Staring at the clock watching the new financial year approach while dreaming of running your own business? Well that's definitely step number one, but if you're still unsure, here are 7 signs to watch for that are trying to point you in the direction of owning your own business.
Owning and running your own business definitely ticks a lot of boxes: challenging, time consuming, lots of hard work; but done well it also ticks rewarding, wealth building and exhilarating. At Mortgage Choice we're always on the hunt for future business owners and there are 7 key signs we've come to recognise as indicators of a successful franchise owner.
1. The lightbulb moments.
Many will debate if entrepreneurs are born or made; from our perspective the drive is more important than the origin of it. If you're starting to notice some clear signs of classic entrepreneurial traits (think: passion, constant idea generation, competitiveness), you've probably also been thinking about tackling the market on your own. This light bulb moment could be the culmination of months or even years of subconscious planning – but it's definitely a sign that now could be the time to take that leap into business ownership!
2. Always thinking.
Are you constantly switched on, those cogs never stop turning and the ideas continue to click over? If you're always planning efficiencies, new designs, projects with your ear to the ground for the latest rumblings, maybe it's time for you put these thoughts into action. Entrepreneurs can find no better outlet than the challenge of starting their own business.
Passion can permeate everything from your work to your home life. Sometimes these can become one and the same. A passion for a hobby, and industry or a business concept that sticks with you could be trying to point you in a business direction. Maybe you read the finance section religiously or you trawl the papers' real estate sections of a weekend and have your ears pricked for any conversations on the property market. If you're truly passionate about something the vision to make a concept reality and the drive to change and grow will come so much more easily.
You're autonomous and a problem solver – always digging to find solutions and finding ways to say yes. Independence isn't going it alone and never asking for help, it's knowing where to look for solutions and arrive at goals sooner. If you know you've got the strength to work independently and successfully, owning your own business is the perfect challenge for your spirit.
You don't always need something or someone to get you moving. You wake up every morning and do what's needed. It's this sense of self-motivation that can help push you through a business launch and keep you on track during tough moments. Motivation is crucial not only for getting ideas of the ground but for learning a new skill and environment and growing your business too.
Well structured, well planned, running to timetables; if these rules apply to your work and home life, you're skills are well refined for the complexities of running your own business. At points you'll need to engage field experts (whether lawyers, accountants or even real estate agents) but for the most part, and especially in the early stages, you'll be a one-man-band. You'll need to rely heavily on your time management skills to balance being your own business development manager, sales team, client manager, accounts team and marketing team. You can't do all of that without being organised.
7. You feel a need to help people.
Success for yourself is fantastic, but helping others get there too is a thrill like nothing else. Success can be measured in dollars, but the best businesses recognise the value of happy customers and their ability to drive future success. Starting with a raw passion driven by the desire to help clients enhance their lives will have a consistent reward that will help push you through the business highs and lows. Over the years Mortgage Choice has evolved to help our customers build wealth not only through home ownership but financial planning. Our most successful franchisees recognised these financial needs in their customers and not only expanded their way of doing business, but helped drive a national change to the company's structure.
Owning and starting your own business can be challenging but above all it is rewarding. The small business owners that make up Mortgage Choice all started with right tools: passion, motivation and drive to make a difference; that got them on the way to managing a successful business.
If you've been thinking of owning your own business and want to chat with Mortgage Choice about building a future in financial services, contact us today on 1300 650 330.