At one point or another, nearly everyone has dreamed of having a lucrative job that can be performed from home on their own schedule, with them acting as their own boss. However, the reality is that not very many people actually achieve this dream. But could it be attainable for you? Here are 5 things you should consider before becoming your own boss and starting a business.
1 You are in Charge
Becoming your own boss and being in charge sounds great, doesn’t it? But what does being in charge really mean?
One thing it means is that you are the final decision maker. This could be good or bad, depending on the situation. If you have trouble making decisions or are a procrastinator, it might be more difficult for you. Of course, you could occasionally run your ideas by another professional whose opinion you value, but be careful not to do so too often because then you lose the power of being the one in charge.
Another thing to consider is that whether your business succeeds or not depends solely on you. You don’t have to ask anyone’s permission about your decisions, which can be either empowering or overwhelming to you.
2 Work When and Where You Choose
Again, working whenever and wherever you choose sounds wonderful, but keep in mind you do still have to work.
For some, it is too easy to get distracted when they try to work from home. However, when you work from home, you can work in the middle of the night if you really want to. On the flip side, if you like rise early, go ahead and start your day while others are still sleeping. You control your time and productivity. But be careful not to burn yourself out though. You shouldn’t be working 24 hours a day, 7 days a week. You still need downtime away from your work.
Where you work also plays a role. You can work from the kitchen counter if you want to, or you could work from a home office, the couch, or any other place of your choosing. The type of business you are in may play a role in which choice is the most suitable, but you still have the ultimate decision. The scene in which you choose to work can have an effect on your focus and productivity level, so keep that in mind as you find the perfect place to work on your business.
3 Your Business is What You Make of it
Again, the success or failure of your business depends on you when you take the leap into becoming your own boss. If you are doing well, then that’s all well and fine. However, if things are not going so well, it’s also a reflection of your business decisions. If there are problems, you have to deal with them. This also means you may have to wear many hats within your business, from CEO to CFO and even answering the phones and filing paperwork if you don’t have a secretary or virtual assistant to handle some of these things for you.
4 Your Salary is What it is
Whatever amount you earn is what you have to pay your household expenses each month. When working for an employer, you might get paid anyway, but that may not be the case when you make the leap to becoming your own boss. If you own it, what you get is what you get. There is no sick leave, paid vacation, paid insurance or pension plan unless you pay for them yourself.
5 Could You Start Part Time?
If you already have a regular job, think about starting your business on a part-time basis in the beginning, if it’s possible. That way, you have some financial cushion when you start out, which is usually when money is the tightest.
After considering some of the cold hard facts, do you still have the desire to become your own boss?
If you still have the dream of becoming your own boss, make a plan and go for it!
I think that everybody needs to consider whether they have the personality for doing so and that has to be one of the first things. Many people might not have the risk tolerance to make this move into being your own boss. Others many not have even a thread of financial security that they would need for the time to build things up.
To be clear, I’m not advising pessimism, just realism. It’s like watching the 12th guy try to open a restaurant in a location that has had 11 straight failures and asking “Are you truly being honest with yourself about your chances here?”
Becoming a boss is really my dream. I want to put up a business that I head, though I know it has lots of risks. I think Kayla that doing it on a part-time basis first is a good advice so that I gauge how ready I am in doing it full time.
I have long considered becoming my own boss. I’m slowly trying to put that in motion thru income properties to limit my risk but it’s still a very daunting task.