It’s a thought we’ve all had: What would it be like to become my own boss? I could plan my days how I want, manage my company my way, even work in a variety of industries.
Some people may want to start a consulting firm—others, a small business. It all depends on you and your vision. And your vision will need to be solidified before you quit your day job to launch your own company.
Are you ready to learn how to become your own boss? Here are a few thoughts to consider to help get you started.
Define what isn’t working in your current work situation.
You must have a reason for wanting to start your own business. Most of us are motivated by a vision we have of our own company, or by the desire to change our current job situation.
Which is it for you? What do you dislike about your current job? Is it not having the freedom to choose your own hours? Is it the line of work you’ve chosen?
Defining exactly what you don’t like will help you determine what you do like, and will help set you on the path learning how to become your own boss.
What kind of work do you want to do?
Do you know what you like to do? If not, that’s okay! Try experimenting with what you like. For some people, their actual line of work is a secondary consideration—made after deciding they simply want their freedom.
Read about all kinds of professions. Ask your friends and family what they love about their jobs. Figure out what you’d love to do while being your own boss.
Also, check out the book What Color Is Your Parachute? It’s a fantastic book that helps readers determine exactly what they love, in work and in life. It will show you your strengths, your weaknesses, and everything in between.
Plan your goals.
This is an extension of the last question. Once you determine the kind of work you want to do, ask yourself: What do I want to accomplish?
How much money do you want to make? Who do you want to offer your product or services to? Why?
Think of this step as your impetus for becoming your own boss. These goals will fluctuate, of course, but when the going gets tough, you’ll always be able to look back on your original goals for motivation.
Look at your financial needs.
Here, we make a list of the financial challenges we’ll potentially face.
What will you need to make this business a reality? How much money will you have to make each year? What will your overhead look like?
You’ll need to know this information to solicit funds from potential investors, or to simply manage your own money as you move it into your new venture. It’s a sobering task for most—but a most helpful one!
Franchise vs. Consulting vs. Licensing—Which one is right for me?
After determining what you’d love to do, then figuring out your goals and financial challenges, it’s time to discover what type of company will work best for you.
You may want to consult, or start a franchise, or obtain a license to a proven business model, or open a brick and mortar business. It all depends on your answers to the questions in this article.
Any other considerations we should add to this list? If you’re learning how to become your own boss, tell us what’s helped you!
After you’re done, be sure to read the U.S. Small Business Administration’s article on “10 Steps to Starting a Business” for some great practical advice on getting started!