Be Your Own Boss
GET 5 Euro FREE FOR INTERNATIONAL CALLS!You have this burning desire you want to be on your own boss. The temptation is so great that you want to quit your job. Enough is enough. You’re sick of working for other people for ridiculous pay.
To be your own boss means controlling your own destiny, having your own time and no bosses to report to. Basically, you can do whatever you want. But before you really jump into the new territory of being on your own boss, you have to make sure that you’re ready and well equipped.
Below is the checklist that can help you to ensure that you’re ready to be on your own.
1. Have a crystal clear business plan.
Do you have a clear idea as to what type of business you wish to do? You must know exactly what your plan is. Is this going to be the same as what you are doing? Or, is it completely different from what you your doing now? Write down your ideas and evaluate the feasibility and profitability. Ideally, pick an idea you like most and is the most profitable.
2. Have a reserve income of 6-12 months.
Before you embark on your journey to be your own boss, you must prepare a fund of at least 6 months’ expenses. I prefer a 12-month fund reserve. The reserve is used to cover daily expenses while starting out and receiving no regular income. This reserve is also used to cover unforeseen circumstances that will surely arise. It’s extremely important to have sufficient funds, as this reserve can remove a great deal of stress when starting a new business.
3. Support from partners or friends.
When the plan to be your own boss fails or you face a temporary setback, do you have someone to turn to for support? It’s almost guaranteed that you’ll be caught in a situation that could force you to give up. This is the time when you need solid support from someone who cares about you. You need this kind of support to carry on. You need someone to help talk your problem out. Identify the person who can give you 100% support while you’re on your way to being on your own boss. The person can be your spouse, partners, close friends or even your mentors. For me, my wife is the biggest inspiration and supporter. Whenever I feel down, she gives me the courage to stand up again.
4. Tools and resources.
Do you have the necessary resources you need to start out? Can you work from home instead, or will you need to rent an office? Do you need to hire people to help you, part time or full time? Do you need a computer and the relevant software? Do you need any special tools or machine for your business? If yes, where do you source for them? By asking these questions, you can prepare a list of tools and resources that you need to carry out your tasks more efficiently and effectively.
5. Acquire niche business knowledge.
If you’re starting out in a new area, how do you acquire the necessary knowledge in this area? Knowledge increases your probability of success and helps you avoid unnecessary mistakes. Knowledge can be obtained through government agencies, support groups, workshops, books, the Internet, mentors and coaches.
Being your own boss can be very challenging. By sharing the information here, it’s my hope that you’ll have a smooth transition from working for someone else to operating a home business. And also to encourage you to take action if you have been contemplating the idea, but have not seriously began. I can assure you that you’ll never regret making the decision to be on your own boss.
