Today let's discuss the INTANGIBLES of business ownership! More specifically, the unexpected benefits that most people really want and value but seldom prioritize or plan into their business. Many, or all, of these characteristics, are high on the list for an ideal work environment.
Being an Owner
Being an owner is a large responsibility. Sales, production, staffing, administration…and the list goes on. In addition to profits, there are a number of intangible benefits to being an owner that are often missed or not given the thought and attention that perhaps they should.
Here are 8 intangibles to consider:
Income Based on Impact
This first one is a big one. It's a shift away from hourly wages, salary and other fixed income methods. The market pays for impact. The greater the impact, the greater the market will pay. Ownership is rewarded for a big impact.
No Office Politics
One of the great freedoms of business ownership is the lack of office politics. Get up and just work. No wasted energy on angling, personal agendas, or covering your actions. When you’re the owner office politics are removed, reduced or largely under your control.
Success takes work. Work requires time. Business ownership is no different. It takes time and effort but another intangible benefit is that ownership provides some time control.
As an owner, you are able to manage when you work and how much you work. If a large project comes up that requires more attention and more hours, as an owner you can pick when you will work those hours. The flexibility is an intangible benefit that contributes to some great quality of life options like family, fitness and fun.
Want more income? Go ahead and get it. Business ownership removes any restrictions to increasing your income. As an owner, income is only limited to the value the business brings to the market. If the business serves more customers, serves them in a more valuable manner, or a combination of both, then the owner can expect an increase in revenues. This is how businesses enjoy ongoing growth.
One of the most satisfying intangibles of business ownership is being able to choose the customers you work with. Often, it can also be a great strategy that increases customer satisfaction, client retention and customer lifetime value.
As an owner, you can choose to serve a client profile that best fits the business and your preferences. The marketing, sales, production, staffing and logistics of the business can all be designed to serve the most ideal customers.
While not as specific as your client profile, business ownership also gives you the freedom to choose which industries to operate in. While the business might be able to serve many industries, the owner has the control to choose which ones to it does.
This isn’t possible with every business, but it is with many. Location control can be described as the ability to operate from a wide range of locations. With technology, an owner can often conduct business from a resort in Maui as easily as from their office in the city. Business ownership opens up the possibilities for travel or varied work locations. This alone can be a fantastic intangible.
Ownership but Work With A Team
At FocalPoint Business Coaching & Training, this is a characteristic that many of our Coaches share as being really valuable. Business ownership has all the benefits we’ve covered but ideally, you want to try and also include the ability to be an owner with access to others. And not just anybody, but others that share values, interests and a similar vision of what’s possible. This intangible is special because it provides support, encouragement, positive examples, motivation and relationships. Ownership doesn’t have to be on your own. Look to include some quality people that make work and life better.
Yes, business ownership is great. It opens up an enormous number of possibilities. Take time to pick what you want out of your business. Be intentional. Be strategic.
If you have questions or want more information on how owning a FocalPoint Business Coaching practice makes this possible, let us provide you with some additional information. If you are already a business owner but want to improve your results or add more intangible benefits to your business, the next step would be to connect for a 10-15-minute call to clarify what’s possible. Contact us today!