Home Business Opportunity owners generally are sole proprietors and as such, they have no choice but to perform all of the business functions similar to those designated in a large corporation. Big companies normally have hundreds of people performing specialized tasks aimed towards a common goal unlike a sole proprietor who has just himself to complete all the goals of his home business opportunity.
Corporations have their specific job roles and designations within the organization. For example, employees generally have job titles that designate their specific job function such as: CEO-Chief Executive Officer; COO-Chief Operations Officer; CFO-Chief Financial Officer; and etc. Small business owners, even though they are responsible for performing all of the same functions, generally settle for the single title of President.
Adding multiple titles to one individual would not be prudent and may cause an outsider to question the sanity of the owner which could cause them to lose their creditability as a home business opportunity enterprise.
Why does a small business owner without employees need any designation? Here are a few reasons why you should consider it a good idea:
What does it achieve?
The most important advantage of having a title is that it keeps you motivated and helps to remind you of your primary job function. For example, your self esteem is at its peak when you are introduced as the President of the XYZ Company at meetings, seminars and etc. This sense of importance helps keep you focused on your business goals, knowing that if you fail you will lose the respect of your peers.
Secondly, a designation makes you and your business look professional to your customers and peers. In the business world this professional look is likely to attract more clients. People would rather speak to the Company President rather than to Tom …. who just happens to own and run the business. You will do the same job in both cases, but the designation affects your clients and your peers perceptions.
You should also remember, that as President, you should dress the part depending upon the type of business you are running. Appearances also play a big role in your customers perceptions about you.
A word of caution:
However, as a sole proprietor in your business opportunity, you cannot limit your activities according to the designations which you give yourself. As President and the single employee of your business, you are also responsible for all functions of your business. If you don’t do them, who will?
As an example, here’s a scenario that you might be familiar with. Let’s say, someone calls your business wanting product or service information on your business sent to them. You can’t pass the buck to someone else to do it. Even though you are in high esteem as President, you still need to perform the task of mailing the materials to your client simply because there is no one else in your company to do the job. Right?
What Title do you want to assign to yourself?
Deciding on your title can be a confusing, yet simple task. In most cases you will chose President simply because that is your main function in the business. It is also the highest position in your company and will generate the most customer appreciation and respect. Some say that you should determine what your personal strengths are and assign yourself a title accordingly. For instance, if you are good at planning things for your business, then a designation like director of operations should be your first consideration.
However, that title does not carry the same weight as President in the eyes of your peers and customers and therefore, could hurt your future business.
As the President of a sole proprietor business, you will need to perform the functions of an advertising manager and a finance manager and many other job functions all at the same time but you do not need to assign yourself specific titles for each function. As your business grows, you will be able to assign these titles to your new employees based on their talents and skills thereby creating higher self esteem and loyalty in them.
Can you adapt?
Whatever designation you choose for yourself, make sure that you are responsible enough to give justice to that designation. You must know where your responsibilities lie and know the intricacies of your role. For example, assigning yourself the title of advertising manager is not a good idea especially if you are not good at advertising.
Don’t choose a designation just for the sake of having one. It should reflect your interests and your business goals and it should reflect positively in the bottom line of your business. A designation of CEO does not mean that you will necessarily get good business results. However, it can help you convert your small business into the look and feel of a large corporation in the eyes of your customers and therein lies a secret to your future success in your business opportunity.