The title of this article is ahead of itself. The question should really be, “Is being your own boss for you?”

Many people decide to become franchisees without understanding that to be a successful franchisee, they have to be a successful business person. To have a chance of success, potential franchisees need to evaluate whether they have what it takes to run their own businesses.

There are no guarantees in business – even in franchises. The best franchises can’t eliminate all the risks associated with starting a small business.

Aspiring business people should start by evaluating their strengths and weaknesses as potential owners and managers of a small business.

If you want to be your own boss, ask yourself the following questions:

• Am I a self-starter? Can I develop projects, organise my time, and follow through on details?

• How well do I get along with different personalities? Can I develop working relationships with a variety of people including customers, suppliers, staff, bankers and professionals such as solicitors, accountants and consultants? Can I deal with a demanding client, an unreliable supplier or a difficult receptionist if my business interests demand it?

• How good am I at making decisions - often quickly, independently, and under pressure?

• Do I have the physical and emotional stamina to run a business?

• Can I work 12 hour days six or seven days a week?

• How well do I plan and organise? Do I know how to manage cash flow?

• Is my drive strong enough? Can I handle running a business emotionally?  Will I burn out carrying the responsibility for the success of my business on my shoulders?

• How will the business affect my family?  Will my family trust and support me in the difficult, early years of my business years? Will family members work in the business with me? Can my family adjust to a lower standard of living or putting our family assets at risk in the short-term?

• Success in business isn’t automatic. It isn't based on luck, even though a little luck helps. Business success depends primarily on your foresight and organisation.

• Underestimating the difficulty of starting a business is a major obstacle and a major risk. However, it’s a great way to go for those willing to work hard and do what needs to be done.

If you can answer the above questions positively and if your family supports you, there are great benefits in becoming an independent businessperson or a franchisee.

• You will be your own boss.

• Hard work and long hours directly benefit you rather than increasing profits for someone else. You will earn incentive compensation through your hard work and equity increase through growing the value of your business.

• While a new venture is risky, it’s also exciting.

• Running a business provides endless challenge and opportunities for learning.