Part 1 of our blog article series: "Strategies for business success"

Have you ever considered starting your own business but were put off by the statistics on the success rates of new ventures? Think again! There are huge positives to owning and running your own business.

Here is our top 5 list of advantages to being your own boss:

  1. Owning you own business means that you are in control of your destiny. You decide on the direction the business should take, and you decide on the steps you will take to get there. Having passion and vision for your business allows you to identify opportunities, plan ahead and nurture growth both in the short and long-term future. In the process you create a business model that reflects your ideals and philosophies.

  2. Being your own boss allows you the flexibility to change and adapt. You can choose where you work, how you work and who you work with, and make changes accordingly as you identify problems/opportunities.

  3. Become the master of your own work/life balance. Getting this ratio right is a major factor in achieving long-term happiness, and happiness leads to success. After all "if you love what you do, you'll never work another day on your life!"

  4. Personal growth and continued learning are vital developmental processes that lead to an individual's sense of achievement and satisfaction, not just at work but life in general. Running a business will provide unlimited learning opportunities and challenges - confident decision making, conducting successful meetings and negotiations, the art of delegating, coaching and mentoring staff for success, effective management of  debtors and creditors, to name just a few.

  5. The feeling of making your mark on the world is a level of accomplishment few get to enjoy. Your business doesn't need to be ground-breaking, be operating on a global scale or curing cancer to achieve worthwhile impact. Regardless of what you are selling, manufacturing, producing or creating, you are helping your customers achieve their own goals, whatever those may be. And that alone has surely got to be a feel-good factor!

No-one goes into business having all the required skills, but therein lies the adventure. You will be constantly learning and adapting as you go, and the sense of triumph that results is exhilarating. Always be willing to listen to advice from peers and mentors, ask lots of questions, seek out different view-points, and adapt everything you learn to suit your unique business strategy and match your own personal integrity. In addition, increasing your business contacts and networks can open doors to further opportunities which you may never have considered, or even dreamed of, before.

Yes, there are risks, but there are also huge rewards - both financially and personally - if you are willing to take a chance on yourself. If you are considering becoming your own boss and starting a business, talk to a business adviser today and learn how to monitor the financial health of your business right from the start. Knowledge is power, and knowing how to monitor the finances of your business will allow you to correct any issues as they arise before they jeopardise your business success.

Keep on eye on our blog this month as we present a series of articles on
strategies for business success

You won't want to miss these!


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