5 steps to being your own boss

August 7, 2021

For 20 years we’ve helped people start their small businesses and here we share what we’ve learned about how to take the best first steps to making your dreams a reality.

The idea of a fresh start can make everyone excited. The promise of change and a chance to follow your heart offers so much. But when it comes to turning your dreams into reality, it can be a bit overwhelming.

If you want to start your own business so you can live life on YOUR terms you may like to consider these five steps on how you can make your dreams reality.

Identify your why.

The dream to be independent and run your own business hits everyone at some stage of their working life.

Be it bad bosses, corporate culture or sick of watching the clock – fleeting thoughts of throwing it all in to open a Christmas shop is one thing – actually leaving your job to pursue your own business is entirely different.

If you can’t get the dream out of your head, it’s time to take steps to make it a reality. The first thing you should do is take some time to understand what you want to achieve and why.

What drives you? What are your life goals? What parts of your job make you feel alive?

It may feel like it has nothing to do with practical planning, like business plans or business loan applications, but this step is key to identifying what business you should be in, what you want out of it.

We make sure all our potential franchisees know what they are after and know why they want to be a part of our community. It helps form a strong foundation for their business goals and expectations.

Spend time researching other businesses in your area, identify competitors, and identify gaps in the market. Talk to friends who run their own businesses, find forums where business owners discuss their methods, issues & successes.

Ask about figures and finances – some people might be uncomfortable talking about money but understanding what it takes to be profitable is key to planning and preparing for your success.

Get your head around business marketing; what works in your industry, and whom you can call on for advice. Understanding your legal requirements and deciphering contracts is also a must. Make sure you talk to your Accountant or Legal Advisor before you sign anything.

Deciding between a franchise or starting a business on your own is another big decision.

We always make sure our enquiring franchisees understand precisely what they will get and what they need to do. If a franchise is not forthcoming with information, or can’t answer your questions, move on.

Your research phase should give you every piece of information you need, cover all your ‘what if’ questions and leave you sure you’re making the right decision.

Surround yourself with inspiration.

For most business owners, having a mentor is key to success. Whether it’s a business coach, a business owner you admire or an entrepreneur whose philosophy resonates with you, surrounding yourself with people who can guide and support you on your business journey is the key.

In addition to a dedicated support team, we make sure all our new franchisees have contact with experienced franchisees. New franchisees always have someone who understands what they’re going through, someone to guide them and someone to cheer on their wins.

Our support network is second to none in the franchise industry, and we advocate for a culture of support, rather than competition.

Community sets us apart and is the key to our success. Having a business support network that holds you accountable and pushes you to succeed is a crucial step in business success.

Prepare for change.

Leaving your job – and a reliable income source – and starting a business will change your life. It’s essential that you are prepared for those changes and understand the impact they will have on your cash flow at the start.

Having a safety net, understanding your outgoings and having a comprehensive business plan that outlines what you need to make when, is all part of being prepared.

In the bookkeeping industry, being able to help small business owners understand their businesses and become profitable is at the essence of what we do.

So, making sure your own bookkeeping and financials are covered is the best place to start. Having realistic expectations about what your business CAN do won’t put undue pressure on you to perform above what is possible.

There’s no better time than now to start.

All the research, preparation and motivation in the world will mean nothing if you don’t put it into action and get started.

Once you’ve asked all your questions, processed all the answers, there is only one thing left to do, take the leap of faith.

Our mission is to help people every step of the way on their business journey. We are there for our franchisees from the first initial call, through their first year, all the way into their 20th year!

So if you need to make the first step our best advice would be: Just Do It

Find out more about First Class Accounts franchise opportunities here or contact us on 1800 118 611

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