%QWNF [QW DG [QWT QYP DQUU! - SEEK Business › wp-content › uploads › ... · #tg [qw tgcf[!...

Could yoube yourown boss?

www.seekbusiness.com.au

The ultimate guide to understanding ifbusiness ownership is right for you.

Are you ready?


Many Australians think about owning a business, butonly a fraction end up turning the idea into reality.

The idea of being your own boss is an attractive one.It’s a change that can mean working in an industry you’re passionate about, achieving a more satisfying work-lifebalance and taking greater control of your life.

HowHowever, the truth is that business ownership canbe daunting. There are risks involved and for manyit means heading into uncharted territory.

The move from being a salaried employee to abusiness owner presents a variety of challenges,so it’s essential to have the right attitude,skillsets and personal attributes from the start.

If If you’re interested in owning your own businessbut you’re not sure whether it’s the right movefor you, this guide will take you through thequestions you should ask yourself beforetaking the plunge.

Do you have the passion, the skillsand the right mindset?

LetLet’s find out!

Do you have theright motivations?


First things first: Have you asked yourself why you want to start your own business?

Owning a business isn’t a quick fix that you can wheel out whenever you’re unhappy with your life.

Too many people decide to start their own businessbecause they hate their current job or because they think they can quickly earn more money by settingout on their own.out on their own.

Here’s the unfortunate truth: these aren’tgood reasons to start a business.

You need to make sure that your motivationfor starting your own business is something that’s going to continue to drive you for themonths and years to come.

HeHere are just a few of the mostcommon positive motivations thatpeople have...

You want more controlover your life.


When you run your own business, you gain a certain amountof independence that’s difficult to find in salaried employment. When you’re your own boss, you can define when and where you work and enjoy greater flexibility, often allowing you to spend more time with friends and family.

This is a This is a reasonable motivation for starting a business, but bear in mind that it takes time to build a business and you won’t have that freedom straight away.

In the early days, you’ll be working long hours and you probably won’t have much (if any!) free time.

The goal might be to achieve that perfect work-life balance, but it’s going to take a lot of hard work to get there.

MaMake sure you’re ready.


You want to enjoy your work.

The decision to start a business is often driven by the desire to earn money while doing something you enjoy.

This is also a reasonable motivation, especially because it allows you to take your fate into your own hands and to seekout the work/life balance that you deserve.

Finding the right business can lead to meaningful work that you care about and makes you happy.

That said, turning That said, turning your passion into a business isn’t alwaysthe best move. Not all passions can be successfully monetised, and sometimes people lose that passion after the initial buzz wears off.

Think carefully and ask yourself,

“Would I still enjoy it if I was doing it every day?”


You want more money.

You’ve probably heard some of the success stories about people buying businesses, making them successfuland earning huge amounts of money as a result of it.

That’s why the desire to earn more money is one of the most common motivations for starting a business.

ItIt’s certainly true that owning a business can help you to become a financial success, but there’s no guarantee that it’s going to happen, at least in the short term.

You can’t just jump in and expect to instantly make asmuch as you were making in your salaried job, let alone more.

Manage your expectations and ready yourself for the reality that it’ll take a lot of time and work to achieve a satisfying income.


Do you have the right skills?Running a business requires a very particular set of skills.Just because you’re a good mechanic, for example,doesn’t mean that you can run your own repair shop.

You’ll also need people management skills, basicaccounting skills and more.

Even if you have the right motivation to start your business,yyou won’t get far if you’re not driven, a quick learnerand good with other people.

That’s why you should take some time before youget started to look inwards and to ask yourself afew key questions.

Are you determined andself-motivated?

It’s easy to say “yes” to this question, but it’s much, much harder to look inside yourself and to answer it honestly.

Remember, there won’t be any bosses out there to keep you on the straight and narrow, so whether your business is a success or a failure will depend upon your ability to stay focussed and to put in the work.

Owning a business means hard work and long hours, especially in thebeginning. If you’re not disciplined, determined, persistent andself-motiself-motivated, your business will fail at the first hurdle.

You need to be able to stay the course through the bad times if you wantthe good times that are on the other side.


Are you a good learner?

If you want to be a successful business owner, you needto love learning. Unlike salaried roles, every day as business owner is different.

The only way to stay on top of things and drive the business in the right direction is to constantly learnand broaden your knowledge.

Running a business Running a business requires you to take on differentroles, especially in the early days.

If you’re the only employee, you’ll beresponsible for sales, customer service,financial administration, people managementand a whole range of other duties.

Until you can hire help, you’ll need to adapt to the needsof of your busines by developing these skills yourself.

No-one is going to do them for you.


Can you maintain good relationshipsand lead by example?

The best business owners know how to identify weak areas and go out of their way to surround themselves with the right people to bolster them.

It’s almost inevitable that you’ll eventually need help, especially as your business continues to grow and take on new customers.

You’ll need good people skills if you want to be able to maintain good relationships with staff members, suppliers and customers.

One of the best wOne of the best ways to develop those skills is to lead by example, working alongside your team members to create a strong culture. Ask yourself if you have what it takes to develop these skills.


Are you aware of therisks and demands?Running a business can be stressful, partly because it exposes you to risk – both financial and personal. You need to make peace with that before you get started.

Are you ready for the mental strain?The journey from start-up to success is a taxing one. It will demand a lot from you, especially in the early days. You might have to sacrifice hours that you would otherwise have had as time off as a salaried employee.

