Business Start-up

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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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