Is owning a Business right for you?

Is owning a Business right for you?

Pros and Cons of both sides.

Business certainly is not for everyone, I have been in both worlds, when I was a hairdresser for over 35 years in my past life. The first 10 I worked for a boss, and the rest I worked for myself.

In 2009 my husband and I started our own Business in the Transport industry importing Truck Tyres and Tyre Changing equipment, then in 2015, we started the Wheel Change U Mobile Tyre Franchise.

I absolutely love the challenge of business, I love the problem solving that’s involved, and I enjoy learning new skills and growing as a person along the way. I must say, I even enjoy all the times I’ve had to put on my big girl pants, (which I’ve had to do many times, ill give some examples in my next blog)

Below I give my thoughts on the pros and cons of owning your own business, and the difference between having a business in your own right and being a part of a Franchise.

 

Pros of owning your own Business:

  1. Freedom:
    A recent survey was carried out involving over 500 small business owners, and nearly 80% of them said that they were happier owning and running their own businesses than they were working in their previous jobs. I believe the reason for this is mainly because you call the shots, you decide when you start, and finish, what you take on and what you decline.
  2. Control of the running of the business and Finance:
    Although money may be tight to start with, the money you do make with your hard work is yours, minus the bit for the tax man. You control the hours you work, and when you work, and you have a good shot at earning much more than you could working for someone else.
  3. Follow your Passion:
    Most of us have a passion for something, and for some of us, its an entrepreneurial spirit within us that wants to run a business of our own, and if that matches up with what the business is about, well that’s a bonus, if not, then that’s Ok as well. Let me give you an example of what I mean: When my husband and I were running the tyre import business, I wasn’t passionate about tyres, or the tyre changing machines, but I was passionate about serving the customers well, and I soon became passionate about the product we sold, because I believed in it and knew that it would benefit our customer.

 

Pros of working for someone else:

  1. Job security:
    It is mainly true that when you work for someone and in particular a Company, your job is secure, and you know you’re going to get paid every week and you will get 4 weeks holidays each year with holiday pay, and you also get sick leave with pay… (I know we’re still in the pros, BUT, I have to say it , now in the COVID-19 situation, my Franchisees being in the mobile tyre franchise business, are still all working and helping businesses keep their cars on the road.)
  2. A clear job description:
    With most employers, you are given a job description and you are also given times when you start and finish, such as Monday to Friday, 9 to 5. (None of my family are in business, and like and appreciate this.)
  3. Social Interaction:
    Again, in most work places, you are working alongside other people, and many times, these people become friends and confidants.

 

Cons of owning your own business:

  1. Financial Worries:
    I have personally experienced this, and have worried the night before whether we were going to be able to pay the wages the next day, which is a horrible feeling. There is however, a lot of financial help, such as loans and grants, but again, this is not for the faint-hearted.
  2. Stress and pressure:
    It goes without saying that running your own business can be at times highly stressful, but it can also be extremely rewarding.
  3. Work-life Balance can be trickier:
    When starting a new business it is all-consuming, and you may find that you are living and breathing the business.

 

Cons of working for someone:

  1. Little or no control over your job role:
    When you work for a boss, you are working hard for them to reap the rewards.
  2. Commuting to work:
    For many people, the commute to work can one of the most stressful parts of the job. (I have to make a plug here to say that with Wheel Change U, the commute, is to their customers place to do their work.)
  3. Working for, or and, with people you don’t want to work with:
    I’ve worked with people in the past that I have really liked, but I have also worked with people that have been shockers to work with, and when you think about it, you are with your work mates more than with your own family.

 

Owning a Business in your own right, or being a part of a Franchise ??

One of the main reasons I love the Franchise Sector, is that you’re not alone. Yes its your business, but the leg work has already been done for you. There has already been blood sweat and tears behind the scenes to set the Franchise up in the first place. The Franchisor is invested, and needs their Franchisee’s to be a success for them to be successful, so this to me is a win win.

Please call me if you want to know more…

Cheers,
Karin – 0402 455 261