Owning your own business is a dream for many people and a dream that can come true if you take action.
The reasons for wanting to own your own business are many, but top of the list of reasons is usually a financial one or the desire to pursue a life long dream of being your own boss!
There is no doubt that owning your own business can be extremely rewarding and whilst a job does have its rewards, there is no ‘Value’ in a job. Let me explain – You could work for a company for any number of years and at the end of the day when you leave, you are left with nothing, except for knowledge and experience. However, if you have your own business then at the end of the day you have an asset to sell along with the knowledge and experience.
It is important that when you set about starting your own business you plan it and have in mind the concept of building value. There are thousands of businesses in the world with business owners that end up owning a job, rather than owning a business. Let me explain this by way of an example – The typical plumber or electrician set up in business and instead of thinking ‘Business’ they end up doing the all the work themselves, so they do the plumbing work for their customers, they do the quotes, they raise the invoices, they chase the debts and pretty much do everything else. A business of this nature will have a value and there are people that would buy this type of business, but only by someone else with the right trade qualifications.
Now compare this to a business whereby it employs people to do the work of the business, it has office staff to deal with invoicing and debt collection, staff to deal with customer services, a business with a management team in place and so on – a business of this nature has true value and is a more attractive proposition to many potential business owners.
The image in this article is a ‘Business in a Box’ and if I were to sell a business in a box, as it were, I would include a business plan template of how to set about building a business of value and not one where you move from having a job to owning a job!