Every year, thousands of businesses are started. Unfortunately, most of these businesses are sole proprietorships – or ones where people are actually self-employed. Being self-employed means that one’s job or “business” cannot survive without direct, daily time and input.
Change your mindset
The main hurdle that keeps entrepreneurs locked into being self-employed over consciously becoming a business owner is their mindset. The entrepreneurial mindset is one that is creative and highly motivated to succeed – yet it also requires being open to risk and failure.
Here are the main differences between being self-employed and a business owner.
The self-employed person:
- focuses on making a consistent income,
- mostly gets clients through referrals and direct sales,
- spends as little as possible on expenses,
- doesn’t necessarily establish brand, and
- does most of the client work themselves.
An entrepreneur or business owner:
- establishes a brand,
- is clear on their business’s mission and value proposition,
- attracts customers through both personal referrals and known marketing channels,
- focuses on specific and targeted client types,
- is comfortable with monthly revenue fluctuations,
- takes on necessary skills to free up time and grow the business
- sets time aside for creativity and innovation
How can you move from being self-employed to becoming a business owner?
To move into being a fully-fledged business owner requires being real and honest about what you are prepared to get yourself into and what it will take to be successful. Here are four important considerations before taking the conscious step to become a business owner:
- Before you quit your job and launch your business, you need to evaluate your personal and professional readiness. Ask yourself what skills and experience you have, what additional resources and support you need, and what risks and challenges you are willing to face.
- Every successful business begins with a plan. You will need to validate your business idea. This entails conducting market research, identifying your target markets, analysing your competitors, and finding your business’s unique value proposition.
- It means being willing to invest your income in setting up your business now for even more revenue down the line. Building a business is not necessarily the fastest way to the biggest paycheck, it’s about playing the long game. You need to set a realistic budget and cash flow projection for your business. You will also need to create a personal financial plan that covers your personal expenses.
- It entails being prepared to assemble a business team. Building a business requires the combination of both entrepreneurial and a variety of professional skills. This is where the need for a business team arises. It does not pay to do everything yourself. Having a competent team will free you up from routine tasks but you still need to successfully delegate vital tasks to them.
Business owners and entrepreneurs frequently take on many responsibilities to reduce their overall costs. But, no matter what kind of business you own or the size of your business, the chances are you will need a team with varied skills who can support you as you develop and grow your company. Virtual Assistants can help you efficiently and cost-effectively grow your business – thanks to their wide range of skills. They are the most cost-effective option for business owners and who want to continue grow their company and need experienced and expert help.
