This post is for you if you want to be your own boss and keep control over your life. Do you want to work according to your preferences like the timings, holidays, working space, earnings etc.? then continue here till the end.
Disclaimer: This article is not for fortune hunters but for hardworking people who want to start a business after knowing all the pros and cons. Most people who want to be their own boss, dreams about luxury vacations and bigger paychecks. But what is the reality?
Most startups today fail in the initial years and the founders are worse off than when they started. But there are some exceptions too. Real phoenix bird entrepreneur stories like that of Cal Tingey.
At a young age, Cal Tingey started a business and it burned down even before getting insured. But somehow, he managed the losses and got back to business. Read the story of Cal Tingey here.
Success stories always inspire, but do you know that the numbers of unsung stories of failed heroes are a lot higher than the success stories?
As humans we have a tendency to imitate others. We copy the success formula of other already existing businesses. This blind imitation can be one of the major reasons behind failures and sometimes it brings unwanted competition in the industry. So, don’t follow any successful entrepreneurs or marketing gurus and just hear your own voice.
Now let’s understand each of the things you need to take care of for building a business that lasts long.
If you want to be your own boss, then think like a boss
If you ask fellow entrepreneurs the reasons for stopping their startup, then the answer will most likely be low finance, lack of marketing skill, lack of demand, product or service problems etc. But most of them fail to point out the most important reason as the mindset.
Mindset means a way of thinking and if you want to build a long-lasting business, you should have an entrepreneurial mindset.
Entrepreneurial mindset means a unique thinking style with lots of qualities like patience, persistence, observation, ability to focus, prioritizing things, positive thinking etc. Let’s look into the benefits of thinking with these qualities.
First of all, you have to prioritize things and focus your energy on things that you want to address now. If you start your day with a head full of thoughts, then your energy will be scattered and nothing will happen at the end of the day.
Use a minimalistic approach to stay productive and energetic the entire day. You can’t be a minimalistic person overnight. It needs lots of patience, observation and more control over your mind. So, let’s practice the art of getting things done.
You have always seen Mark Zuckerberg, founder of Facebook in dark blue jeans and a plain grey T-shirt. Once Mark Zuckerberg revealed the secret behind his dress code was that he wanted to limit the time and energy he spends by making silly decisions like what to wear. This is a perfect example of the minimalist approach and you can read the whole story here.
Know your finance
Earlier we talked about mindset and how to be away from all the disturbances. Now we will discuss the most prominent factor: financial balance, which takes us back to focusing on our priorities.
If you are planning to be your own boss after having a job for a couple of years, then there may be a mortgage loan, EMIs etc. So, clear all your financial liabilities. Make a financial plan for one year and in the plan don’t include even a penny from your business as revenue.
If you have an asset, which is not useful for now and can be a liability in the future, then settle it.
Focus on what you are best at?
You have already planned to be your own boss and know the process to start doing business. As a working person, you might know the business domain in which you are best. This may be marketing, sales, finance or administration etc.
If you are planning for a real business then you must be focused on the domain in which you have more expertise. Initially, you will have to take care of all the processes like taking orders, delivering orders, collecting payment and caring for your customers etc.
Once your business starts scaling, you have to find out the right people in the right places and these people can be freelancers, consultants, your partners, employees etc. In the early stages of your business, create the right employee-hiring plan. To read more about employee hiring plan check here.
In simple words be around and work with genuine, honest and capable people. If you lead people by your vision, then you can create an army. We think that you know the difference between slaves and an army.
One of the best examples for how to place key people in right places is the founding story of Apple. As Steve Jobs was passionate about marketing, he led the sales team, on the other hand, Steve Wozniak was a passionate electronic engineer and a programmer.
Have plans and be ethical
Starting a business with a proper plan doesn’t mean you are going to be successful. A business plan must be realistic and flexible according to market situations. Read here how to create a simple business plan.
In most of the cases, you should need A and B plans if something goes wrong with your primary plan.
Your primary plan may be strong, clear and implemented after lots of research work, but there may occur some worst-case scenarios like a change of market situations and government policies. So always be prepared with a B plan.
A business plan provides you with an overall picture of your business. And this overall business picture will provide you with the details of additional skill sets and resources, which are required to accomplish your business goals successfully.
Business ethics are codes of conduct, which decide what is wrong and right in business. In every business, there are basic principles for doing things, which are based on moral and social values.
To always be ethical, make decisions based on the long-term benefits of the business. For instance, maintaining a customer support team in the initial days of the business will lead to an increase in the expenses but it will benefit in the long run.
Why should you want to be your own boss?
Some people want to be an entrepreneur because of the social status and luxury they can enjoy. A true entrepreneur must be fearless and ready to leave their comfort zone to accomplish their personal goals.
If you are passionate about something which will create value for the society then be an entrepreneur but not because you want to be rich and don’t like to work for others.
Here we have discussed the basics, which you have to think of before starting a business. We hope this article will help you in taking a decision about starting a business.
Let us know about your past experience about starting a business if any. Anyway, all the best for your new venture!