For majority of people, 9 to 5 job is the greatest nightmare. There is always a simple solution for every problem and this problem can be simply solved by starting your own business and becoming your own boss. Once you have your own business you donâ€™t have to worry about waking up early in the morning, dressing up in uncomfortable clothes and reaching on time to avoid facing your bossâ€™s irritating noise.
Though it sounds very pleasant but in the beginning, you have to face tough times and go through many ups and downs. The thing is to remain committed. You must stick to your long term goals and plans. No matter what plans you have, you can be your own boss today. Here is how and what it takes to be your own boss.
Donâ€™t leave Job
First thing that comes in mind when starting your own business is to leave oneâ€™s job. Guess what! If you do this, you may fall in the hands of huge debt. It is not a wise approach to leave your job and start working on your business plan. It needs time, effort and planning. You will never get your first client right at the instant, even if you start working right from next minute. Make sure not to act stupidly when it comes to getting rid of angry and irritating boss. Stay on your job and work on back end with your business plan.
Think, what you are going to do
It is one of the toughest questions that one has to ask, what to do, how to do and where to get started? The answer is not hidden within the success of your best friend who is working as a founding member and CEO of company. Think on your own and find what suits your interest, how can you manage, what resources you need and most importantly how much finance is required. Unless, you have not found these answers, it is foolish to write a business plan and start working on it.
How Much Finance Required
Before you start designing your own office, make sure that there is plenty of cash in hand to invest on building your business successfully. Every business needs some investment and how much money can you spend on establishing your own business. For example, if you are starting online business, make sure that you have internet connection as well as laptop or desktop. Moreover, make sure if any other resources are required to take your plan forward. Like, if you are a developer and want to make use of website to market your skills and business, you need to have content and a great design. How much can you pay to freelancers on getting their services?
Write Business Plan
Now that you have decided about what business to conduct, it is time for you to take out piece of paper and start writing the plan. Start off with what is your objective, how can you reach milestone and what will be the positive and negative sides of your business. Make sure to write clear plan and stick to it unless you are successful in achieving the milestone. Do not get disheartened if you are not able to write one because it needs time and proper research. While writing your business plan, make sure that you are hitting the potential market rightly. For example, if you are going to sell jerseys in Sahara desert or pair of half sleeve t-shirts in Siberia, you will definitely fail.
What are the Risks Involved?
Before starting your business and working as your own boss, it is good to know the risks involved, who your competitors are and what products will you offer. Unless, you are selling quality products and services at competitive rates, your chances of success are higher, even if the competitors have strong repute. You also need to find other things such as laws and regulations, taxes, approval from concerned authorities and other things. Make sure that there is no high costs involved such as purchasing of big machinery etc. You need to work smart, not hard.
Go for Marketing Plan
Unless you have not told people about your product or services, there is no use of hard work that you have done so far. Marketing is the backbone of any business success or failure. You need to find the cheapest ways to market your business. The best way is to make use of social media and other online tools such as blogging and owning a website. Nowadays, it is important for every business to have their own website to market the business. If you are working on online business plan, you can work in plenty of ways. Find out whether you are going for free marketing promotions or paid ones.
Start Setting Your Office
It is now time to start setting up your own office. If you are establishing your online business, there is no such need to have your office in commercial place. All you need is to have a laptop, internet connection and a peaceful place to sit. You might need to invest in buying some stationery products, printer, scanner and other such supplies. You also need to have files and folders to manage records, if you wish to rely on hard copies instead of saving electronically. On the other hand, if you want to have an office in a building where you can meet clients, manage appointments and other such stuff, make sure to find the one with cost effective rent.
Create Record System
If you want to avoid any type of hassles with the payments, tax returns and other such important information, you need to create proper record system. They need to be piled up in an arranged manner and make sure no one has access to it. If you are running own business that requires accountant all the time, make sure to hire one so that there are no issues in the future.
- If you want to be successful with your business, make sure that the products and services you are offering are need of general public. They are appealing and fulfill the need. It all depends on how wisely you take decision at the beginning.
- Make sure that your business looks more professional and can attract people instead of losing them. It should not look like scam and for this reason, make sure to have professional website, attractive logo and proper contact and support.
- Your business will never succeed if you are acting like a tumbling stone. For the first few months, you might not be able to get response. But with the passage of time, you will recognize how good your idea was and if you had quitted, it would be the greatest regret.
- If you are going to hire some professionals and build your team, make sure to analyze candidates with care. Make sure to collect all the information such as passport, identity card, social security number, license and past criminal records.
- Ensure, multiple payment methods for customers such as debit card, credit card, check and wire transfer.
- For getting response quickly, it is better to offer free giveaways, deals, discounts and other promotional items.
Remember that every business needs time and investment both financial and effort based. Give your new business ample time and invest enough to stabilize it before you expect good returns.