So, you’ve decided you’ve had enough of taking orders from people that don’t seem to know what they are doing and decided it’s high time you go it alone? Well done. You’re now on step one of making your own path.
Becoming your own boss can be one of life’s most fulfilling and liberating experiences.
It gives you complete control over your career, allowing you to make the best decisions for yourself and your future.
This newfound freedom comes with great accomplishment and satisfaction from creating something unique and special out of nothing but your hard work!
However, it is crucial to understand that becoming an entrepreneur and a successful business owner isn’t always easy – there will inevitably be challenges. With proper preparation, dedication, and commitment to success, anyone can become their own boss with the right mindset and determination.
But first, let’s break down the reasons why you might have decided to go your own way.
Determine why you want to be your own boss
There are probably a few reasons why you feel disenfranchised with your career and employment.
You may feel your talents and capabilities are not appreciated or compensated.
Or maybe you would just like to have more control over the direction of your life?
Which of these do you feel in your current employed role?
- Lack of advancement opportunities
- Failure to recognise and reward success
- Unclear job expectations
- Inadequate resources for achieving goals
- Poor communication about company goals and strategies
- Unfair compensation structure
- No career growth plan in place
- Limited professional development support
- Missing access to industry experts or mentors
- Absence of meaningful feedback from leaders
So, is being your own boss worth it?
Becoming your own boss has numerous benefits and advantages compared to the traditional 9-to-5 job.
For starters, you’ll have complete control over your business’s direction and be able to take ownership of decisions that will ultimately affect its future.
The autonomy of entrepreneurship provides a sense of personal gratification and accomplishment – something many people miss out on when working for someone else.
You’ll be able to create flexible work schedules and enjoy the financial rewards of being your own boss.
How to become your own boss from home?
What do you need to start a business in 2023? A laptop, a phone and WiFi. All of which are usually found in your own home. And that home doesn’t even have to be at home – the internet is everywhere.
You also don’t need flashy offices, nice cars and the latest telecoms system (no matter how many times those nice folk on LinkedIn tell you).
All you need is determination, time and a solid, marketable idea (sounds easy, more on that shortly).
You don’t even need money. Wait, are we mad?
You don’t need money to become your own boss
Yes, it is possible to make it happen and start a new business without any working capital.
But money makes the world go around, and it does help. Expenses like a domain name, professional email/phone numbers, accountancy software etc., usually have monthly subscriptions.
But don’t let those startup costs put you off.
All of the above can be sourced for free or less than £100 for your first few months.
However, our number one recommendation is to have a backup plan.
“According to data from the Bureau of Labor Statistics, as reported by Fundera, approximately 20% of small businesses fail within the first year. By the end of the second year, 30% of businesses will have failed.” – https://www.entrepreneur.com/starting-a-business/the-true-failure-rate-of-small-businesses/361350
Don’t become a statistic, but also make sure you have some personal funds – known as a runway – to keep your bills paid and food on the table.
Before you launch your venture, you must be clear about your goals and objectives.
We said you need a solid, marketable idea.
Ask yourself the following questions:
- What type of business do you want to run?
- What skills or experience do you have that you can use in your new endeavour?
- Are there any unique opportunities or advantages to starting a business from home?
- How much time are you willing to devote to the venture?
Be aware that running a new business is a sum of its parts: you may need an accountant, IT support, sales, marketing and many other roles to fulfil customer requests.
Have a business plan, but don’t only have a business plan
A business plan will help, but antagonising yourself over a 300-page document about how you will make money will stop you from earning money today. Sometimes actions really do speak louder than words.
Your plan should at least cover the following:
- What do you want to accomplish?
- How will you earn money?
- How will you find potential clients?
- How will you market to those clients?
One of the best ways to keep focus on your business is to set goals.
How to discover your business idea
- What industry do I know best?
- What weaknesses are there in my industry?
- Who would pay good money to solve those weaknesses and problems?
- What could I build, develop, create or sell to those people to solve their problems?
Remember, the key part of becoming your own boss is not to be the one doing the work. You are the one who is supposed to be selling the work.
This means if you are good at doing something, like working with data in a spreadsheet, it is not your objective to be the one doing that every day.
Your objective is to solve a problem and sell the solution. Many business owners torture themselves to death by creating a whole new 9 to 5 job for themselves.
How to become an entrepreneur?
You are an entrepreneur as soon as you start selling your solution to the problem-riddled masses.
You don’t need a suit, a nice watch or a super brand-new iPhone. You just need to take the pain away for your customers.
Being an entrepreneur means you are good at finding solutions to problems while being a very disciplined and organised person. That’s you, right?
- Is this a freelance business or am I building a company?
- Do I have the time in my life to dedicate to a business?
- Is selling whatever I want to sell, my area of expertise?
What are the pros and cons of being your own boss?
- Your earnings could be limitless
- You control when and how much you work
- You are able to pursue your passions
- You have more time with the kids, family or friends
- You will feel accomplished
- You may find progress is slow
- You’re in charge and responsible for everything
- Your income can be inconsistent
- You will still answer someone, usually customers, clients or – if you screw up – the government.
- It’s not for everyone
Transitioning from employee to employer can be difficult, but it’s definitely possible. Maybe it is time to quit your job and get to work (for yourself).
If you’re serious about becoming your own boss, it’s time to start planning and preparing for the path ahead. Good luck!