How To Be Your Own Boss

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If you’ve always dreamed of starting your own business but aren’t sure where to start, you’re not alone. According to an October 2015 Forbes magazine article, most people would like to be their own boss.

And, there are many reasons for wanting to be your own boss.

  • Sometimes it’s because the dream job someone is looking for just doesn’t exist.
  • Some business owners are looking to offer a product or service that isn’t yet available where they live.
  • Still others have a desire to contribute to the well-being of their community by filling a gap, whether it’s by providing professional counseling services or by offering fresh fruits and vegetables for sale in a neighborhood that’s a food desert.

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How To Be Your Own Boss

But how do you go from being an employee to an entrepreneur?

The process of setting up your own business to be your own boss can seem daunting. But, it doesn’t have to be. Here are some tips to help get your business ideas flowing so you can be your own boss. 

1) Decide what type of business is right for you.

Take some time to think about your skills and experience and what you might be able to offer in a business setting that people would be willing to pay for. Do you have experience working as a writer or graphic designer? Have your worked in the food service or hospitality industry? Maybe you’re a certified public accountant or an expert in personal finance? All of these things and more can be the basis for a successful business to be your own boss.

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2) How will your business be set up? Understand the basics of what you’ll need.

Do you envision running your business from a home office? Will you need to hire employees, or purchase special equipment or raw materials? Will you need to rent office or workshop space? Think of the necessities in order to be your own boss. All of these factors will determine how much money you need to start and run your business until you start turning a profit. You should also take into consideration whether you will need to work with a professional such as an accountant, chef or a lawyer and what the cost will be.

3) Invest in skills training before you launch your business.

Do you have the skills you need to make your business idea a success? If your goal is to start a taco business based on a food truck, for example, you need to ask yourself if you have the right skills to pull it off. Do you have the right culinary experience to prepare a lot of food quickly for a crowd? What will happen if your food truck gets a flat tire? Will you be able to change it on short notice? If not, you should think about brushing up on these skills before you put any money into your business idea. There are ways to start a business with no money.

Other skills you might consider working on before starting a business include:

  • book keeping,
  • business tax preparation,
  • marketing and social media, and
  • employee management.

You must invest in yourself first in order to be your own boss. 

4) Get help putting together a business plan.

Unless you have a strong, well thought out business plan, a bank will not give you financing. After all, they are looking to get a return on their investment. But if you’ve never created a business plan before, don’t worry. There are several online resources available that can give you advice. Websites like:

  • FiveRR.com,
  • LivePlan.com, and
  • Entrepreneur.com

…all can offer a lot of information and guidance.

Some banks employ specialists who can help small business owners with their business plans. You can also think about taking an adult education class at your local high school or community college. Several government-sponsored employment offices and nonprofits also offer help to people looking to write business plans.

5) Know when the time is right.

If you’re debating whether it’s better for you to remain an employee or become an entrepreneur, there are some things you should consider. Are you really happy in your current job, and if so, where is your desire to start your own business rooted? Do you have the skills and experience you’ll need to run a successful business? Do you have enough money saved to live off of until your business starts making a profit? Are you willing to put in the long hours and hard work it will take to make your business prosper, possibly working on weekends and holidays?

You should also consider whether the location you’ve chosen for you business makes sense. Will you be depending on foot traffic? Have several other businesses in the same location failed? Is there a lot of competition nearby, and if so, what will you be able to offer than will set you apart? These are important questions to ask yourself if you really want to be your own boss. 

Related: Should I pursue an Executive Career or Financial Independence?

6) You can do it.

Thousands of people start successful businesses every year. Step out on faith and be your own boss. If you have a good idea, the right skills, and are willing to work hard, your business can be a success as well.

Are you ready to be your own boss? Tell us about it in the comments below!

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LaTia Longuemire

AUTHOR LaTia Longuemire

My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.

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