Probably some of you have thought about making some changes in your life, mainly how you can increase your earnings. Since everything just seems to get more expensive these days. Well, you are starting with the right mindset. The option to take to the next level is a great decision, indeed.
So, how do you get started? First and foremost, assess yourself if you are ready to take on a huge responsibility. Remember, being an entrepreneur is not an escape from your 9 to 5 job since an entrepreneur would mean having to be always available 24/7. Startup businesses are very crucial. Although you may still have people to help you with your business, you need to be 101% hands-on in your industry. Otherwise, you will just be wasting your opportunity.
How Do You Start To Be Your Own Boss?
If you plan to start a small business, such as something that you can begin at home, it can be tiring and not put too much pressure on you. Just take it slow, but be sure that those small steps will eventually result in something big.
Here are some ways on how you can become your own boss:
1. Think of what you would really want to do. Don’t jump into one kind of business just because you think it is profitable. You must assess your capabilities as well as your finances. It is wise to start a business out of your own passion because those businesses genuinely survive. If you do something you love, you won’t feel like it is work or responsibility.
2. Decide on which products/ services will pay for. Be aware of what is in demand in the market. Check out how you can reach out to these people and make them turn to your business.
3. Search for people who can be your ideal customers. Ask them what they want in a specific product/service. It is like doing a survey to ensure that you develop an exemplary product/service for your clients. Ensure that you meet their needs.
4. Every business needs a business plan. It is just like building a house wherein you need to have a layout of your home to look. You jot down your goals with your projected dates and cost with the business plan. A business plan does not always mean 100% fail-proof. Therefore, always have a backup plan if what you have started fails.
5. Start small; think big. Some entrepreneurs started their businesses while they were still employed. And I do believe that it is wise to start with a small business first before starting with a big company. This allows you to have an opportunity to test your ideas and see if the industry can hold up before you leave your job.
6. Take customer feedback seriously. An entrepreneur should always see negative feedback as something helpful. With this, you can re-assess your ideas and look into what else you could do to satisfy your customers.
7. Don’t do everything on your own. Although being an entrepreneur means knowing everything that is going on with the business, you can’t be doing all of those things all the time at the same time. Get a team of great people that can help you with the business. You can seek help from family members for a start. But as your business grows, you may need to hire other people, too.
8. One of the mistakes entrepreneurs make is that they just set a certain amount to start a business without sustaining it for the next 6 months. The investment return usually comes after a year or two, sometimes after 7 years, depending on how big the business is. Therefore, in the first few months of starting the business, do not expect your invested money to be available. You have the responsibility to pay your employees and suppliers. But to get a share of what the business has earned may not be possible for the first few months.
9. Decide if you want to go solo on your business or have a partner. I suggest that if you look for a business partner, choose someone who will also put some work into the business. More than the financial help you can get from your partner, you have the same vision about the company.
10. Once you see that the business is slowly getting its way to the market, then that means it’s time to become a full-time entrepreneur. You may feel ecstatic leaving your day job, but don’t forget that more work awaits you in your own office. Also, make sure that you don’t leave your job holding grudges against co-workers. You should maintain a good relationship with them. After all, a good word or two about you will reflect on your own business.
Being your own boss may just be a satisfying and worthwhile sacrifice. But always make sure that you never forget yourself or your family along the way. Remember that all your gifts can be wasted if you neglect the people who love and help you get started. Make your family part of your success and learn to give back. A thousand folds are sure to come back to you.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
