Corporate paycheck vs small business owner’s income.


– Hello, I am Patricia Bottero St-Jean, founder of OPEN FOR BUSINESS and business research strategist. What do you think of this
assumption about small businesses? I often hear people say: “I make this much as
employee of this company, there’s no way I would be able to make this kind of salary
owning my own business.” So before you answer
this, let’s consider this: Your paycheck, your XYZ paycheck, that your employer is what your employer deems is your worth, based on their understanding
of your abilities. So you can be sure that they
go through great lengths in asserting how fit
you are for the position that you continue applying for, of course. Hence the bottomless
scrutiny on your resume, many rounds of interviews, and checking as much of your past and private life, as possible,
including social media. The bottom line, it’s expensive
to hire the wrong employee, so of course companies have developed very thorough systems
to ascertain your worth and how much they should pay you and to estimate your chances of success in that particular job
that you’re applying for. So, of course, this is nothing new to you, but on the other hand, the moment you’re considering
starting a business, who is ensuring that
you’re going to succeed as owner of this business, which might either be a
new, independent startup from your idea that you have, or developing a turnkey concept, like a franchise unit, or
acquiring a for-sale business? No one, except maybe your
own, subjective self, and often, we are too biased. This is why many smart,
talented, and educated people fail as small business owners. Not because they cannot run a business, but because they don’t subject themselves and the business they are considering to the kind of due diligence corporations exercise
when hiring employees and matching them to a position. The bottom line, if you want
to succeed as business owner, you need to qualify yourself, as if you’re hiring staff
for the position of owner of that particular business
that you’re considering. So how do you do this? This is the hardest task
of all for most of us. Identifying your talents,
skills, and your strengths, and matching them to the businesses where they are highly transferrable. It also means that it doesn’t matter if the business is so hot that it makes a bazillion
dollars for others, that it’s highly profitable. Finding out if the business
is economically viable, of course, is important, but not as important as choosing one where your special talents, your skills, your unique behaviors, will shine and are exactly what will
make this business succeed and you be at your happiest. And yes, I can hear you think, “Of course I knew that!” But still, from my experience, the majority of new, small business owners only focus on what the business can do, its secret sauce, its
uniqueness, its products, if it’s recession resistant or not, if it’s riding a hot trend
that everybody is raving about, and even how it socially looks on them. And they omit to evaluate themselves against that particular business needs. Or they’re working with a business broker, or consultant, who focuses on ensuring that the sale transaction happens, regardless of the eventual
outcome for you and the business. But that’s one of the traps to avoid. One of the reasons is that we often
overestimate our weaknesses, and we take our strengths for granted. This is typical human nature, and it’s not easy to truly
understand ourselves, as future business owners. We can only guess what that job entails. So here are a few tips
that you might consider. #1 Find out what the top
three unique abilities of business you’re considering
needs from its leader to be profitable. #2 Do you have these talents, or will you need to either
learn them or outsource them? #3 If you don’t have these talents, skills, or abilities, can
you and are you willing to acquire them? #4 How much will it cost in time and money for you to learn these new skills? And #5 If you don’t want
or cannot learn them, can these tasks that require these skills be delegated or outsourced? And #6 would that business be able to pay for that expense early on? So you can see, just like any job, matching your genius
and your qualifications to the business that
you’re considering starting is one of the keys to picking
the right business for you. That’s where your abilities
are truly capitalized and where you can cash in on all the experience and knowledge that you have acquired as an employee and that you will continue
to grow as a business owner. That’s how you can put all your chances of success on your side. And remember, your employer
had determined your worth, and so can you by finding the business where you will succeed and grow as far as you’re willing to go. This is where I help
aspiring business owners, like yourself, perhaps. I teach how to transition from
employee to business owner by showing you how to
identify your strengths and how to match them to a
business that needs them. Thank you for watching. If you would like to receive more tips on finding the right business for you, please subscribe to my channels on YouTube or Vimeo, or you can connect with me on
social media, if you’d like. But I also invite you to join me on my upcoming, free webinar, where we discuss how to choose
the right business for you so that you can succeed easier and faster in that business. Cheers to building a life we love.

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