When you choose to be Your own boss, it’s a dramatic change from the typical 9 to 5 cubicle prison you worked in.
You will become a business owner and in charge of your financial fortunes and future career. You are in control.
With the flexibility to work whenever and wherever you want, being a true boss can be an important contribution to truly living Rich life.
But that doesn’t mean you should walk into your manager’s office, quit your job and start a business this afternoon (though you could). Wondering how to be your own boss?
4 Tips for Building a Great Business That You Can Be Your Own Boss With
These tips date from over a decade of training freelancers, side hustlers, and solo preneurs. Let’s dive in!
Tip 1: start on the side
If you spend a lot of time dreaming of being your own boss or listening to podcasts about starting a business, it can be tempting to just quit your job and “make it work.”
But unless you have a huge nest egg to fall back on for a few months (or years) while your business is running smoothly, quitting your job may not necessarily be your best option.
Yes, it works for some people to just quit and work from home, cold turkey. But for many others they run out of money too quickly, they can’t make money fast enough and then they can’t pay rent or put food on the table and get back to their day job.
Instead, I recommend you Start a sideline first.
My business, which I now work full-time from home, began as a sideline. I built it up a few hours a day for over seven years. When the moment was right, I finally took it full-time to be my own boss.
There are a couple of main reasons it’s a good idea to take up a sideline before you jump in. Here are a few:
- Having a side business will test your commitment to running a business. If you don’t have the drive or passion to run a side business, you won’t have the passion to run a full-time business.
- Having a side business will help you build your financial runway. To build a smart business, you need a cushion. Use funds from your full-time and part-time jobs to generate savings before you take the plunge.
- Having a side business will help you get some traction in your business. Starting a business from scratch can be daunting. Better if you have the safety net of a job than if literally everything relies on your success.
- Having a side business will help you develop the skills you need to run a business. Running a great business is nothing more than the work you do in your cubicle every day (unless you run a huge department). Having a side business allows you to develop your entrepreneurial and managerial skills and see what it is like to work from home.
Tip 2: Choose a simple, inexpensive business model
To turn a business idea into action, you need to sell a product or service. It’s just a simple business.
If your goal is to be your own boss quickly, you can get there quickly by choosing a simple, inexpensive business model like freelancing, consultationor otherwise hire your own services and expertise.
If you’re a designer, writer, developer, artist, or otherwise creative, you already have the skills you need to be your own boss and work from home.
With a laptop, some basic supplies, and some hard work, you can get started Find potential customers for your companyand become a freelance writer, designer, developer, or hundreds of other options depending on your skills.
You don’t have to find big money investors, create a 100-page business plan, earn a management degree, or rent an office to be a business owner or your own boss. For some business ideas, You don’t even need money to get started depending on the product or service you are offering.
Here are some questions to ask yourself when determining if your business model is a good idea:
- Can I start this business idea with equipment and assets I already own? Do I have the technology and tools I need? Start this business from home today? If not, how much do I have to spend to get up and running?
- How much does it cost me today to start this business idea? Can I run my business today without making a large financial investment?
- How fast can this company generate cash flow? How long will it take before I actually make money with this business idea? (The faster the better.)
Tip 3: quit when the time is right
When I was unexpectedly laid off from my day job (along with half of the company I had only hired a few months earlier), I decided it was time:
I would finally be my own boss.
After working for myself for a couple of weeks, I asked myself, “Why didn’t I do this a long time ago?”
Being my own boss was literally one of the best things that ever happened to me. But without the pressure to get fired, I might have worked for someone else … forever.
That’s a scary thought.
But I’ve also met people who jump too early – provided they have to, as they hate their job, cut out for self-employment and be ready to work from home, even though they have no idea what product or service they are could offer.
Somehow they’ll make a lot of money working for themselves.
It rarely works that way.
That is why it is important that you quit your full-time job when the timing is just right. Not too early, but not too early.
How can you predict the right timing? Here are a few options:
- Consider quitting when you have enough financial runway. For some people, a healthy financial runway is three months of cushion. For others, it’s two years. Given what we’ve all been through in the past year, Ramit recommends a one year worth of pillow (versus six months before COVID).
- Consider quitting when your side business hits a sales target. Again, this depends on personal preferences. If you are making the same or more part-time work than your full-time job (in a fraction of the hours), it may be time to take the plunge.
- Don’t think about quitting when you have a bad day at the office. Bad days are only part of life. A bad day at work is not a reason to quit your job and become an entrepreneur (unless everything else is fine).
Tip 4: just start!
Finally, my best advice to you if you are tired of working in your day job and wanting to be your own boss means just getting started.
Most of the people in your shoes read way too much articles, listen to podcasts, watch YouTube videos, develop your skills, and dream.
You will never be your own boss like this.
The only way you’ll ever be your own boss is by taking action. Even if it’s something small – like attracting your first prospect – it can ultimately turn into huge profits and put you on your way to a successful business and a rich life.
So just start. Before reading, listening to, or looking at any other piece of advice, there is something you should do.
Here are some easy, quick wins to tackle today if you are determined enough:
You got this. Before you know it, pack up your cubicle, leave your full-time job behind, and be your own boss!
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