Who wouldn’t dream of becoming his/her own boss? Being your own boss comes with plenty of benefits. You can set your own work schedule and not have a boss breathing down your neck. However, if you have to be a successful entrepreneur, you need to stay focused and also ensure that the deadlines are met. American society is small business friendly because the US government acknowledges SMBs as the spine of its economy.
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Starting out on your own a decade back and venturing into a new business in the current economic and financial situation is different. The current economic conditions are not only brutal, but also very competitive. You must understand that the transition period for becoming your own boss must be given a minimum period of 12-months. For instance, if you want to become a small business owner in 2013, you have to start doing the groundwork for it right from 2012. According to the US Census Bureau, 75 percent of the business firms have no payroll because they are self-employed. If you are harboring a dream of joining the club of small business owners, these are the few things that you need to keep in mind.
Things to do before becoming your own boss
- Chart out a Life Plan – Do not jump into a business venture without doing a considerable research. Develop a life plan. Your life plan should take into consideration your long-term goals, how much money you want to earn, what you want to save for your retirement. Once you chart out a life plan, it becomes easier for you to draw out your business plan.
- Financial Plan – Before you phase out of a full-time day job, you should make a proper financial planning, which will help you estimate how much money you should put aside to start your small business. Ask yourself whether you are ready to go without a paycheck for the next couple of months or years in some cases. Also keep in mind that carrying a credit card debt will have an adverse affect on procuring business loans. So ensure you have a good credit rating to get business loans at a reasonable rate of interest from the local banks.
- Update your Skills – You may be good in your field of work. Keeping updated on the various technologies related to your business helps in propelling the business. There are thousands of business software programs on cloud such as online invoicing, project management, document sharing and so on, which will help you be a successful small business owner.
- Plan for Success – Success does not happen overnight. You need to plan to be successful and for that you need to draw a business plan. When you have written down your ideas and thoughts on a piece of paper, it helps to clarify your business goals, the road map to achieve them and long-term vision.
- Schedule your Work and Set Realistic Goals – When you are your own boss, you have to set hours of work and stick to it. Avoid the temptation to start late or stopping work early. Keep in mind your long-term goals and make a to-do list every evening before winding up for the day. This helps to priortize your task and also makes your goals more achievable.
- Evaluate Progress – It is good to practice the art of self-evaluation to measure your progress. Self-evaluation will give a clear picture of the areas where you need to improve and where you are doing well. It helps to work towards your goal smoothly.
When you are your own boss you have to be self-motivated. There are times when things may go wrong and you may feel discouraged. Create a personal theme song, which will keep you going when the times are tough. Play it on those days. Last but not the least, reward yourself when you have done a good job.