How to be your own boss
Do you dream about breaking free from your 9 to 5 job and finding a sense of joy and self-fulfilment from being your own boss? Those goals are all achievable, but you are also likely to find yourself working longer hours than before with little (if any) holiday and for less money than you were earning previously. If you have had enough of your current job and want to go it alone then there are several things you must consider first.
Do you have a great idea?
If you have inspiration and feel that you have a killer business idea talk it over with your friends and family as you will benefit from their input and support. Make sure that you do a lot of research to determine if there is actually a market for the product or service you will be providing.
Are you motivated enough?
You must be prepared to work very long hours, especially in the early days of your business. It is not enough just to want to escape a boring job or unfair boss, you must be committed to earning enough money to support yourself and your family.
Will you work hard enough?
If you felt that your last boss was hard on you, it will soon become apparent that you will need to be even harder on yourself in order to be successful. You will never truly be switched off from work because every social event will become a networking opportunity.
Do you have enough focus?
You must be prepared to be very self-reliant and have enough strength of character to make big decisions. As CEO the buck will always stop with you, meaning that you get all the credit when things go well but must also be prepared to take responsibility if it goes wrong.
Things to remember:
- You will need enough money to handle unexpected cashflow problems – try to work out how much you might need and then double that figure.
- Writing a plan at the start of each month will help keep your business on track.
- Find a good accountant that you like and can work closely with.
- Consider everyone you meet a potential customer.
- Try and have some fun being your own boss!