Why and How to Own your Own Business
Why Own Your Own Business
Who’s not a fan of Robert Kiyosaki? Robert Kiyosaki is the famous author of book, ”Rich Dad, Poor Dad”. He’s also a tremendously successful business tycoon and has changed the way 10’s of millions of people around the world think about money. In his book and otherwise, Robert Kiyosaki advocates business ownership to build equity, achieve financial freedom, and create passive income.
The personal benefits of owning your own business go even further. What might be your reasons for achieving success in owning your own business? Perhaps…
It’s the opportunity to be in control of your own destiny.
It’s the chance to make a positive difference in your own and other people’s lives.
It’s the freedom gained by achieving greater income and being able to make your own schedule.
It’s a sense of accomplishment based on your own initiative.
It’s recognition for your efforts and contribution to society.
It’s the ability to live the life that provides fulfillment.
It’s a personal journey to reach your full potential.
If any of these are your why, then the next question is “How does someone become a successful business owner?” Read on, and you’ll discover what it takes to achieve your dream of business ownership and success.
What you Need to Start a Successful Business
If business ownership is so great, why is it only some people will take the leap and reap the benefits? That is because business ownership is not for everyone. You need certain traits to achieve success in business and no matter which way you go about it, whether a start-up or a franchise, to be successful in starting a business you must know how to get it off the ground. Of course, anything worth having is worth working for, don’t you think? Yes, but not everyone shares this same sentiment or has this trait. And, in my opinion, this is the number one main quality you need to have – a great work ethic.
In addition to a great work ethic, the business owner needs to have traits such as: courage to try in the first place, tenacity to stick with it, empathy to lead people well, and very important – passion to drive what you are doing. Passion for what you are doing is how you will achieve and maintain the other traits. Yes, it is absolutely true. Business ownership can be learned if you just have these traits.
How to Obtain a Business of Your Own
There are three different ways to go about becoming a business owner:
1. Create a Start-up Business: One way is to create a start-up business of your own concept from scratch. If you have a great idea for a business that is needed in the marketplace, and you think you have the experience to start it, market it, grow it, and optimize it to be profitable, then you can create it on your own. Starting your own business from scratch takes a certain skillset and know-how (see below), but it can be done.
2. Buy a stand-alone existing business – Become a “searcher” and buy an established business. This is another way to become a business owner. Buying an established business is a perfectly plausible way to own a business too, but this will require extensive experience in business management. You must have great financial skills to evaluate the business, know-how to improve the business, ability to market the business, and ability to manage the people you may acquire along with the business. Keep in mind, a stand-alone business may not have established onboarding training, documented business processes, clear brand management, or ongoing business consulting and coaching to help you succeed.
3. Buy and Start a Franchise Business of Your Own – Another way to become a business owner is to buy a franchise business for something you are passionate about and grow it to achieve success. Franchising in the United States and worldwide is an established and growing industry year over year. In the U.S. alone more than 8 million people are employed by franchises and according to the U.S. Census there are over 200 types of franchise businesses for sale (not just fast-food!) Franchising offers many benefits for new business owners such as: a proven business format system and processes, training for you and your team, help with building, launching, and growing, help with marketing, help with business coaching. The main benefit of franchising is that while you are responsible for your own business and it’s success, you obtain the experience of the franchisor and you maintain the franchisor’s support to help you optimize your business and achieve success.
Traits of a Business Owner Start-up vs. a Franchise Business Owner
Did you know according to the Small Business Administration, about 20% of small businesses fail in their first year. By contrast, the International Franchise Association reports that more than 90% of franchise businesses are still operating after five years. Let’s look at the difference between these two options from the perspective of the type of business owner.
For a successful business start-up, no matter the industry, this is what the business owner needs:
Ability to work hard on your business
A clear and compelling vision
Courage to risk trying something new
Strong leadership and management skills
Ability to develop systems and processes for the business
Ability to attract and develop team members and a career path for them
Intuitive focus on customer satisfaction
The ability to adapt, evolve, and pivot to succeed
A creative ability to develop a strong brand identity
A culture of innovation to create something new in the marketplace
Strong financial management skills
Strong creative ability as well as marketing and advertising skills or ability to get or direct them for your business
In contrast, let’s look at the option for buying a franchise business of your own and what you as a business owner need:
Ability to work on your business
A passion for the franchise business you are building
Ability to learn and follow established systems and processes
Ability to learn to lead team members and grow them in brand’s career path
Intuitive focus on customer satisfaction utilizing established processes
Willingness to adhere to brand standards to grow and increase brand value
Willingness to learn business management and financial skills over time
The Hardest Part of Becoming a Business Owner
Some might say the hardest part of business ownership is getting started. It takes passion. It takes belief in your own abilities. It takes a willingness to take action and a willingness to invest in your future to make it happen.
In conclusion, if you have what it takes and you love the business you’re in, no matter your route to business ownership, the rewards of your hard work will be worth it!
Glosshouz spa franchise was founded in 2016 in Denver, CO metro area and began offering franchises in 2023. If you'd like to learn more about the Glosshouz Spa Center Franchise business offering, visit https://www.franchise.glosshouz.com
or email directly to franchise@glosshouz.com