Even if you’re not spending every spare second you have on the business, it’ll take up a lot of time and attention.

If If you can prepare yourself psychologically for the mental strain then you’ll be ready for the challenges that come from running a business. You’ll also have a better chance at progressing and eventually achieving a satisfying work/life balance.

Think about your strengths and weaknesses and any other factors that might help (or hinder) you along the way, then look at ways to enhance or combat these where you can.


Do you understand yourchosen industry?

For your business to be a success, you need to understand both the industry you’re working in and the competitors that are already present.

That means you’re going to need to carry out market research ahead of time to make sure that you’re not just blindly building a business and hoping for the best.

If If you’re not sure whether you’re entering the right industry, ask yourself whether you already have prior knowledge of the industry that you’re joining. Be honest when it comes to just how much you know. Thencarry out some more research and commit yourself to spending thetime and the effort needed to learn.


Are you aware of therisks and demands?Running a business can be stressful, partly because it exposes you to risk – both financial and personal. You need to make peace with that before you get started.

Are you ready for the mental strain?The journey from start-up to success is a taxing one. It will demand a lot from you, especially in the early days. You might have to sacrifice hours that you would otherwise have had as time off as a salaried employee.

Even if you’re not spending every spare second you have on the business, it’ll take up a lot of time and attention.

If If you can prepare yourself psychologically for the mental strain then you’ll be ready for the challenges that come from running a business. You’ll also have a better chance at progressing and eventually achieving a satisfying work/life balance.

Think about your strengths and weaknesses and any other factors that might help (or hinder) you along the way, then look at ways to enhance or combat these where you can.


Are you prepared forfinancial insecurity?

In business, nothing is guaranteed. After all, just because you make an investment, it doesn’t mean it’s guaranteed to pay off.

That’s why you’ll need to be prepared to deal with financial insecurity and to initially have less disposable income than you’re used to.

You also won’t be able to count on that money continuing to come in unless you go out and make it happen.

This is a decision that might not only afThis is a decision that might not only affect you, especially if you have a family or dependants who rely on you for financial support.

Take some time to talk it through with them so that you’re all on the same page. Remember that these people are also your supportnetwork, so you need them on-side if you want your businessto become a success.


Are my motivations clear?

Do I have the drive and self-motivation?

Am I passionate about my chosen industry?

Am I willing to learn and broaden my knowledge?

Are my people skills up to scratch?

Am I ready for hard work and long hours?

Am I mentally prepared?

Do I know enough about my preferred industry?

Am I willing to put in the work to learn more?

Have I prepared myself for financial insecurity?

Let’s find out if you’re ready.By now, you’ll hopefully have a clearer idea of whether becoming a business owner is right for you.

If you’re still not sure, sit down and ask yourself the following questions:

If you’ve realised that business ownership isn’t right for you then that’s fine. The worst thing of all would be to try to start a business whenyour heart’s not in it.

If you said yes to at least half of the questions then you just might be the right person to be your own boss. Now you need to do some research, seek qualityadvice and talk to as many people as possible before taking the plunge.

Prepare yourself for what could be a truly rewarding and fulfilling life change.

Good luck!

Could yoube yourown boss?


The ultimate guide to understanding ifbusiness ownership is right for you.

Who: Taisa Morassi

Current role: Owner of small business, True Virtual

Previous role: Travel Manager


Taisa had worked for 13 years in various roles at a well-known travel company. Due to recent changes in the travel industry’s employment model, her role was demanding more of her time with less financial gain, leaving her very little time or energy to spend with her three children.

“I wanted “I wanted to have more flexibility. With three kids, I wanted to be able to work from home during school hours and work around school holidays. I also wanted a change of career and to develop myself and learn new skills,”she says.

After many months of contemplation driven by dissatisfaction at her work-life imbalance, Taisa says she finally took action when having a bad day at work.

“That was the end for me, I had had enough. I actually jumped online whileI was at work.”

That’s when she found True Virtual, a virtual reality and 360-degreephotography small business for sale.

The final straw

Case Study...


Despite True Virtual being a technology-based business in which she lacked knowledge, her role as business owner would focus mainly on product sales and marketing. With her many years of sales experience, her well-developed people and communication skills, plus the additional product training provided by True Virtual, she was confident she had what it took to succeed.

AdditionallAdditionally, the business presented many areas for potential growth and despite growing competition in the industry, the cutting-edge technology of the business gave Taisa the belief she needed.

Naturally, she still had several initial concerns about buying and running herown business. “I was going into a whole new area which I did not have muchexperience in. Starting a new business involves lots of costs and it takessome time to generate cash flow,” she explains.

Over a year into running True Virtual, Taisa still works long hours as she builds the business, but says, “I am quite happy I’ve made this decision and can see the potential of the business growing with time.”

With the change, she has been able to achieve greater flexibility with herworking hours and is using her previous skills and experience in sales tobenefit the business, while taking part in product training and learningnew skills every day.

A year later

Transferrable skills

%QWNF [QW DG [QWT QYP DQUU! - SEEK Business › wp-content › uploads › ... · #tg [qw tgcf[!...

Documents

Transcript of %QWNF [QW DG [QWT QYP DQUU! - SEEK Business › wp-content › uploads › ... · #tg [qw tgcf[!...