If you are interested in creating work that you love and which is aligned with your life goals, you are gearing up to be your own boss. Being your own boss is one of the most important decisions you’ll ever make, once you decide to become an entrepreneur.
The feeling of not having to answer to a nasty, demanding boss may be exhilarating but how do you become your own boss?
Here are a few important tips on laying the groundwork to get you started:
Making your own decisions
The very first step towards becoming your own boss involves making your own decisions. When you were employed, your boss probably told you about project deadlines, which clients to meet and which reports to generate etc.
Examine your own strengths and weaknesses
All of us have our plus and minus points. For example, you may be very good with managing finance and not very good at marketing. It’s very important to recognise your strengths and use them to your advantage. You can consider paying someone else to handle the things you cannot do on your own. Remember, there is no boss to supervise your decisions anymore so think before making decisions.
Focus on planning
A good business plan is an excellent way to become your own boss. Write down your goals, strategies, steps and your business plan is already complete. Once you plan for the next six months or one year, you are already in control of your business and on your way to becoming your own boss. Will you outsource your work? Will you require staff? Will you offer incentives to clients or will you recognise diligence from employees through gift cards or presenting them with challenge coins? As well as projecting your income, ensure your business plan also takes into account all expenses and outgoings, including these.
Be resourceful and resilient when it comes to seeking funds
Any startup requires initial capital to help it get off the floor. When you plan to become your own boss, be creative about how to get hold of funds. Since the UK government introduced the Startup Loans Scheme, more than 520,000 businesses entrepreneurs have been able to start their businesses in the UK.
Since you are now on your own, you have the freedom to seek funding from the most affordable lender.
Expand your networking
Since you are now working for yourself, make sure you meet other people including suppliers, vendors, customers etc. Be generous and pleasant in your dealings as networking is the key to building up a good business.
Starting out on your own can be exciting and daunting at the same time. Showing willingness to speak about what you do and who you are is a good start to becoming your own boss.
Did you ditch your day job to become your own boss? What tips would you share?