This is a question I imagine a lot of you are asking yourselves. I’m speaking with more people, not just wanting to make a little extra money for themselves but to change the way they approach life.
The trouble is, when you’re employed and paid for your time in the form of salary, your earnings are always limited. There’s always a carrot dangled by an employer of ‘future development within the business’ and ‘promotion opportunities’ but taking on the extra responsibility rarely comes with a life-changing salary. Your earning potential is always linked to the hours you work.
More employers should give equity to their employees. It’s a bigger reason for employees to work hard and see bigger rewards. Have you ever asked your employer for equity? I’d be interested to know their response.
The likelihood is that they keep every extra penny made for the top dogs while asking you to do that bit of overtime ‘just this one time’, to go ‘above and beyond’ to help the business out.
Pay rises are great, and always well received, but with the cost-of-living crisis spiralling, they’re barely keeping you level and if you’re not careful you could see your salary worth fall behind.
I saw some amazing research a few days ago on how fast money has moved since the year 2010. when you take inflation into account, £100 in 2010 equates to around £150 in 2023, so on that basis, even without career progression, surely a £26,000 wage should now be more like £39,000?
Well, the average salary in the UK back in 2010 £25,882, in 2023 it was £33,000, so while you might see an annual pay rise, when you look at that in line with inflation – you’re actually less valuable to the business.
So, what are people doing?
More and more people are taking their future into their own hands and starting their own businesses in all sorts of industries. We wholeheartedly support people wanting to start a brand, so it for their future.
Think outside of franchising for a second. If you wanted to start a pizza shop would you name it yourself, or call it Pizza Hut, with their permission?
The short-term thinker might think ‘Ahh, I’ll name it Pizza Hut, people will recognise me from day one and I’ll have more customers.
Long-term thinkers will be thinking about their exit plans. If I start my business as ‘Pizza Hut’, what does that mean when I come to sell. Who are those customers loyal to? Perhaps starting a brand, with a loyal following, leads to more long-term success and financial reward.
Yes, it’ll be harder, but if you’re the type of person who would work harder for another company if you had equity, surely if you own the business, you’d be happy with a little extra work for a much bigger financial reward.
Well, that’s really how it is in travel. Some people want quick wins, maybe to earn a bit of extra money for a few years working for someone else, then give it all up, without a big payday – and if that’s what you want that’s fine.
The other option is that you earn extra money for a few years, WHILST building your brand, and then when you’re ready to give it up, you do what any other company does…sell and get a payday.
With both avenues, there are costs, if you can start a successful business worth something, for free, great – go and do it.
Research shows how much higher the chances of success in business are compared to self-start-ups.
If you’re looking for something you love, and if that something is travel…. AND you want to earn extra money for the next few years…. AND you want a payday at the end, then you need to start your OWN travel brand.
Otherwise, go ahead and build that business for someone else.