It’s Time to Be Your Own Boss
You have decided that you would like to be a business owner. You want to quit working at that “nine to five” job that doesn’t seem to pay well or to bring any excitement to your life. Instead, it sounds like a great idea to take the leap into entrepreneurship and be your own boss.
Why Should You Own a Business?
People think that they will be secured when they are
employed in a company. I tell you the truth, it is not real. Simply when you
work for a company, your destiny is belong to your senior or your boss (I mean
they can be a manager, director, or the owner of the company). If they like
you, it will be perfect. However, if they don’t like you, how is destiny going?
In case that the crisis takes place, your company may decide the dismissal.
Then do you feel secured?
Besides, Business ownership is often looked upon as a means
of creating wealth and achieving personal freedom. Some of the most common
reasons why you might choose to go into your own business are:
- To build and take action for your own dream rather than for others’ dream
- To build a business for yourself instead of for someone else
- To pursue a passion (e.g. "I’ve always wanted to own a coffee shop.")
- To be your own boss and master of your own time
- To make a living doing what really enjoy doing (photography, writing, childcare, business training, etc.)
- To capitalize on an invention
- To replace income from the loss of a job
- To create net worth (long-term capital appreciation)
Are You Ready to Make the Transition and To Be Your Own Boss?
When you are contemplating business ownership, it tends to
be exhilarating. However, it is common to experience uncertainty as well. Am I
willing to invest the time it takes to start and run a business? Can I deal
with the emotions that come with running a business? Will enough people use my
services or buy my products? Will I make enough money to sustain the business
and my desired lifestyle? Am I mentally prepared to give up my current salary
and accept the financial uncertainties that come with running my own business?
Will I be able to support my family?
In order to be successful in your new business you have to
be fully committed to your vision. Instead of working eight hours a day, most
new business owners work sixteen hours a day with very few days off for leisure
activities. You will indeed be your own boss and the master of your time – but,
that does not mean that you will be free. I have always thought that I am the
toughest boss that I ever worked for.
Think about it and make sure that the timing is right to
make your move from employee to business owner. Review possible threats that
are likely to arise and determine how you will mitigate them. Determine what
your strengths are and how you will use them to get your business up and
running and on the road to profitability.
To complete your reality check, ask yourself the
all-important question, “Am I ready accept the responsibilities of business
ownership?” If the answer is “yes,” then it is time for you to move forward in
a logical way to decide on a business and to get it off the ground and running smoothly.
Leverage Your Skills and Interests to Your Business
Skills are the things that you are good at. Interests are
the things that you like to do. When you are considering the type of business
you want to start, it is generally best to find one that utilizes your skills
and that captures your interest. If you are good at something, but don’t like
doing it, you will soon find yourself wishing that you were doing something
else. Likewise, if you are interested in what you are pursuing, but you are not
good at it, you are not likely to stick with it for long.
After you have identified your various skills and interests,
you can then begin to identify potential businesses that satisfy both
requirements. This is where the true entrepreneur can use the imaginative
processing to come up with creative ideas for new and unique businesses.
Examples:
• You know lots about flowers and plants, but you do not
like to be outdoors. Don’t go into the landscaping business. However, you might
think about providing and maintaining indoor plants for restaurants,
professional offices, real estate brokerages, and other commercial businesses.
• You are like working with pre-school children (interest)
and you are trained as an elementary school teacher (skill). You might consider
opening a day care center that specializes in learning activities and also
offers after school care and tutoring.
Look at Your Financial Situation
One of the most glaring problems that I often see with
potential business owners is their failure to plan properly for the financial
transition from employee to business owner. Cash flow problems can lead to
unpaid bills, continuous calls from debtors, and emotional stress. Consider
your financial situation before starting your business.
• Consider your personal financial situation. If you plan to
quit your current job and devote all of your energies to your new business, it
is a great idea to set aside enough money to pay your living expenses for at
least six months. If you have a spouse or other family members that work, can
you live on their earnings? New businesses frequently are not very profitable
in the early stages. Prior planning can provide you with a much-needed cushion
in case you cannot take any money out of your business for a period of time.
• Think about start-up costs. If you are starting a new
business from scratch, do you have the money you have to spend in order to get
the business up and running? Think about whether you will have to rent an
office, buy furniture, buy equipment, advertise, pay for permits, hire a
lawyer, or number of other initial things that require spending money before
you make money. Fitness centers and restaurants are examples of businesses that
are required to expend significant amounts of money before they open their
doors.
• Look realistically at initial sales potential of the
business. The opportunities for initial earnings vary greatly from business to
business. For instance many service companies can be profitable from the very
beginning. If you open a consulting business and have your office in your home,
your earnings are limited only by your ability to attract and service clients. Likewise,
a landscape or yard maintenance business can earn early profits if it has the
right equipment, skilled labor, and customers. On the other hand, most product
businesses, cannot earn income until the products are developed or purchased,
advertised, and sold.
What is your solution if you don't have much budget?
As in the article of "How to start your game of life?", I also share with you that you can be your own boss with MLM business and internet business. These ways help you limit risks as well as it just requires you a small amount of money.
Find a Mentor
Before you go into business, it would be great to align
yourself with someone with experience in your industry and experience in
business management. Working with a mentor can prepare you for the travels that
lie ahead in your business journey by sharing knowledge and expertise. The relationship
with your mentor will help prepare you for success and protect you from
failure. If you are one of the fortunate few, you will have a close friend or
business associate who has the necessary skills and would be willing to advise
you.
I am here to help you to establish your own business as your mentor. If you need any information or advice, please let me know.
Best regards
Ryan Chaplin
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