Part 1 – Right at Home’s Franchise Recruitment Manager, Kate Dilworth, considers the pros and cons of being your own boss.
Business ownership can be a fantastic opportunity to increase your job satisfaction and your earning potential. It also offers an escape route from some of the frustrations that we commonly associate with employment.
But if running your own business was a bed of roses, we wouldn’t see stats showing that more than 90% of independent start-ups have stopped trading within five years*.
Franchising is a great way to reduce the risks associated with starting your own business (in a reversal of figures, more than 90% of franchise start-ups ARE still trading after five years*). But a successful franchise system is no magic wand; to be successful you must be prepared to work hard and follow the proven model.
Your chances of success will be greatly increased if you can go into your new venture with realistic expectations, and a healthy respect for the challenges as well as the opportunities.
*NatWest bfa Franchise Survey
Control
Running your own business will grant you the autonomy to implement your own decisions. It will offer you greater creative freedom; and, if working with others, an opportunity to shape the culture and escape negative office politics.
Taking control will reduce stress and frustration, if you firmly believe that you would handle things better than your employer does currently.
But – with control comes responsibility for the success or failure of your business. You need to be prepared to make difficult decisions; and to take that responsibility on your shoulders.
If you are leaving a positive office environment behind you, consider the impact of working alone and whether you will find it harder to stay motivated without others around you.
Work / life balance
Being your own boss can allow you to decide where you work from, putting an end to expensive, lengthy commutes!
You can also manage your own hours, which promises a more flexible work / life balance.
But this is unlikely to apply from Day 1 – realistically it often takes a couple of very tough years, working long hours, to establish a new business. The commitment it takes may also mean you struggle to switch off from work life.
Earnings
The big benefit of owning a business is, of course, that you directly benefit from how hard you work, and you can set your own goals.
But remember that your own salary will be the last thing to come out of the pot, after all other expenses have been paid. Being self-employed you won’t get sick pay, holiday pay or any other employee benefit, but you will have to provide them to anyone you employ.
Satisfaction
Business owners are often motivated by a desire to create something from nothing; to build a successful business from the ground up. However, that experience can demand a lot of your time, energy and positivity – and often this will come at the expense of other things. Have you got the mental strength to work at it when you need to, and switch off when you need to?
You will most likely need to develop new skills and gain experience in new areas; this also means mastering areas of business that you don’t enjoy, or feel less than confident in.
Being able to implement your own decisions, and engineer outcomes for your own benefit, does undoubtedly lead to greater personal satisfaction when the outcome is good. But you won’t have the moral or practical support of a team to fall back on when things don’t go to plan. Will you be able to pick yourself up when things go wrong, learn from your mistakes and keep your nose to the grindstone?
This inner resilience will be key to your success as a business owner. At Right at Home it is the very first thing that we look for when someone expresses interest in our business opportunity, and we won’t go into a franchise business partnership unless we have been good evidence of it.
Conclusion
Whilst business ownership can be a fantastic vehicle with which to achieve your ambitions, it doesn’t come easy. The proven model, systems and support offered by a good franchise should give you confidence and make the transition into business ownership easier, but you must give careful thought before signing up.
At Right at Home we make sure prospective franchisees have thought their decision through; and have the full backing of their loved ones as they make such a significant investment into their future.
Our next blog will look at specific skills and attributes that are needed to build a successful business, and we will ask you to consider whether you’ve got what it takes…
To find out more about the Right at Home franchise opportunity, email kate.dilworth@rightathomeuk.com or call Kate on 0151 3050755 for a friendly chat.
