3 myths about being your own boss

There are many tales about what it’s like to own your own business or franchise and while you should definitely take note and learn from the mistakes of others, don’t get scared off!  Here are a few common ownership myths – busted.

1. You have to know and do everything

Having passion, drive and the right resources are important, but knowing and being able to do everything definitely aren’t prerequisites of owning your own business or franchise. Of course there are things you’ll naturally pick up along the way, while other skills may require some particular dedication or formal training.

You’ve got start somewhere, so begin by identifying the skills you already know need to be developed and then work out some steps to fill the knowledge gaps. Your plan may involve upskilling by taking a course, delegating to a trusted manager or employee, or enlisting a top notch professional or freelancer. It’s important to find people that you can rely on and give yourself some thinking space – so be sensible where you spend your time.

2. You have to work 24/7

Being your own boss is definitely a tough gig. There can be long hours and a lot of hard work. However, you don’t have to work 24/7 to run a successful business, and burning yourself out isn’t going to benefit your company (or your health).

Of course you’re going to need to work hard, but you also need to balance the periods of intense work with good sleeping and eating habits, as well as some fun and relaxation.

Mastering your time-management, prioritisation and delegation skills will also go a long way to ensuring you’re not burning the candle at both ends. Write a list of things you want to make time for, like being home to put your kids to bed, or going out for Sunday brunch, and then manage your time accordingly. Having a set of non-negotiables will help you prioritise, set up effective systems, maximise efficiency and focus on what really needs to be done, so you can enjoy some time away from your business.

Be intentional with where you spend your time, and use it wisely.

3. You have to start at the right time

Wrong. The timing will never be perfect.

There will always be something happening with the economy, or in your personal life that will make the thought of being your own boss seem even more daunting. And while finding the right opportunity it crucial, waiting for the perfect moment to take that leap is not.

It’s important to take a step back, and evaluate what you really want, and whether you could still manage the pressures of your own business alongside everything else you’ve got going on.

Everyone’s experience is unique – so assessing your own situation, financials and priorities in an honest way will help you determine if it’s time to take the next step.

Think that business ownership could be for you? Read the 5 ‘Ps’ to being your own boss to find out more.