Working under someone for the better part of your adult life isn't an appealing situation for some people. Not only this, but also being the boss but having to conform and have your decision delegated by a business model that’s not your own or one you truly believe in, is also not too pleasing.
But you still need to make a living and a difference so how do you do that? Become your own boss? Okay, but how does one do that without becoming lazy and risking everything?
Start with the bank
As the saying goes “you need money to make money”. So, start with the bank and financial situation of this going-alone business. Are you currently in a financial position to attempt this journey of being your own boss and struggling through a good few months before “profit” becomes a term you’re acquainted with?
Figure out a timeline with exact amounts of how much money you’re going to need to make by those points in time. If you still want to be able to cover your financial responsibilities and maintain your current lifestyle. This will also give you a good idea of how successful you are based on meeting targets or not and you’ll quickly realise if it’s a business venture worth exploring right now.
And don’t skimp on something like safety, for example, just to get a few extra bucks in your salary at the end of the month. Finance what’s important to your business before your salary. If you need to implement a secure entrance like sliding doors in your office at home to protect your business assets, then do it (Turnstar can help you out there ). Don’t compromise, otherwise, you’re likely to lose a lot more money than bargained for.
A matter of “you”
With the monies in order, it becomes a matter of “you”. A matter of whether you possess the kinds of attributes associated and required by self-boss status in order to be successful. Are you capable of managing more than one task at a time? Do you tend to become overwhelmed by mountains of work (which you will most certainly have – especially starting out)? Are you responsible enough when it comes to managing money, time and tasks?
It takes a lot of perseverance, motivation and discipline to be your own boss and to be good at it. You’ll need to deal with the fact that most of your personal time and energy will be put into your business after hours as well and it will take a long time to get into a comfortable and balanced life/work lifestyle. And not only you, but your family, friends and partner will need to understand this as well.
Seek and value support
It is going to be a tough time getting used to being in the boss’ shoes and like a kid trying on their parent’s shoes, it’s going to take time but you will eventually grow into it. So, for this reason, it’s important to seek support from fellow professionals and family, as well as value that support.
Find someone to bounce business ideas off of, to talk about financial decisions to (if that isn’t your best department) and find someone to keep you motivated when the days are long and draining.
Don’t be stubborn and determined to do this entirely on your own because you will burnout quickly and you’ll be missing out on business relationships that could have, otherwise, been beneficial for your business.
Have to be the boss of something
Now that you know what it takes and have a support system with a balance of some personal and professional opinions, it’s time to find something to be the boss of and be great at. This is essentially the job you will and want to be doing. You have the opportunity to do something that interests you, that you’re good at and that you love. This way, essentially, you never truly have to “work” for the rest of your career.
Figure out the line of work that is specific to the details of your responsibilities within that field, your target client market and your plan of operations.
Ease into it
Everything you need and need to know is there, but you’re still at your old job “working for the man”. That’s not the worst of positions to be in.
Easing into your new position as the boss and owning a new business gives you the opportunity to fine tune while you’re still cashing in a stable income. Recommendations? Start out part-time and test the waters, build it up to a substantial business with viable profitability and then send in your letter of resignation and take it up full time.
And when the time does come to leave, do so carefully. You don’t want to damage any relationships that may provide credibility for you and your business. And, who knows, maybe your new venture can serve a purpose in your old company and you gain a new client with an already-established relationship.
“Beggars can’t be choosers.” You wanted out from under the corporate thumb, but you’re not going to get a bucket-load of business on the first day. Unless a potential client really proves a legal or ethical issue, you need to be welcoming any and all business that comes your way.
Don’t be greedy and scour for all the large projects, rather accumulate more regular and smaller projects. Do whatever you need to do to keep the work flow flowing. Yes, you’ll be extremely busy, but it will all be worth it.