There are many advantages to being your own boss. You can make your own hours, spend more time with your family, avoid the morning commute and save money on gas, reduce your overhead and offer lower competitive rates, etc. There are also tax advantages: if your home is your place of business, you can right off part of your rent or mortgage, utilities, insurance, repairs, etc. Entrepreneurship has become a growing trend that accounts for more than four million members of the US workforce each year. While it is truly part of the American Dream, being your own boss requires a lot of hard work and usually a good deal of overtime.
Here are some tips as you set out to become your own boss:
Write a business plan. The more extensive and detailed you are in the planning stages, the more likely you are to succeed. Most personal businesses fail within the first two years, and lack of a clear and realistic business strategy is often cited as the cause of failure. A well thought-out, professional business plan can also help attract investors to help you get your enterprise off the ground.
Save up. One of the risks of entrepreneurial endeavors is that they may not be a reliable source of income in the early stages. Saving up to create a financial cushion for at least the first six month is recommended. It's also best to put as little of your personal money into the startup costs as possible. A business loan is best, credit card debt is an option but the interest is extremely high, and family and friends may be a lost resort.Hire people you trust. If your business requires you to hire workers, careful selection of staff can be the deciding factor in success. Using networking from previous jobs or other colleagues, seek out qualified performers to get the job done. The quality of the product is the entire business. Your client base is your livelihood. Satisfied clients are likely to become repeat customers and tell other potential clients about your work.
Track your progress. As an entrepreneur, you're not just your own boss. You're your own HR manager, accountant, administrative assistant, customer service representative, and all of the other jobs that comprise any other organization. Keeping detailed records of expenses, client information, profits, time spent on each project, etc. is the only way to control your business and make adjustments when necessary.
Practice time management. While you'll have more time in the day to get your work done, you'll also have other distractions. Setting aside blocks of time for work is essential, and may mean shutting off your phone to stay focused. While your schedule can be flexible, being successful will most likely require more than eight hours of work a day.
