Being your own Boss
As a country we are extremely fixated on the entrepreneurial dream. Many Aussies jump into business without any knowledge or understanding of what it means to be your own boss. Owning your own small business can come with many highs & lows and will ultimately put you to the test. This week, Nathan talks all about everything you need to know about being coming your own boss. So, if this sounds like you then check out the rest of this blog and our YouTube video!
The Reality of being your own boss:
So, you have probably thought about becoming your own boss, quitting your current job, starting a business, living the small business dream and most common through not having to answer to anyone but yourself.
Although, this sounds like a dream, many small business owners will tell you that running your own business is not so simple and ultimately not for everyone.
Initially, at the beginning of your business venture you will be working longer hours, earning less than you probably would hired under another company, and to top it all off you don’t have any leave to rely on if something happens or you get unwell.
This is the harsh reality of being your own boss. As a small business owner, you will also be expected to take on many roles that in larger company’s you wouldn’t be expected to do. You are responsible for the successful running of this business meaning you will have to wear many different ‘hats’ and you are likely going to be overwhelmed.
CFO Hat:
One of the first roles or ‘hats’ you will have to wear as a small business owner is the CFO hat.
Basically, you are now in charge of what you charge whilst also keeping within a budget to ensure that you are making a profit
A big part of the CFO role is overseeing your own finances. You are going to be responsible for keeping track of all your incomes, expenses, GST, other Taxes, and payroll. You are going to need some bookkeeping software such as Xero, to make sure that as a ‘CFO’ you are staying on top of these finances.
One way as a new small business owner who is unfamiliar with dealing with all these finances is hiring a bookkeeper or an accountant. However, if this is outside of your budget in the first few years of opening, you will need to learn how to do these things on your own or help from a less expensive option, such as family or friends.
HR Hat:
One of the next hats you will be wearing as a small business owner is the HR hat. The reality is you are not going to have time to make every single pizza, meaning you are going to need to hire staff to help with roles, such as the physically making or selling of the product.
You are now in charge of hiring people, employee contracts, understanding employee awards and benefits, workplace occupational health and safety and at times having to let staff go.
With the HR role, it’s important to also consider workplace culture, this is going to help you retain respectable staff therefore, helping create a better overall experience for your clients or customers.
If becoming your own boss is something that interest you, then please reach out and NGR will help get your business dreams on their way!
Marketing Hat:
One of the biggest hats you are going to have to wear is the Marketing Hat. Marketing is one of the important roles a business owner is going to have to consider before opening the doors to your new business.
A marketing role for new businesses means, creating logos, graphic designs, creating an overall image that you want your client to see.
It’s important to also create and inspiring mission and vision statement so that customers and clients can understand your role in the industry to a more personal level.
Attracting customers is also an important part of business, implementing a successful marketing plan, advertisements, market research and social media, are all things you will need to learn when becoming your own boss. You will most likely not have the money to hire someone professional in your businesses first years, meaning it’s all on you.
Opening a Small Business
When opening up your own small business many people mistake the task as being ‘easy’ that you simply pick something your passionate about open the doors to your business and starting to earn income.
As much as we would all like this to be reality it just isn’t the case. Above are just a few of the many hats or roles you will take on. You will be in charge of legal, system and procedures, customer services, sales etc.
Before opening up your own business, talk to someone. Whether that be a friend with their own business, an accountant such as NGR accounting or a family member for some hardcore advice, take in all your options and really evaluate if this is the step for you.
If you are serious about owning your own business, then reach out the NGR Accounting. Our set up my business package is the perfect eye opener for those who still might be viewing this process through rainbow-coloured glasses. We are here to help you through this daunting time please reach out if you still have any questions or are considering our business package.