Tips for Becoming Your Own Boss and Starting a Business | According to studies, only 35 percent of the working population are happy at their jobs in the United States (U.S.). The remaining 65 percent have several issues, which never seem to go away. It might be the stifling business model of their current employer, which inhibits their creativity, or the constant need for an exciting new opportunity.
For many, the go-to solution is to create a new business. Unfortunately, only a handful do so and eventually become their own bosses. There seems to be a vast gap between finding a business opportunity and maintaining it to become a successful franchise or company. If you’re unsure how to get started, continue reading the below tips for becoming your own boss and starting a business.
Start by seeking expert advice.
Close to a million new businesses were created last year alone. The general prediction, which has almost become a cliché, is that 20 percent of these businesses will fail in their first year. Additionally, half of them will fold after their fifth year in business. There are myriad factors contributing to this significant startup failure rate. One such reason is the disconnect between new businesses and expertise.
A great product will always be a great product. Pretty much, that is where it ends. But, your new business will need more than a great idea to maintain consistent growth and revenue streams. If you want to become a boss, it pays to have experts like Zach Mottl in your corner. Zach is Atlas’s chief alignment officer and serves on many business boards, including the coalition for a prosperous America.
Business experts like Mr Mottl may not know it all, but they know the strings to pull so your business doesn’t end up a statistic.
Generally, managing a business with multiple revenue streams does not come easy. For several wannabe bosses, they never get past the idea of being employee number one. Many of them end up making consistent inexperienced decisions that run their business down the hill.
Think of expansion right from the onset.
Having an outlook for your business even before it starts contributes a great deal to its success. All companies don’t have the same destiny. Keep in mind that your success is tied to the business choice you make and its growth potential. Many people think the only way of owning a business is a great idea and an initial investment.
Have you ever considered franchising opportunities in your locality? The franchise system, leveraged by successful companies like Burger King, is a great way to realize your ‘own boss’ dream. In a franchise model, you become a franchisee to a franchisor. Take it this way. If you get a franchise company, you’re in business for yourself, but you’re not all alone. It’s like being a boss and having a thousand other bosses behind you ensuring your success. The franchise owner helps clear your path and provides you with the things that have bolstered them up.
Franchising is an excellent opportunity for young entrepreneurs. Franchise business ventures are predicted to enjoy significant growth in 2021 and beyond. Even in these times where COVID-19 is bringing businesses to their knees, the United States’ franchise industry is already on its way to a trillion dollars in value, with its biggest drivers being McDonald’s, KFC, Hertz, and others.
Be vigorous with your bookkeeping.
One of the key commitments you’ll need as a small business owner is bookkeeping. It involves the recording of your company’s financial transactions regularly. Bookkeeping is essential for legal and financial managers to determine your growth. In your quest to become your own boss, bookkeeping is one of the principles you will have to learn and harness. Today, this function has become more convenient with the introduction of several accounting and bookkeeping softwares. Whether you do it manually or use software, ensure your bookkeeping process is timely, concise and ethical.