Published on 15/12/2022 by Any Business.Com.Au

Becoming Your Own Boss: The Perks of Business Ownership

As Australia's economy continues to bounce back faster than expected from the knock on effects of a covid influenced couple of years, so too does opportunity for budding business owners.

Indicators suggest monetary and fiscal stimulus, along with the onset of the festive season, are continuing to support growth in the overall economy, giving established businesses the chance to thrive once again.

When you're your own boss, you have a unique chance to shape your days the way you want to. You can pick and choose the work that you like and focus on what makes you happy, all while earning a steady income.

Being your own boss affords a level of complete autonomy that working for another person doesn't. You get to decide how you do business, where to source your materials, how you treat your vendors and customers, and ultimately what direction your business takes - something PSG Commercial Furniture Director, Ryan Grinter says really attracted him to business ownership.

"While of course there is some level of risk when you decide to become your own boss and buy a business, I have always found that the rewards far outweigh those risks," he explained.

"Being able to set your business goals and work towards achieving them, working your own hours and to a versatile schedule that fits in with your home life are just some of the perks I enjoy as part of business ownership."

Part of being your own boss is that you get to decide how to spend the money. You also get to call the shots on how much you earn. If you want to take several weeks of holidays at some point during the year, you can do that too.

Working for longer periods in the lead up to your well-earned break to ensure the money keeps coming in while you're away is up to you also. These are the decisions that are all ultimately yours.

"When the kids have certain school functions, concerts or sporting activities, I have the freedom to arrange my week so that I don't miss out," Mr Grinter explained.

"Having this type of flexibility in terms of deciding on my own work/life balance was a huge drawcard when I decided to become a business owner."

Generally, as the business owner, you become the face of the company.

Often you are the one dealing directly with clients, customers and suppliers, some of whom not only become extremely important to the success of your business, but also become friends.

It's that sense of friendship and community that saw Oliru Cafe owner Vinh Nham, embark on his journey to business ownership.

"If you're lucky enough to have a great product you begin to generate a lot of repeat business," Mr Nham said.

"When it comes to hospitality that repeat business comes in the form of one-on-one interaction with people and as they continue to buy coffee from you day in day out, you start to get to know them.

"In the end those people become your friends and incredibly, if not inadvertently, your cafe creates its own little community which as a business owner is very satisfying."

Mr Nham added that no business venture comes without risk but buying a business that already has a proven concept, such as good coffee, meant that you were not totally jumping into the unknown.

"With an existing business you know what you're walking into. If it's already up and running you can avoid the groundwork, uncertainty and costs associated with the start-up phase."

If you're buying a successful business, you might not need to change much about the way things are run.

Inheriting streamlined processes, policies and systems also means you can focus on growing your business from day one instead of getting your concept off the ground.

Yes there are risks but being a business owner really does offer some pretty amazing rewards.

Many of us have dreamt about it, but few of us actually take the leap - is it time you did?

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AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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