A Business Owners Guide to the Best and the Worst of it
By Michael Burke, MD, Embrace Learning & Embrace Resilience
I’ve been running my own successful e-learning business since 2004, supporting a family, employing a few people, helping partners get started in the business and picking up a few ideas about how to stay on top through thick and thin.
In the middle of all this I opened a Bar and started a Social Enterprise … some ideas are better than others.
Embrace Learning and I marked our 15th anniversary in October and to celebrate this milestone we launched a brand-new Embrace Partnership Program.
If you’d like more information about how to start your very own e-learning business in less than one week, call 0161 928 9987
So, you want to be your own boss?
Create something brilliant making great use of your talents and experience?
We all LOVE doing the things we do best.
Enjoying your the working day is what we call success in a nutshell.
Knowing that your skills and the business you choose to start are in harmony, is what we call cash in the bank.
8 things to think about before you start …
- Your top 3 jobs so far – and what they had in common
- The 3 jobs you liked least and why they made you unhappy
- The job, or company that gave you your biggest success
- When, where and why you made your biggest mistake and what you learned from it
- Which 3 skills have been most valuable to you so far
- Your biggest or favourite professional ambition
- Your motivation to break out
- Your worst fear
You can go your own way
Depending on how you decide to do this thing …
Choosing to start something from scratch means you make the rules. In fact, you decide everything, which means you need to be very comfortable with mistakes because you will make mistakes. You’ll also have blindingly brilliant moments where your instincts are spot on and you know that you got it absolutely right.
Taking on a franchise will give you a business to run, but the franchise owner has already built a brand by making a lot of great decisions and will continue to do so. There will be hand-holding, but there will also be RULES and restrictions. If you’ve been a happy corporate professional this will work well for you, but Mavericks should beware.
Finding A great partnership is a brilliant hybrid. This model lets you buy into an established business and run it on your own terms, in your own place and under your own steam. Teething issues are history and the future is all yours. It’s like diving in from a safe platform, you’ll undoubtedly start making money more quickly and there’ll likely be some guidance, but you’ll definitely be doing this your own way and under your own steam.
An early lesson, that’s just the way it is.
Some things will NEVER change.
Running your own business is nothing like falling off a log.
Running a small business means wearing a lot of different hats and sometimes wearing several hats at the same time.
If you can lay claim to these essential skills and a fair bit of personal resilience you almost certainly have what it takes to be your own boss.
You will always need to be a leader. Even if you are the only person in your business. (Who else is going to motivate you?)
Time Management never goes out of style. If you can’t already manage your own time think hard before going it alone.
Agility matters, and it matters a lot. No one can see around corners, but small business owners need to be able to switch directions at very short notice. Responding to trends, reacting to problems, meeting new needs and growing your business means no two days will be the same.
Communication, talking about your product or service will be essential to your success. If you can’t articulate your thoughts how will anyone buy into your venture?
Selling. You may not have direct professional sales experience, but you’ve almost certainly sold someone on an idea, on yourself or on a change of direction. If you really hate selling, even if you employ a brilliant sales team, you’ll struggle to promote your business.
Are you setting yourself free or creating your own gilded cage?
Is the prospect of becoming your own boss motivated by choosing your own schedule?
If it is you’ll be delighted to know that no one can tell you when to work – but you might want to think about how that really looks.
Work when you like but remember, the business is your responsibility. Which means you’ll probably spend most of your waking hours, (and some of your sleeping hours) thinking about it.
Chart your own destiny. This is the best reason I give for starting my own businesses. I wanted to make something happen and show my kids that regular people really can make their own opportunities.
Money suddenly becomes a thing. Your income may take an initial hit and it might always fluctuate, you’ll notice yourself becoming more financially cautious – your family may notice that too. In fact, if you stop to think about the combination of lost income and additional spend you might never book another holiday.
Give yourself permission to do the important things. It goes without saying that you no longer need to ask for time off.
Share the love. Lots of families and relationships thrive on a shared interest in creating and growing a new business.
Unleash your potential. Once your name’s over the door, no one can stop you.
It’s a creative process. It’s energising, emotionally rewarding process and when you get it right it changes everything for the better. If you’re even thinking about starting your own business, you’re probably already responding to this internal driver. Running a business really can set you free.
The Embrace Learning Partnership Model
Embrace Learning Partnerships offer a readymade and user-friendly LMS and extensive library of courses.
Our partners start with their own website, technical support from our core team and as much – or as little advice as they like.
We’re always here to help and encourage but the model is simple, the business is yours, sell as much as you like to anyone you like at any price you like.
Talk to someone who gets it at 0161 928 9987 or email [email protected]