As we come out of a challenging time and still face headwinds, let’s embrace that change happens. However, we all need to understand that change does not happen to us, but for us.

Once you accept the belief that from chaos can come opportunity, you can be bold and make big changes balancing the risk / reward pendulum. This could mean a move to a new company as an employee or starting and building your own business.

The important first step as you embrace change is to start with your ‘big why.” This can be done by determining what drives you, what you need to ensure your ideal lifestyle and what gets you up in the morning and keeps you going all day. Once you know your why, you can pursue the best means to achieve your desired outcome. If you are working as an employee, you know what you are going to make this year (you might have a bonus, but you know what you are taking home). When YOU are the boss, the sky’s the limit. It’s empowering to know you have potentially unlimited earnings depending on how well you build the business.

Why do people choose to be independent business owners? First, most successful business owners will tell you that they want to be their own boss and enjoy tremendous freedom. They also will share from their experience that self-employment is less risky and more rewarding than working for others.

As shared in the book, ‘The Millionaire Next Door’:

A professor once asked a group of sixty MBA students who were executives of public corporations this question.

What is risk?

One student replied: being an entrepreneur.

His fellow students agreed. Then the professor answered his own question with a quote from an entrepreneur:

What is risk? Having only one source of income. Employees are at risk…they have a single source of income. What about the entrepreneur who sells janitorial services to your employers? He has hundreds and hundreds of customers…hundreds and hundreds of sources of income.

There is considerable financial risk in being a business owner. But business owners have a set of beliefs that helps them reduce their risk or at least their perceived risk:

• I’m in control of my destiny
• I can solve any problem
• There are no limits on the amount of income I can make
• I get stronger and wiser every day by facing risk and adversity

Fifteen years ago, I decided it was time to make a change. I knew I did not want to do it completely alone and narrowed it down to four options:

1. Remain an employee
2. Start a business on my own
3. Purchase a franchise
4. Affiliate with an established brand as an independent business owner.

First, I knew it was time for me to move on from being an employee. It became clear to me that working as an employee did not provide unlimited security and came with more risk than many believe. Regarding the second option, I did not want to take the financial risk needed to start my own business. Third, I explored purchasing a franchise that offers an established brand with proven systems and processes. My challenge was that I was not able to find one that tapped into my experience, knowledge, and network.

The fourth option was the best for me. I took my long career in the hospitality industry and turned it into my dream of being an entrepreneur / business owner – the freedom and benefits of business ownership without the risks and downsides of options 2 and 3. The following is what I used as my guidelines.

1. Low start-up costs
2. On-boarding and ongoing training
3. Playbook that provides the roadmap for success
4. A brand that was full service with multiple offerings for the clients I would be calling on
5. Being part of a community

Being a business owner does mean you will need to assume some risk. But as was shared above, the risks can be managed, and the rewards are greater than anticipated. From my own first-hand experience, it is great to be a small business owner in the meetings and events industry. Do I have any regrets? Only one…I should have pursued this path earlier in my hospitality career.

As you consider change, I challenge you to do your homework and find the right choice that aligns with your goals and ideal lifestyle. The questions you need to ask yourself are:

1. Is their demand for this product / service?
2. Do you have expertise in this area?
3. Are the resources and support available to ensure your success?
4. Will your network / circle of influence purchase or refer others to your product / service?
5. Will this enable you to run a profitable business?

With the change happening for us, many are turning to entrepreneurship to take control of their future. If you are tired of working for someone else and want to be your own boss, I want to hear your story. When we talk, we can explore the best, safest form of being an entrepreneur with a proven record of success and a guide to assist you. I cannot promise we will be a match for each other, but can promise you will not regret finding out more about this opportunity.

LinkedIn: https://www.linkedin.com/in/dougbaarman/

Blog: https://hospitalitylifestyles.com/

Blog: https://meetingplannerplaybook.com/