Self Employment Can Either Enslave You Or Free You!

Self employment can be a struggle for some people as they have to watch over the business 24/7! On the other hand, some people said it is the best thing that happened for them.

Discover the difference of self employment and being business owner. This will change the way you operate your business forever!

self employmentI recently caught up with a friend. I asked her how her business was going. She said it is doing very well! In fact, she has a headache as she cannot cope with the number of appointments she has lined up. 

She is a consultant. Obviously, her services is well sort after. But she grew tired. 

Does it have to be like this?

Besides that, as I chat with my friends about some of the new trend of businesses, unfortunately, a lot of people have not caught on with times. 

After a lenghty discussions on how some of the new business models are powerful, there are bound to be a few of them who would break out and say "I still prefer a conventional small business where I open my shop, where customers walk into my shop"

Some people enjoys the interaction with the customers. The retail outlet for example has a unique ability to create a communal setting for its customers. Customers enjoy visiting such establishment.

In fact, according to your Wealth Profile, your shop would very much carry a different appeal. A Star profile person may have a slightly disorganised store but customer just loves to come see you. The more you make your presence felt, the more successful your shop is. Nevertheless, if you passed it on to a manager to run, your customer will see no reason to come to your store again.

If you are a Mechanic profile person, you would do this Star person a big favour in putting order to the business and grow it multi-folds bigger! You need them as they need you!

Small businesses includes retail outlets or small offices and home based businesses. These businesses are independently owned by people who wishes to enter the self employment world and operated, with a small number of employees and relatively low volume of sales. In most countries they constitute the majority.

Self employment includes convenience stores, hairdressers, accountants, doctors, lawyers, restaurants, guesthouses and small scale manufacturing.

Obviously, when one thinks about self employment, this would be the first idea we think about as we are commonly exposed to it. Being a pharmacist, one of my earlier business ideas was to start a retail/ community pharmacy.

The advantage self employment would be that I had skills and knowledge in this field, if I get a good location for my shop, customers will look for me and and do not need to look for customers. The major advantage of this business is its' ability to customise and serve the individual needs of its customers.

Every big business started from a small business idea.  For example, Starbucks.

The original Starbucks was opened in Pike Place Market in Seattle, Washington, in 1971 by three partners: English teacher Jerry Baldwin, history teacher Zev Siegel, and writer Gordon Bowker. The three were inspired by Alfred Peet, whom they knew personally, to open their first store in Pike Place Market to sell high-quality coffee beans and equipment. 

The original Starbucks location was at 2000 Western Avenue from 1971–1976. That store then moved to 1912 Pike Place; it is still open. During their first year of operation, they purchased green coffee beans from Peet's, then began buying directly from growers.

Many mega businesses that we know about are from small humble beginnings like Wal-Mart, Mac Donald's, W H Smith, Marks & Spencer and many others.

So how does a small business evolves to a mega corporation?

One would need to have incorporated a set of business systems. A standard way of operating. For example, how long to cook the burgers, what is the colour of the furnitures, all these to deliver a consistent outcome. As I mentioned in my other page, the Mechanic profile person can easily put these in place but they usually cannot initiate the business. 

So are you a person who starts the business or makes it bigger building a system?

There are some shortcomings of this business model which some of us are willing to accept

  • very often it requires a large capital to start off. We are probably talking in the minimum quantums of $100,000. Even if you are operating from home, you would need to think about the stocks that you need to run the business plus to set aside resources to keep the business afloat for the first year
  • High risk. The rate of any business failures is 90% of business fails within the first year and of the ones that remain, another 90% will fail in the subsequent 5 years
  • These business are often not built with a system, it will not generate income if we are not able to work the business
  • The major pitfall of this type of business is that its business potential is limited by the geographical location of the business. It is not able to reach a wide audience as the other businesses can.
  • Hence, the process of reaching greatness like some of these giants we know takes a long time. Honestly, also scary because I dont know how to get there.

Nevertheless, the truth is, whether you earn a lot of money or less, the amount of work or the journey is still the same. Why not aim for the stars? Enter the self employment world.

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