Herman: John L. Herman Jr., Author

Buying much more than just a Job

Many people who hate their job, or are tired of working for someone else feel that buying a business will cure what ails them. They love doing a particular thing, like cooking, or design work, or even sales and they think they can make more money by just buying a business that has the component they like.

Now, while you will end up being your own boss when you buy this business, or start one from scratch, you are also buying a new job, one well beyond what you are used to doing. Have you ever done a payroll before, or handled accounts receivables or accounts payable? Did you ever estimate the cost of rent and compare it to what the income will be? Have you ever budgeted for equipment, hired and trained any new staff? And, where did those customers come from you used to service at your old job…who did the marketing and found them?

Now, listen, over the last twenty odd years I have never cashed a paycheck provided by an employer. And over the last almost thirty years there was only a brief time…after my catastrophic failure…that I didn’t make a living from my own enterprises. So believe me, I know how much being the boss means. It is way better than just getting a check…and I am grateful that the American system let me start over after a few small losers, and one giant sink hole of disaster. But when you own the gig it means a different mindset than being an employee. Working longer hours is the first thing that happens. Getting paid less often and last in the beginning is another common thread of ownership. Having to figure things out for yourself because there is no one higher up to ask is yet another characteristic, so build in some method of learning as you go either by reading, talking with a mentor, or joining a group to share ideas.

With the economy slowing down over the next twelve months you should consider this a year that you might make the leap to owning your business or starting one part-time to supplement that shrinking paycheck eaten up by higher taxes. It is thrilling to own your own company. It empowers you to know you can run an enterprise no matter the size and that you can accomplish making more money through your efforts. Check out franchises with The Franchise King, Joel Libava or write to me and tell me your plans….why not use a free resource to gain some insight as to what you should watch out for.

When 2007 began I had no idea I would become a Blogger…in 2008 I expect to have thousands of visitors to this site and hopefully many of you will prosper with me in this New Year.

• Posted: 1 January 2008
• Comments: 1
• Category: Business success

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