcliffe Peninsula Qld, Miss Australia Quest.

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