Working day to day for a job that leaves you unfulfilled and uninspired can be very draining.
It is also probably not the way you want to spend all your life. This might be why you feel that you are ready for change.
You are finally prepared to take charge of your own future, and find how to make it on your own. While that obviously comes with the freedom to entertain your personal space and live however you want, it also comes with a degree of responsibility.
You will need to do things that bring in money so you can take care of your bills. Entrepreneurship is one of the paths that you can follow to generate money to finance your life and even make it as a top boss.
However, to do that you need to have an incredible business sense as only less than 20% of startup founders succeed. This article provides some tips on how you can do it.
Becoming the Boss, Finding How to Make It
There are numerous routes to realizing your dream of becoming your own boss. You can have an amazing skill set that you want to transform into a profitable career or have an incredible idea you think will rake in huge profits.
This YouTube video introduces the concept of How To Start A Business With No Money but starting with an idea.
It all depends on the goals you have established for yourself. However, regardless of the route, you choose to follow, several success tips cut across the board.
- Make Up Your Mind on What You Want To Do. You need to decide the kind of business you feel on the business type you want to begin or the service you feel you can offer. If you want to be your own boss but do not know what you want to do yet, the process of brainstorming can help to bring forth ideas. You can also review business resources to get ideas from other people
- Evaluate the Idea and the Potential Market. After you have settled on an idea you need to figure out whether it is great and that people are willing to pay for it. The only sensible way to do this is to conduct market research and speak to your potential customers. This can indicate the viability of the idea and give you pointers on how to start
- Switch Up. Switching up involves quitting your current job and moving your focus to your business full time. If you want to have a safety net, it would be best to make a gradual switch. This means working on the earlier stages of your startup at your one time while you still have a job. Your job will allow you to settle the initial expenses. However, for this to work you need to spread yourself thin. If you choose to quit your job immediately, you will have more time but less cash influx.
- Free Up Sufficient Cash. This is the stage where you ensure that you have secured financial viability for yourself for the times to come. It is generally recommended to have up to six months’ worth of living expenses saved up. If your business will deal with the provision of a particular service the starting expenses may not be that much. However, for a business dealing in physical products you will need more cash than that needed to cover your personal expenses
- Put Your Own Strengths and Drawbacks into Consideration. You need to take advantage of the qualities that make you better suited to be your own boss. This includes evaluating your relational and emotional state as well as your specific abilities and skillset
- Draw Up a Business Plan. Every business needs a plan that indicates what your company intends to achieve and financial outlay. You will need a formal business plan if you plan to seek funding from investors or a bank. Any other plan will be great if you only need a point of reference to guide your company’s journey
- Formalize your Business. This is where you register your business name and legalize your startup. You have to get permits and licenses where applicable and set up a business structure as well as an EIN
- Streamline Your Finances. If you have zero financial knowledge it may be necessary to speak to an accountant or bookkeeper. Alternatively, you can take up a short accounting course or familiarize yourself with software that can do the work. Finally, you need to set up a separate bank account to distinguish your business finances from the personal ones
- Get a Business Workplace. If you will be freelancing, your home is one of the easiest places you can set up your workstation. However, if you will need to routinely see clients or will sell merchandise at a store, a physical location will be essential
- Establish a Digital Presence. In the digital world, a digital presence gives you unexpected advantages. You should set up a website and social media channels
- Brand and Market Your Business. Branding takes many forms from the business colours you use to the way you communicate to clients or even the projects you prefer. It can be a critical piece of marketing combined with other endless offline and online marketing gimmicks
Build Wealth like a Boss
Three things will help you to build wealth like a boss;
- Generate Income. This mainly implies making enough money in the long term and having some left for your debts and expenses
- Save Wisely. Once you have sufficient income to take care of your life you can develop a winning savings plan
- Invest. Aim to build a sizeable portfolio that earns back as much money back into your business as it can
Be Your Own Boss Quotes
There is nothing as motivating as some good inspirational quotes when you are at a crossroads of what to do. Here are some we have identified below to get you started:
While these are some of our selected quotes, we have also provided some other links here and a few others here for you to get inspired and fired up to take that next step towards your becoming your own boss.
The Key Advantage of Starting your Own Business
Starting your own business mainly gives the potential for greater income.
You can earn way more than you will ever do in your job or even if you were to get promoted if your business succeeds. This will also be an income stream that allows you autonomy meaning that you could be generating the money even in your sleep.
It is very stressful and tiring to work all your life for a job that you rarely adore.
It leaves you unfulfilled and you never have any inspiration to do the daily routines. You might want to switch to something you feel more suited to do.
This can include a business whose idea you believe in or another career that is in line with your skills. But striking out to make it on your own comes with a lot of worry and anxiety of its own.
The best way to do it is to set up a plan that ensures your success in the new undertaking.
Various activities when done well will ensure that you live to be your own boss. This includes potentially earning more than you could have ever done in your old job.
Are you thinking of some ideas you want to pursue as you plan to make it on your own? What are your fears and concerns?
We have some more resources which could help such as our guide on how to choose a niche or our step by step guide to start ecommerce.
You may also be interested in our Affiliate marketing guide
Frequently Asked Questions (FAQs)
- Is it possible to start a business with no money?
Yes by opting for a service-based business that requires little capital or by taking a loan
- Can you save for retirement when working for yourself?
Yes. A tax specialist can help get started with a self-employed IRA account
- What does it feel to be your own boss?
Stressful at first but eventually the struggle wears out and it is all worth it
- Does being your own boss mean you obey no one?
No. You still need to fulfill the demand your customers have