8 Things You Should Know If You Want to Be Your Own Boss

Do you want to be your boss? If you’re tired of your 9 to 5 job and want to start your own small business, then entrepreneurship could be perfect for you. However, not everyone can successfully transition from employee to boss.

This happens as they fail to estimate how to switch their careers without negatively affecting their current lives. Some people quit their jobs before they are properly settled in their new careers. This can lead to a situation where the individual has no source of income. Instead, if you want to become your boss, there are some steps you can think about taking.

What Are The Steps That Enable You to Become Your Own Boss 

Before becoming your own boss, you need to ensure that you can financially sustain yourself as an entrepreneur. If you don’t yet have a way of financially supporting yourself, then your first step should be to save money. When you become your own boss, you should be able to focus on growing your business.

If you don’t have any way of financially supporting yourself as you transition towards being your boss, don’t worry. There are other financing options you can think about bank loans and other financing opportunities.

Here are the eight steps that will enable you to become your own boss:

1. Set Smart Goals 

As your boss, you will be responsible for your schedule. There won’t be anyone to tell you what to do or urge you to finish work, so knowing how to keep goals is crucial. If you aren’t good at setting and reaching goals, then this could affect your productivity. Think of it in the same way as how large businesses set sales targets that they need to meet.

Your SMART goals should be specific, something you can measure, as well as something you can strive for and attain. It should also have a deadline. This ensures that you will stay on track when it comes to achieving set goals within that deadline.

2. Long Term Goals and Short Term Goals 

What you want to achieve as your own boss is your ultimate long term goal. But to get there, you’ll need to follow various steps. You can use your short term goals to help you reach your long term goals. This allows you to build momentum as well.

As you see yourself meeting your short term goals, you can also gain confidence in your ability to be your own boss.

3. Market Research 

Research involves gathering data on your chosen industry. Then that data is used to answer questions you may have about your business and the industry. Say you want to know more about your competitors. Competition analysis can show you who your competition is, ideas on what brought in their success, what kind of products customers prefer, and more.

A customer analysis tells you who your ideal customer is, and helps you create buyer personas. The analysis can also help you understand how you can best target market your ideal customers.

4. Testing the Market 

Even if you love the products or services, you want to offer through your business, testing your products and services can be a good idea. This helps you assess how people in the world are likely to respond to your products or services.

5. Personal SWOT Analysis 

SWOT stands for ‘Strengths’, ‘Weaknesses’, ‘Opportunities’, ‘Threats’. Ideally you’re supposed to make one for each competitor as well. However, your personal analysis can be illuminating as well. It helps you see where your business idea is succeeding and where it is likely to face challenges.

6. Creating A Business Budget 

As a boss, you’re also in charge of the finances. Monitoring cash flow, ensuring that all income and expenditure are accounted for can seem intimidating. Your business budget should take into account your fixed and variable costs.

Fixed costs are those that have to be paid every month. This includes payroll, utility bills, rent etc. Variable costs can change from month to month, or even bill to bill, depending on what is needed. An example of this would be a construction project hiring subcontractors when required. So these subcontractors fall under variable costs as they aren’t hired every month and aren’t on the payroll.

7. Invest in Professional Development 

As your own boss, you’ll be responsible for everything from finding jobs to growing your business. To give you an advantage in your journey, professional development can significantly help. Professional development can come in the form of reading books to understand business, taking classes, networking, and so on.

8. Build A Mindset for Success 

As your own boss, you’ll need to motivate yourself to finish work. Inculcating a success based mindset can help you find self-confidence when it comes to being your own boss. You also gain the mindset necessary to lead your employee’s success.

Conclusion 

Becoming your own boss can seem challenging, but when you plan your transition correctly, you can achieve this with ease. After deciding that you want to be your own boss, start planning out what you should do to make that happen. You may need to stay at your current job for a few more months, as you save money and plan your business moves.

This helps you protect your current life, as well as your transition towards becoming your boss. Another way you can protect your interests is with business insurance. Insurance adds protection to your life, enabling you to deal effectively with business risks. If you want to learn more about business insurance, then click here.

Sources: 

  1. Austin, AA, Updated March 5th 2020, ‘8 Steps to Becoming Your Own Boss’, viewed May 11th 2021, https://itsallyouboo.com/8-simple-steps-to-being-your-own-boss/
  2. Guillebeau, CG, April 1st 2016, ‘8 Steps to Becoming Your Own Boss’, viewed May 11th 2021, https://nextbigideaclub.com/magazine/chris-guillebeau-6-step-plan-becoming-boss/7112/
  3. Law, TJL, December 23rd 2020, ‘How to Be Your Own Boss And Make Money in 10 Simple Steps’, viewed May 11th 2021, https://www.oberlo.in/blog/how-to-be-your-own-boss
  4. Staff, February 26th 2021, ‘How to Become Your Own Boss’, viewed May 11th 2021, https://www.indeed.com/career-advice/finding-a-job/how-to-become-your-own-boss