It’s hard work
All of those tasks just listed? They don’t pay. You need to take into account these administrative tasks, as well as lack of benefits, when you calculate how much you need to earn – and how much you need to work. And you’ll always need to be “on:” looking for new opportunities and making connections everywhere. Make sure you have the drive to put in the work.
What careers can you be your own boss?
You can turn nearly any skill set into a career where you can be your own boss . The best candidates are jobs that already have somewhat flexible timelines and that can be done from home. Here are some options to consider:
Whether you want to work independently or recruit a team, there are hundreds of jobs where you can be your own boss . You’re only limited by your imagination and willingness to put in the work.
Tips for how to become your own boss
Making the jump into entrepreneurship is a bold decision. If you’ve spent most of your life working for others, you have likely been insulated from many aspects of running a business. But to be your own boss , you’ll need to be the one coming up with solutions – and taking the blame. Learning how to be your own boss is a process of trial and error and requires deep belief in yourself and your vision. Use these tips to adopt a winning mindset right out of the gate.
1. Realize that you are the CEO of your life
According to marketing guru Jay Abraham , seeing yourself as the CEO of your own life is one of the best ways to take control and become 100% accountable for where your decisions lead you. You don’t need to be your own boss to act as the CEO of your life, but you may want to be after you see the enormous benefits of taking proactive control of creating a meaningful existence.
Venturing into entrepreneurship makes you the top dog, chief visionary, master strategist, ultimate decision-maker and ace of accountability. This is a tall order, but a necessary one; once you break free from the daily grind of working for someone else, every element of your business and your life is in your hands. It’s up to you to decide what you can achieve and what you want and need.
If you don’t have the dedication and drive to see it through, it won’t happen. This type of mindset will help you strengthen critical leadership skills in every area of your life and leads many to strike out on their own so they can exert even greater control over their destinies.
2. Combine your passion and your skills
To discover how to become your own boss successfully, you must unlock your passion and your skill set, then combine them into a winning business idea. If entrepreneurship appeals to you but you aren’t entirely sure where to apply your talents, think about your top skills and your experience. Most of all, think about past jobs you found fulfilling.
Still not sure what it takes to be your own boss ? Look into what fields are particularly rewarding for the self-employed, and let others who have taken this path before you provide guidance along the way.
3. Figure out your finances
Before you learn how to be your own boss , you have to know how much money it will take to live on and build your business. Though money may not actually buy happiness , having enough to be comfortable is one of the keys to relieving stress and having an overall positive state of well-being.
What are your monthly living expenses? How much do you intend to spend on equipment or other necessities? What sort of marketing plan do you have in mind as you scale your business, and how much are you willing to spend on that? How much do you need in the bank before you feel comfortable going all-in with your new venture? How will you know when it’s time to quit your day job?
Don’t resign your current position in a moment of passion only to find out that you need the money. Keeping your side venture while you slowly scale up relieves pressure and helps provide financial support while you figure out how to turn your passion into profit. You ’ll end up working some nights and weekends to build your business, but it will be worth it.
4. Invest, invest, invest
Learning about investing is an essential part of planning to be your own boss . Tony Robbins has said investing is the most important financial advice he can provide to the self-employed. “Take advantage of the power of compounding ,” he suggests, and let one small investment grow into a money machine over time. This money continues to accrue on the side, no matter what you’re doing; it can be your Dream Bucket money , your retirement and your emergency fund all at once. It can also help you achieve financial freedom so you no longer have to work a day job to fund your ideal lifestyle.
Validate your idea and find your market
Once you have an idea, determine if it is viable by looking at the market you want to target. You can start doing what you like on a small scale to test your ideas. Before you launch your business, it is essential to ensure there is a demand for what you want to offer by performing some market research. Use these tips to find your market:
Determine the profile of your ideal customer. Begin by asking yourself who would buy your product or use your services. Write down the age, gender, education, location and social background of these ideal clients. Also, determine where they shop and if they use the internet. With this information, you can format your message and design branding to interest them.
Analyze your competitors. Identify other businesses that provide similar products or services by visiting their workplaces or websites. You can get in contact with them to gather information on the market. Consider how you can do better than them or if there is a segment on the market they don’t cover. Maybe you can exploit this niche where your competitors don’t answer customers’ needs.
Conduct a customer survey. You can ask people whose profiles correspond to your ideal client about their needs and expectations, either face-to-face or online through your social media page and other available tools. Their answers will help determine if people are ready to buy what you have to offer and help you estimate the price they are willing to pay.
Determine the size of your market and the possible revenue. You can run a search on the internet to find reports on the industry you want to enter and how much revenue companies in this field generate. This information will help you to estimate the income you can make with your business.
Assess your business’ financial needs
You need to evaluate the amount of money necessary to launch your business. List the basics, like rent for a shop or warehouse and purchasing merchandise you wish to sell, but also the eventual cost of special technologies if your idea requires those.
Selling or producing a service: If you plan to sell or deliver the intangible, like freelancing and providing consulting services, your startup costs may be minimal. You may need startup capital to pay for branding material like a website, a logo, business cards and hiring an accountant.
Selling or producing a physical product: In this case, your starting capital should cover the purchase of inventory; the rent for retail, office space or a warehouse; and potentially the hiring costs of key roles.
Traits to have to be your own boss
Maybe you’ve had a great business idea for quite some time now but could never execute it. A contract ending or changes at a full-time role could be an opportunity to start your new business. Or maybe you’re eager for the potential benefits from being your own boss — more money, freedom, and flexibility.
Whichever way you decide it’s time, you need to have one thing set: your business plan. If you’ll be selling products, how will you make them? What supplies do you need constant access to, and how will you keep up with production? Do you need employees or experts to consult, and if so, how many? Think about the small details you’ll need to sort out to start being your own boss.