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Be Your Own Boss

Posted by on October 12, 2015 in Uncategorized | 0 comments

Many of us have dreamed of the day when we might set up our own business. We experience poor customer service, limited product ranges or gaps in the market and believe that we could do better. We work tirelessly to watch a senior colleague take the credit and feel that as our own boss, we would get the just reward for our efforts. We imagine life in the driving seat.

Starting your own business can be both thrilling and nerve wracking. There is a freedom to work in a way which suits you; greater flexibility, more focus on delivering great customer service, the fulfilment of a lifelong ambition, to be more innovative, responsive or ethical. It is a chance to do something for yourself and truly reap the rewards of your hard work and commitment.

It all sounds great, so why isn’t everyone setting up in business?

On the flip side you have to take big risks and step into the unknown. As a business owner you are likely to have responsibility for everything and no one to prop you up or share the burden. You need to have a certain type of attitude and determination to break free of life as an employee and venture forth on your own journey. For many people the uncertainty and financial insecurity that most businesses face, especially in the early years of trading are just too great a risk to take.

Becoming a business owner takes courage and confidence. You need to have the determination to succeed and at least moral support from others around you. It can be highly advantageous to gather the start up information, resources and support that are available from a variety of sources, so you are fully aware of what you are stepping into.

Great determination can lead to great results, but it can also hold a business back. This is because as your new focus of attention, your pride and joy, it can be difficult to delegate. There can be the feeling that in order to do it right and maintain the values of the business you, the owner, must do everything yourself.

This can be a mistake, because whilst you may be highly proficient and experienced in your field, you simply can’t excel in every task. We all have our strengths and weaknesses. In attempting to do everything, you can very quickly feel swamped by the more challenging tasks and this can lead to compromises or errors being made. It can be a drain on time and energy, which takes away the excitement of being a business owner.

Delegation and Outsourcing

Delegation might be difficult and paying for external expertise may feel like an unnecessary extravagance, but trusting another with aspects of your business can be highly beneficial. By acknowledging where exert help could be a wise investment and seeking professional support, it is possible to remove stress and focus energy and attention on the areas where you have greatest expertise.

For many businesses, financial management presents some of the greatest challenges. From maintaining accurate records for tax returns, correctly invoicing and ensuring payments are made or received, to having an up to date picture of your cash flow, bookkeeping and accounts can be a time consuming task. If you are looking for an experienced, professional company to take this weight off your shoulders and manage your bookkeeping, Oxford based RCH Accounts can assist.

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