The Difference Between Being a Business Owner and Self-Employed

Businesses are systems that generate income, irregardless of whether you’re on the clock or not. A business requires merchant cash and capital to get off the ground, but some self-employed opportunities only require that a person be capable of working to earn a living. In a nutshell, both activities generate business income, but one is meant to run itself while the other is meant to provide a living based on hours worked.

Get Into Business

If you’re a freelancer, it doesn’t mean you can’t go from being self-employed to owning a business. Once you get the hang of your profession, there’s no reason you can’t expand your services and hire others to help you run a business. Once you start to pay others to do work and set up the systems whereby they create income for you, you will find that owning a business is far more profitable than just being self-employed. For one thing, you are no longer limiting your income based on the number of hours you alone can work. Instead, you’ve created a system that makes money for you by leveraging your expertise into a viable business model.

Get a Mentor

If you’re making money on your own as a self-employed person, that’s a good hint that you have what it takes to take your business skills higher. If you’re still not sure how to do that, then get a business mentor. Find someone who has done something similar to what you’ve done and see how they did it. Copying others who went before you is a great way to learn, and every aspiring business person will have a list of business heroes from whom they took their inspiration to succeed and grow their businesses more.

Buy Your Way In

If you’re still not sure how to make the switch from being self-employed to owning a business, then take a look at franchise opportunities. You will need to probably take out a business loan, but you will have the model necessary to get you started in the right direction. These models help because they are easily expandable and help to make you accountable for profits and expenses. There are fees associated with owning a franchise, but you also get the use of a brand name that can be far more recognizable than your own.