It sounds great, doesn’t it? No more 9-5 hours, forget the daily commute, and just work when you feel like it, but the reality of being your own boss is often very different. While choosing when to work, or not, is possible for some, there has often been a lot of hard work for them to get to that point. But, with now more people than ever declared as self-employed, it has never been a better time to be your own boss. If you are dreaming of quitting the day job, starting your own business and becoming your own boss, this guide gives you some tips on what you need to do.
Find the Right Business Niche
You might have some idea already about what area you want your business in, and that is great, as long as you play to your strengths. Pick a business niche that you are already knowledgeable about, because if you already have the expertise, then you are far, more likely to achieve success. Also, make sure you choose a business idea that you are really passionate about also. Otherwise, you might see your enthusiasm dwindle after a few months.
When deciding on a business niche, it is important to do your research and identify a gap in the market that your business can fill. It will be much harder to make a successful business if you are just doing what your competitors do. Offer something extra, and you will stand out.
Create a Business Plan
Having a solid business plan gives you a focused look at what your targets are for your business and the strategies to implement. Your business plan will have detailed information about your target market, and how you intend to sell to them. Not only does a business plan to keep your project on track, but it is also a worthwhile document to show to possible investors.
If you are not sure how to create a business plan, there are examples and templates you can use online, as a way to get you started. At first, your business plan might seem a little basic. But keep coming up with ideas and flesh it out as you learn. The more you learn, the quicker you will be able to grow your business.
Learn New Skills
So you might have a great idea for a business, but if you don’t know how to run a website or have any marketing experience, then that is going to be a weakness. You will also need to learn accounting skills to keep track of your business spending and keep records for tax purposes. Learn the basics before you start, and it will make running your new business much easier.
Finances
Financing a start-up business can be hard, so make sure you know exactly what you need to spend money on and what you don’t. It is a good idea to save up some funds before you start your business, to get you up and running.
If finances are tight, you could consider bootstrapping which where you build a business by only investing the profits it makes and keeping costs as low as possible, rather than spending a lump sum of your own, or an investor’s, cash. This might mean keeping your business small until you have raised enough to invest in growth, but you won’t be getting into debt to fund your business. If you are bootstrapping, it is often worth having another source of income to keep you afloat until your business is making more money. Don’t forget that you still have everyday living expenses to consider, so it might not be the right time for you to completely give up your day job. Try to begin your business alongside your regular job, or at least work part-time, so you still have a source of income.
Sometimes, new businesses face problems with cash flow, so you might have to supplement it with your own money. Or, you might be putting much of your own money into funding your business that you might temporarily be finding it difficult financially. If so, a short-term loan can be beneficial, such as from Bonsai Finance.
Entrepreneurial Mind-Set
Your attitude is what drives your business, so you need to get into the mindset of an entrepreneur to get success. That means having the will to succeed even when times feel tough. It also means having discipline in your working day to get tasks done and to also have the confidence to make decisions.
It takes effort and hard work to achieve anything worthwhile, but if you show up ready to work consistently, you will soon see your efforts pay off.
Don’t Overdo It!
Remember why you wanted to be your own boss in the first place? It was to get that work/life balance you have always dreamed of. So while it might be tempting to work all the hours you can to make it a success, remember to take regular breaks and days off. Too much work and putting pressure on yourself can lead to stress, and that is not productive for your or your business.
If you find yourself under pressure, delegate what you can. If you have clients waiting, call them to rearrange a time for completion of a project, or consider outsourcing work if you have too much.
Being your own boss gives you the opportunity to manage your own time, rather than being dictated to by regular employment. However, it does come with risks. If you get sick, you won’t get sick pay, there is no paid annual leave, and if you don’t make it a success, you could stand to lose any money you may have invested in it. Treat starting your own business with caution, but don’t be afraid to try! Every successful entrepreneur had to start somewhere, and most experience failure as well as success. If you believe in yourself and have the will to succeed, then you have already won half the battle.
