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Are you really in business for yourself or just self-employed?
By Jim Tinsley | March 13, 2008
When you meet small business owners and ask them what business they are in, they will often describe their trade; “I sell fitness equipment”; “I’m a CPA” or “I own a restaurant”. A few questions later, you can get a pretty good idea of whether the owner is really “in business for himself” or merely self-employed.
Take a look at these typical questions asked at networking and social events. Which do you think best differentiates a “businessman” from a self-employed person?
1. How many employees do you have?
2. How many hours a week are you devoting to your business?
3. When is the last time that you took a vacation?
4. How many locations do you have?
5. If you take a vacation, does your business continue to grow? (not just survive)
If your direct contributions are the key to the success of your business; If you cannot honestly answer “yes” to question five, then you are probably self-employed, with your success limited to your own abilities and activities.
As you have probably guessed, the last question is the key to differentiating between a businessman and a self-employed person. It focuses on the key element of being “in business” – the ability to leverage other peoples time (OPT).
Do you have multiple, independent operations contributing to your revenue? Will your business continue to grow and thrive if you are not directly contributing to the delivery of your products or services? Are you focused on the future and how to leverage more of other peoples time?
Congratulations!!! You really are in business.
Jim Tinsley is a BAI Regional Coach based in Charleston, South Carolina
Topics: Business and Market Planning, Coaching |