As someone who spends their days working for someone else, you’ve likely daydreamed about how amazing it would be to be your own boss. It’s common for workers to think of business ownership as something that only the lucky – or wealthy – get to do. The reality, though, that escaping from your cubicle isn’t nearly as difficult as you might think.
Thanks to modern technology, being self-employed is more of a possibility now than ever before. Even if you don’t have a ton of money to invest or a multi-million-dollar idea, you can become your own boss. You can even start your own business as a side hustle without leaving your current job to minimize the risk.
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Starting a business requires dedication and a willingness to do whatever it takes to get the job done. If you have both of these things, there is no reason why you shouldn’t make your dream of being your own boss a reality. Whether you’re thinking about becoming a full-time freelancer, opening up a coffee shop or even customizing and reselling bulk t-shirts, keep reading to learn more about being your own boss.
Decide What You Want to Do
For many folks, the most difficult part of becoming their own boss is deciding what they want to do. While most of us would love to get paid to lounge on a beach all day, this, unfortunately, isn’t what we mean when we say “Decide what you want to do.”
Think about the things you enjoy doing and what skills you already possess. If you are passionate about creating art, for example, think about ways you could turn that interest and skill into a business. You could, perhaps, start a clothing company and emblazon your artwork on blank hoodies and t-shirts. Or you could use your drawing skills to become a professional graphic designer.
If you love reading and have a keen eye for grammar, becoming an editor may be a great choice for you. If you like your current job but want to work for yourself, you could even use the skills you have gained in your current job to launch your own company.
Spend some time thinking about what it is you want to do with your life. Don’t focus solely on what option will make you the most money. In the end, you are much more likely to achieve financial success if you start a business doing something you are good at and enjoy doing.
Determine Your Financial Goals
If your ultimate goal is to eventually be the person mentioned above who earns money while lying on a beach, your financial goals will look different from those of someone who wants to live a modest but comfortable life. Not everyone wants to earn millions of dollars or build billion-dollar corporations, and that is okay. Part of being your own boss is building a business that allows you to meet your goals, not the goals of someone else.
In the early stages of starting a business, think about how much money you would like to earn. Consider both long-term and short-term goals. Take things like retirement, your kids’ college funds, healthcare and other personal goals into consideration, too.
Having a solid feel for how much money you want – and need – to earn will guide you in narrowing down what type of business you want to start and establishing prices for your products and/or services.
Consider Your Desired Schedule
The ability to create your schedule is one of the most appealing parts of being your own boss. Instead of having someone else tell you what days and hours you have to work, you get to make those decisions for yourself. This is a wonderful thing, but it does require discipline.
Think about what your ideal workday would look like. What time would you start your day? What time would you call it quits? How many hours would you like to work? Be realistic here. While you might love to earn a full-time wage working only an hour a day, that probably isn’t going to happen – at least not until your business has grown to the point where you have a team working under you.
Consider the times of day when you are most productive. If you are not a morning person, there is no rule stating you have to start working at 9 a.m. Being your own boss means you are free to start your workday at 2 p.m. if you so choose. As long as the work gets done, you can do it on a schedule comfortable for you.
Choose a Location
Once you have a solid idea of what type of work you want to do, how much money you want to earn and when you want to work, you need to decide where you’ll do it. If you’re starting up an online business, this may be as simple as setting up a desk in a spare room or taking your laptop to a local coffee shop. If you’re starting up a larger business, though, you might need to consider leasing a storefront or office, building a warehouse, etc.
Be smart when choosing a business location. You need a place conducive to productivity and that allows you to get the job done with ease. Depending on the type of business you are starting, you may also need to consider things like accessibility for customers.
After working out the basics listed above, it’s time to really dive into starting your business. This may mean creating a business plan and applying for loans, or it may mean signing up for accounts on popular websites for freelancers. Being your own boss is attainable to anyone with passion and the drive to get the job done. If you are tired of toiling away earning money for your boss while only earning a small salary for yourself, what are you waiting for? Get to work building your business today!