Are you being paid what you are worth? Has anybody ever asked
you that? Have you ever asked yourself?
The answer to this question really hinges on another question:
"Do you work for a boss or do you work for yourself?"
If you work for a boss the answer must be a resounding NO! You
see, you cannot possibly be paid what you are worth because your
boss is being paid what you are worth. He or she then pays you
at a discounted rate.
For example, say your hourly rate is $12.00. You do your job and
when a profit is made, the boss looks at the business figures
and realises that you are actually worth $25.00 per hour. The
boss keeps the $13.00 "over-ride" on your services.
That is only fair as the boss is the one putting up all the
money, taking all the risks and accepting all the responsibility
for the viability of the business.
Going back to the above example, if you were being paid $25.00
per hour you are unprofitable to your boss and it is pointless
for him or her to retain your services. Put simply, they cannot
make money from your efforts.
When it comes to occupation and employment, there are basically
two types of people:
1 - those who are employees, and 2 - those who work for
themselves.
Now, if you like the comfort zone of a five day, nine to five
job with no responsibility for the viability of the business,
that's fine. But what if you don't?
It would seem that most people begin to question their
employment and future prospects between the ages of 35 to 45. In
this ten year time zone, many people get "itchy feet." They feel
like they want to experience something different. Some will move
on to a better or more highly paid job, still working for a
boss. But others want to get into a business of their own and be
their own boss. They want to "call the shots" - so to speak.
Sinking all your life savings into a business can be a very
risky move. Just think - a large percentage of any savings you
might have accumulated, plus any redundancy payout (if you are
that fortunate) from your former employment, accrued annual
leave entitlements plus a visit to your (friendly?) bank
manager.
Before purchasing or developing your own business you had better
be certain of one thing. Is it a winner? Have you done your due
diligence research?
Sadly, many people attempt to start a venture of their own,
usually based on a hobby or interest of some sort. Often these
businesses fail miserably. A large percentage of businesses fail
within the first two years. This seems to be the critical time.
If you can get past the first two years then the next critical
time is at the five year time period. After that, most
businesses will survive.
The three things critical to any business are:
1 - experience and knowledge 2 - sufficient start up capital
(money) and 3 - sufficient back up capital
Without these three ingredients most businesses will fail. When
this happens the owner becomes dejected at the failure and loss.
They go back to paid employment often embittered about their
loss. They have to go back to the very thing they were trying to
escape from - a job.
One way to minimise business risk is to involve yourself in a
reputable franchise. Depending on the funds you have at your
disposal there are plenty of good opportunities available from
$20,000 to half a million dollars or more.
The one thing that a franchise has in its favour is that it is a
tried and tested formula for success. The Master Franchisor has
already proven his or her system over a period of time. If you
are prepared to follow and work within the boundaries of an
already proven system, then franchising is definitely a good
option.
In reality, a proven franchise eliminates the necessity of the
first of the above listed requirements (ie experience and
knowledge) because you have a mentor (the Master Franchisor and
his or her system) to watch over you. The Master Franchisor has
a vested interest in your success because it is part of his or
her success.
With respect to point two above (sufficient start up capital)
obviously you will need access to the necessary funds to
purchase the franchise package. However, the necessity to have a
large source of back up capital (point three above) is reduced
somewhat because of the greater chance of success you will have
by following the franchise system.
Franchising is definitely a worthy option, particularly if your
business knowledge and experience is limited.
Before committing yourself to any business venture, either
franchised or other, always do your due diligence investigations
and make sure you discuss your plans with competent legal and
accounting professionals.
If you have doubts that you are being paid sufficiently for the
services you provide, then consider making some changes to make
yourself a more valuable commodity. Studying subjects such as
motivation, self esteem and personal development will be the
catalyst which will enable you to do this.
About the author: Gary Simpson is the Course Co-ordinator
for the "Life, Journey, Destiny - Personal Development Home
Study Course" and the author of "How to Stop Wasting Your Life
and Start Getting What You Want". His email address is budo@iinet.net.au. The
website containing this article and others is located at Motivation &
Self Esteem for Success.
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