Among the common complaints of people who work for other people since time immemorial include very minimal benefits as well as the lack of freedom inside the office.
You may have heard your officemates and even your parents a couple of times complaining about constantly being told what to do and how to do it.
And because of this, you’ve decided to hang up your employee uniform and be your own boss. What’s next for you? If your answer is “I want to own a company,” then this is definitely a great read for you.
Once you’ve decided to put up your own business, simply follow these simple steps:
1. Determine if your financial situation would allow you to write your own paycheck.
Doing so means you should determine how much of your money are you willing to invest on your business venture all the while considering if—between the operation costs and maintenance of your business—your money would still be enough to put food on your plate and give you a decent lifestyle. Aside from that, you should also determine if the money you have would be enough to get your business started and if it can be financially viable.
2. Scrutinize your personal discipline.
Since you decided to become your own boss, you should begin practicing it by checking of you are behaving like one. A real boss has a stable mental state and is disciplined especially in times of crisis. You should also be able to manage your time accordingly because between your family life, social life and business, you may already have your hands full. If you do not have these qualities then you may think twice about heading your own company.
3. Determine the field or industry you are most possibly to succeed in.
You can do this by looking into your past jobs, your professional license and your educational background though you should also consider having a business related to hobbies and things that you love like a bookstore or sports essentials shop. When you’ve done this, you’re ready to consider if you have potential clients in your new venture.
4. When you transition from being an employee to becoming businessman, you should not make it a one-time, big-time change.
It is wiser to start being a businessman part time first because this would allow you to test the waters before you go all out in becoming a full pledge businessman. Of course, this entails your expertise in time management because you would surely be very busy at this point in time.
5. Decide when to transition to doing business fulltime.
After getting the hang of making your business a part time venture, receiving good feedback from clients as well as being able to work at your own pace, in your own time would begin to pull you in with more intensity. If you’ve decided to take the leap and upgrade your business into a fulltime venture, you should still consider becoming a part-time employee if your job would allow it to make the transition smoother. But if there is no such option, then you should decide on the right time when to quit your job based on your business clientele as well as your money and time.
6. If your business is now ready to go full blast, begin organizing your legal business entity.
This means you should iron out of your tax records, financial documents, work space, and business entity structure of choice. This is also the best time for you to sort out possible difficulties like inadequate quiet time or space for your home office, finance and tax issues, and legal document problems.
7. If you have decided to quit your job, make sure to do it gracefully.
Never burn bridges because you may never know when you need your connections to your past company in the future. Also, make sure you leave a good impression on your officemates and stay connected with them.
8. Cultivate the entry of regular work for your business.
Once you are on now managing your own company whether it sis product-based or service-based, make sure you deliver high-quality service and products for your first time customers to become regulars.
But like every other thing in this world, becoming your own boss has pros and cons which all revolve around money, benefits and responsibility.
A successful business can provide you with a steady financial status as well as less pressure on your responsibilities since things fall into place according to your business plan, not much is left for you to worry about. Becoming your own boss also means you have access to perks like setting your own schedule which can give you more time with your family if you wanted to.
Of course, starting out a business requires you to spend or invest money on that particular business. Your initial investment may be small or big depending on the kind of business you are planning to put up. Health benefits can also become a problem for self-bosses compared to employees who have the companies they work for (legally) shoulder the health insurance expenses. Being responsible for your just-starting business can also put too much stress on you especially if you have other people who invested on your shop.