Should I start my own business?
A very common question for people who work in service based businesses when they reach a certain level of experience is ‘should I start my own business?’. Perhaps this is due to declining job satisfaction, disillusionment with their current position or the feeling that they could ‘do more’ for their clients. Lack of career progression in many service based positions is also a very common factor in the decision to move out on their own. This seems to be consistent whether you are a healthcare professional, a hairdresser or a horse trainer.
As someone who made the leap into business ownership I also had these same questions burning in my mind. When I was asked if I would ever go out on my own early in my career my answer was a resounding no. I simply wanted to be the very best clinician I could be and I had no ambitions towards business ownership. That obviously changed!
If you are in a role where you deliver expertise and hands-on support directly to people (or animals) and you have this question starting to whirl around in your head, know you are not alone! Also know that this is a good thing. Regardless of the answer you come to, I believe you are asking the question as you believe there is more out there. When we believe there is more out there we start looking for ways to achieve this and that leads to improved outcomes and quality of life not only for you, but for your family and for your clients.
I have a few follow up questions that I believe will help you in your decision making journey to answer the big question: Should I Start My Own Business?
What is it about your current position that is not fitting right for you at this stage in your life? Make a list of all the things that you are unsatisfied with. Once you have your list, group the concepts into themes eg. workplace culture; client factors - including the level of impact you currently have; financial; career progression/growth opportunities. These categories are reflective of core values. Often when we are dissatisfied in a workplace it is because there is a value mismatch between the role you play at work and the person you know you are. An example could be that a strong personal value for you is autonomy and independence and you work in an area where your actions are micromanaged and the decisions are made by someone else.
Now we have what you don’t want, it is time to ask what you do want. This is often a harder step! What would your ideal work life look like? Try to be as detailed as possible. Don’t censor yourself in this step! This isn’t about what is practical, this is about your dream work vision.
Location?
Work hours?
Who would you work with - colleagues and clients?
How do you want to serve your clients?
How would you feel about getting out of bed to go to this workplace?
Does your ideal work life resolve your major concerns from your first list?
How can you make your ideal work life a reality?
Is there a way you could reach these goals working for your current employer or someone else? If so, compare that to your dissatisfaction list. Would there be continued big items that are a value mismatch for you despite it being your ‘ideal work life’?
Now think about how owning your own business could make your ideal work life a reality. Again, compare to your dissatisfaction list. Also take into account there will be new dissatisfactions that will come with business ownership. Do your values better align with business ownership to reach the ideal work life, in spite of the new dissatisfactions?
Many people start businesses as a way of moving away from what they don’t want. I don’t want to be dictated to what hours I will work; I don’t want to work with people I don’t like; I don’t want someone else profiting from my hard work, etc. It is my experience that if you enter a business from this perspective your joy in the new business will be short lived. It definitely can be a powerful driver and can provide a lot of success, but it rarely leads to fulfillment.
Many people who start their own businesses from a negative drive end up repeating the exact same problems they had when they were working for someone else. They end up working way too many hours, they don’t have the systems in place to allow them financial freedom, they accept any client just to fill their books even if it is the kind of work they hate. I have heard many business owners saying that they are the worst boss to themselves that they have ever had. So, let’s not do that!
With your answers to the above questions, I want you to think about what you could be moving towards by opening your own business. This was what drove me. I was obsessed with the goal to deliver exceptional client experiences to each client I served and to create a work environment that was empowering for everyone who was involved. This was such a personal mission for me that it guided me through all the hardships and stress to come.
What could you create by opening your own business?
Personal freedom?
The ability to choose your hours, take control of your day to day and work the way you want?
Know that you are in control of creating financial freedom for you and your family?
What service can you provide in a way that only you can provide?
I hope I have given you lots to think about in your decision making journey. I am available if you would like to book a session to discuss your options and your thought processes. I have helped many people to see their own potential and to break through the noise to find out what is really going to provide the best life for them. We will find your answers.
One last question I want you to ponder: what is the cost of NOT opening the business?
What clients will not get the service and experience they deserve because you stayed stuck?
What is the cost to your soul of staying when you have a voice inside begging you to stop playing small?