9 Tips for Routine Workers Who Want To Become Their Own Bosses
Do you dream of quitting your job, becoming your own boss and working from home doing something that you really, really love to do?
If yes, you’re not alone although it can be hard to make this transition. Because let’s face it most of us have a day job that we don’t exactly love but yet we show up mostly because we have to. The sad truth is that you may be stuck in a boring office job and hate every minute of getting up every morning or going to work.
Either way, here are 9 important tips that can help you stay motivated and make a career change a success.
Find great ideas to help you get started
If you’re reading this, you’ve probably thought about starting your own business or going full time on your side gig. You need to decide
- What kind of business do you want to build?
- What problem do you aim to solve for the consumers?
- Determine if there is a market for your services?
- What skills or knowledge are needed to run the business?
- Determine what your job responsibilities you’ll need to run the business effectively.
Once you have figured this out, you’re on the right track to execute your business idea. Your idea doesn’t have to be new or innovative. It just has to solve a problem that customers are facing and are willing to pay for.
You also need to consider the sustainability of the business idea. Assess if the particular product or service you are offering will bring in enough money over a period of time? And if not, what special aspect can you add, that will give you a competitive edge over your competitors.
Save
One of the most important things is saving. A lot of people think that once they get a decent job that they can look forward to a higher salary. It’s easy for that to affect the way you act, but it’s a mistake to think that way. There are a lot of big things you’d better be getting in place before you think about starting your career as a boss.
Things like saving up all your money. Making sure that at least 6 months of your salary goes into savings accounts. Properly budgeting everything out should remain a top priority before you start thinking about becoming your own boss.
There are many expenses that will crop up before you begin and they can add up quite fast. You need to ask yourself what are the most important costs needed. For example, things like rent, website costs, furniture, office supplies will be required immediately. Planning beforehand saves you the hassle of stressing about these costs before you start.
Get your finances in order
Before you become your own boss, you need to have a healthy cash flow. Remember, every month your income will be less than the previous one. Life is about making do with what you have and saving up to earn more. To reach your goals, you need to get systems in place so you can generate money when you want it without having to wait until payday.
To help you get started on saving, you need to
- Project your cash flows for the first four months. Do this by adding up all your fixed costs and expenses of the month.
- Make sure you know all of your projected expenses so that they don’t pile up .
- Create automatic transfers from your paycheck into your savings account so that you can have money saved up for the future. A good app to use is Wallet. Not only does it help you save, it also helps you plan and budget for the future.
When you start your business, you still need to get your finances in order. Tasks like bookkeeping are unavoidable because that is how you track your revenue and expenses. You can decide to hire an accountant or buy financial management software. However this can be quite costly for business owners who are just starting. Fortunately, there are several free financial management tools you can use. Like Wave or QuickBooks.
Plan your Exit Strategy
One of the best things you can do for your career and yourself is to plan your exit strategy. Plan a phased and intuitive exit strategy that is well thought out and will work for you in the short term. Decide early what strategies and actions need to be taken as your business grows.
Having good exit strategies also means that if something goes wrong at work, you’ll be able to bounce back quicker than someone who didn’t plan. It also ensures you have sufficient financial cushioning and time to fully transition into the role of boss.
If you are sceptical about the decision you are making, consult your support system. People who are in the same career can help you decide if it’s the right time to exit or not. This process of planning ensures that you embrace the exciting adventure ahead of you.
Plan for success
Once you’ve decided you want to work for yourself and start your own business, it’s time to plan for success. Start thinking about who will be in your business, and how they will help or hinder you. What skills or value do they add to the business? It’s also a great time to work out what’s really important to you in life and business and share that with your future team members.
If you are venturing into business alone or will be working with a partner, you may need to work some things out like job responsibilities, time schedules and work-life balance. Don’t start any business without knowing how you will go about it because that’s a recipe for failure.
Assess what sacrifices are involved?
Becoming your own boss will be exciting and scary at the same time. There are a lot of sacrifices to make if you want to become your own boss. You will have regular hours, maybe even more irregular hours. You will have to carry out tasks that you did not like doing when you were an employee at your former organization. You are also expected to do more with less because resources are scarce.
You should also factor in your work life balance. The time spent with family will be drastically affected because you are putting in more time and effort. You will need to ask yourself, how will you cater for your business needs while ensuring you don’t neglect your family. However, if you had actively planned out your cash flow and projected expenses you should not be worried. You will have to take y at a time
Don’t quit your day job yet
If you’re looking to be a manager someday one of the biggest mistakes you can make is to quit your day job and get into the entrepreneur game. Why? It’s easier said than done. Writing the book of business and being a leader takes sacrifices that most people aren’t willing to make.
Starting out on your own is challenging and time consuming. You’re understaffed, overworked and the stress of doing the things you’re passionate about can be overwhelming. Starting your own company means owning the company and its resources – both physically and emotionally. It’s not for everyone!
Look for a mentor
A mentor is someone with similar experience and expertise. It can be difficult to get started in a position without one, but many are finding that it doesn’t have to be this way. Look through your network of contacts and find someone who can offer you advice on getting started – perhaps an old colleague who is doing something similar. Or, try Google: look through your widely read blog posts to find people who have written about similar topics and ask them for advice.
If you’re an employee looking to become your own boss or a freelancer, start by asking around your professional network for leads. These may be new or old contacts that can offer guidance on how to get started in a position like yours.
Go with the courage of your convictions
You need to find what you are willing to do, and do that in the face of uncertainty. Sometimes you suspect success is about luck. Lawrence Lessig was one of my mentors. He decided to give up his law career for a campaign of public service with the singular promise that if he was willing to gamble his time, he would get lucky. He was right. When you look at statistics on average startup founders have an 18% higher chance of becoming successful than others who haven’t started companies.
If you want to be your own boss, the best way is to quit your job (or start working at home). And quit taking the path of least resistance. New York Times best-selling author and top business student Seth Godin once said “Closing ranks with our own kind has its benefits, but it rarely makes for compelling leadership.” Entrepreneurship begins small and determinedly, by practising taking the bull by the horns rather than waiting for it.
In conclusion, it is possible to become your own boss once you make informed decisions about where your passions lie and how you plan to succeed.
