Becoming an entrepreneur and owning your own business brings exciting challenges. There are many things to do, many options available, and business plans and strategies need to be put in place. When determining your long term plans for the business, you need to plan your anticipated growth. This is where you need to decide if you are starting up a business – do you Go Big or Go Small?
By deciding to Go Small, you will likely be self-employed or a sole proprietor. This basically means that you own and run your own business – but it could not run without you being there. Its success depends on you. You will put many hours into a business that you cannot walk away from. You remain a worker, working for yourself and are limited to how much you can grow your business.
By deciding to Go Big, your plan will be to start up a new business and have an achievable growth plan in place. This plan will put you in the position of being able to walk away from your business for a minimum of one year – and have it not only survive but THRIVE. You will have a strong team of leaders in place that work with you and for you that care as much about the business as you do. You have systems in place and strong, reliable cashflow. It is a much bigger plan and requires a completely different approach when you start up your business.
As someone wanting to become an entrepreneur, what kind of business owner do you want to become? Small business where you continue to work in and run your own business indefinitely? Or do you want to start with a plan in place to grow your business to the point where you can walk away from it and enjoy life for a while, while your business works for you? You decide – Go Big or Go Small.