7 Steps to Becoming your Own Boss
Don’t waste time living someone else’s life. Stay hungry. Stay Foolish. – Steve Jobs
Working 9-5 isn’t for everyone. I’ll admit, I am certainly dreading the day when I have to give up the freedom of scheduling my own life where I am able to take a spin class in the middle of the day, or go for a coffee in the afternoon with a friend. More and more, you hear people up and leave their day jobs to create a life where they are in charge and they are their own boss while pursuing their passion.
Have you ever considered doing this?
Although being your own boss potentially means late nights and early mornings, it is something you can do for yourself and your family. Not to mention, it’s something that you love doing and that is what will make all the difference in your daily life.
So here they are, 7 steps to becoming your own boss!
1. Decide it’s time for a change
Are you dissatisfied with your life right now? I’m guessing if your reading this, you would love to jump ship of your current job and start something for yourself. Fortunately you are the only person that can change this, you are in charge of your life so take the reigns and make it happen. You, and only YOU have the power to do this.
2. Choose your Business Niche
I am sure there are several things that you are good at, and deciding to start your own business is a big step towards your independence. Think about what you will be able to succeed at, and be happy while doing it.
When starting your own business it is important to begin when the opportunity arises. You may see a franchise that might work well in your home country or current location, who doesn’t love a Starbucks Pumpkin Spiced Latte? You may see an app that you and others would like to have available, or you may see a web business that will attract both visitors and advertisers. Do something that will put pep in your step every day when you wake up.
There are three approaches to consider when starting your own business:
Work with your experience
Look at your past experiences and see what you could package together through your past work experiences to create your own service or product especially for you. Your unique skill or experience has the potential to turn into a unique service or product.
Learn from others
Google is your friend. Find other businesses that interest you and identify what it is about them that interests you and emulate it. When starting your own business it may feel like there is pressure to create something new and sparkly, but as Steve Jobs said, “Picasso had a saying—‘good artist copy; great artists steal’ – and we have always been shameless about stealing great ideas.”
Find something that is missing
Is there something missing in the market? Make sure to jump on that opportunity. With this approach, it is the most high-risk of the three approaches. Make sure you educate yourself before you commit fully. But remember, with great risk comes great rewards.
3. Research & Analyze
Once you have seen your opportunity you then need to research and analyze the underlying economics in the opportunity. It is possible to build something from nothing, but you don’t want to put yourself or your loved ones in economic stress.
Research can be anything from what regulations might cause problems or what competitors will try to beat you to your specific market. And, it’s important to know what people like.
The other side of research is the economic standpoint. What does it take to bring your new snazzy app to the market? What does it take to buy, remodel or sell a building? What exactly might stand in between you and sparkling success?
4. Find Funding
Money can often be the dictator to how your life operates. When starting a business cold, hard, cash is required to get things running off the ground Investors is the most solid route to choose, but if that doesn’t go as planned, don’t get discouraged as there are other options to get that cash.
If there’s a will, there is a way. When things aren’t going my way I usually cringe hearing that saying, but the hard truth is…. it’s true. If finding investors is giving you quite the headache there are other options. There are grants that you can apply to, to start your business. Even contests are out there that can help you succeed. The Amazon Web-Services Start-Up challenge provides annual rewards of $50,000 plus $50,000 credits to businesses each year.
There is money out there, take Shark Tank for example. There are people interested in what you have to offer, but its all about finding the one that is interested in your idea an what your business potential is.
5. Setting up Shop
If you’re able to give yourself the green light, it’s time to make a business plan! Some people aren’t planners, but when starting your own business you want to be a planner, it will give you clarity and help you get to the market faster.
The primary topic of any business plan should be the “big picture” of your business including the people, the opportunity, the context and the risks and rewards.
If you need a little guidance setting up a business plan, check out these templates to get you going. If you need more of an in depth description of what you should do, there is always more guidance out there!
This may be a no-brainer, but when building your business you should build your online presence so your future customers can find you, and you can spread the word on all social media channels and the Internet. There is a pretty good chance your target market is Googling your product right now, so make sure they can find it.
6. Build your Network
You may already have your network from past experiences, but if you are jumping into a new market you will have to develop a network of supporters, advisors, partners, allies and vendors. A good way to start is by joining small business associations in your area. There are the tools out there to help you, so let them help you. You never know whom you are going to meet.
Although your main concern right now is getting your business off the ground it doesn’t hurt to think further into the future. Get online and explore where customers and future competitors are hanging out, and join startup communities!
7. Build your brand
You’ve done all the research; you’ve made your plan, but don’t forget to ask yourself what you want your brand to be and how you want it to be seen. Although you are building your business brand, it is still personal. Your business is becoming a part of who you are, and you want to be expressed through your business brand. Clients won’t just be coming to your business, but they will be coming to you. Between the two, they should be consistent.
Through your online presence and social media channels you can express exactly whom you are and what you have to offer. Don’t miss an opportunity to get your new product or service out there!
As a new business you should make sure to reserve a great domain name as a part of your brand. Choosing a domain name is a major aspect to your brand. You don’t want the perfect domain to be taken or already used. Not only is it important to pick a domain that suits your company but also be aware of other businesses out there with the same name on a different domain.
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If you are building a small business, one of the biggest advantages you have is being able to build a personal relationship with all of your future customers. Use this advantage in every aspect, its even possible to have a personal touch when bringing your business online.
Taking all of this under consideration will bring you closer to being your own boss. Its no surprise that the hardest part is figuring out what you want to do and developing a strong business idea. Never be ashamed or afraid to ask for help, reach out to other entrepreneurs. Once you have your solid business idea, it should be smooth sailing ahead! Bon Voyage!
