Becoming a self-employed person or your own boss can be exhilarating and can turn in a handsome investment return to you especially when you are doing what you love and what you are good at. But it is important that you weigh up the pros and cons to know whether becoming your own boss is your best bet or not.
Of course, if the benefits outweigh the risks involved, you can give it a shot. But if you are the type that loves the brainstorming sessions, project collaboration and friendship that go with working for others, becoming your own boss might not be your ideal choice.
Here are salient facts that reveal whether working for yourself is your best bet or not.
Weigh Up The Pros And Cons Before You Quit Your Paid Job:
Though becoming your own boss can be exhilarating, the income that accrues to you from the new business might not be enough to meet your daily financial obligations. It is, therefore, important that you keep your paid job as you run your new found business. To hinge your hope on a business that is just starting off even if you do what you love and have what it takes to make a success of it might not be the best. You don’t have to lose a steady income for a business that is not generating income right now.
Of course, you can run your business in the evening after your day job. It all depends on the nature of your job. If your paid job allows you to manage your business during the day, why not? As long as you are not managing it at the expense of your paid job, you have no problem. However, you need to weigh up the pros and cons before you decide whether to keep your day job as you manage your own business or not. To some people, quitting the paid job is the best bet especially those who have the financial wherewithal to meet their daily financial spending, therefore have more time for their business, and get it off the ground. It behoves you to figure out the best way to get your business started.
Start Small But Plan In A Big Way:
Even if you have the money to throw away, it is a good idea to start small and think big as you try to get your feet wet. Though there are businesses that require a lot of money to set up, you can start on a shoe-string capital if you don’t have the financial wherewithal to start big. It requires, for instance, millions of naira to set up a filling station, but you don’t have to raise fifty thousand naira to start selling kerosene in your neighbourhood. Thus, you should start with what you have. Starting in a small way can help you figure out the intricacies of your business and invariably mitigate your risks.
You don’t have to rent an office as a freelance consultant since all you need to get started is your private apartment, a laptop computer, smart phone and internet access. In fact, some people render services to customers/clients in their houses/apartments without an office. For instance, a private teacher can impart knowledge to students in their private homes to earn a living. He does not need a rented office to get started. Sure, there are businesses people can kick start without having to break the bank. As long as you have a head for something you can get a business started on a shoe-string capital. What if your intention was to set up a computer school? You can start with your private apartment, or get a space in a nearby school. As long as you don’t render the same services, you would surely get a school that will let an office out to you.
However, you have to think and plan in a big way for your business. Where do you want your business to be in a few years’ time? To start small is no big deal, but do you have what it takes to make it big. You can make it big as an entrepreneur if you have the knack for “thinking out of the box”, planing purposefully and acting decisively.
Do What You Love And Have Passion For:
Do you have a head for something that people can pay for? Sure, you have something inside of you – your inherent skills. Do you know you can build a business around that skills? Of course, doing what you love and have passion for is a great way to get off to a good start. You won’t be overwelmed by the challenges that go with your business because you are doing what you love. Your passion for the business, coupled with your ability to make a success of it, is what gets you going when the going gets tough. Have you Figured out the skills set that bring out the best in you? Do you have writing prowess? You can make it big online with that skill. If you have flair for figures, you have got an idea (you can build a business around) already. Sure, you can teach those students who are not good at Mathematics for money. Have you figured out the business idea you can spend the rest of your life on? The accounting services you render to your employer’s clients for peanuts could be your ideal, profitable business idea. It is time to figure out your passion and build a business around it; and invariably snowball your earnings. Don’t make the mistake of following the crowd. What is good for your friend, may not be good for you. It is imperative that you figure out what you are good at, and harness it. If you do what you love, the money will come. If you need to hone your skills, don’t hesitate to do so.
Apart from figuring out your niche market, you have to consider the quality of your product(s). Do you have products or services that set you apart from your competitors? Have you thought about how you are going to reach your target market with your products or services? Do you know where they are? Can you figure out their business challenges? What plans do you put in place to tackle those challenges? These are some of the questions you need to ruminate about.
Get Rid of Your Fears:
Fear cripples and incapacitates our mind and make us think we are not good enough to get something worthwhile done. If you think working for yourself is impossible, not that you don’t have a head for something you can build a business around, but because of your fear of failure; then you need to have second thoughts. As long as you are good at something (of course, everyone is good at something – your inherent skills), you can be your own boss. Sure, you can achieve whatsoever you can imagine or conceive. The successful entrepreneurs have their own fears (fear of failure, fear of incapacity), but they have what it takes to get rid of negative thoughts so as not to thwart their aspirations. It is a sheer truth that everyone exhibits self-doubt, that is why a lot of people don’t succeed. But you can overcome your self-doubt like the successful people by reading motivational materials and forming the habit of thinking positive. The more you think in a positive way and read books (materials that have the potential to make a positive impact on your life), the lesser you think negative. If you think reading books is inconsequential, you are making a mistake. And it is high time you changed your mindset. People who cultivate the habit of reading invaluable materials and thinking out of the box are proactive. They have a head for achieving success. It is time to think big and make a success of your life as Ben Carson had done in years gone by.
It Is Time To Decide Whether To Work For Yourself or To Work For Others
It is important that you look before you leap so you don’t fritter away your valuable time on a business that will not add to your bottom line at the end. Although becoming your own boss can be exciting (as you are now in control of your time), it has its own challenges like other endeavours. Do you have what it takes to get people to buy a product or service? Can you withstand the rigours of creating quality products, marketing your products and enhancing staff productivity as your business gets ahead? Can you work for long hours as the business dictates (more than 8 hours a day)? Are you a risk taker or risk averse. People who are averse to risks cannot achieve milestone in business. If you are scared of taking risks, then you will find it difficult (if not impossible) to get great things done. The achievers are risk takers. Your answers to these questions will show whether you are cut out for self-employment or not.
Set A Date & Eliminate Procrastination
You don’t have to wait until you have everything you need on ground before you start off your business. It is essential that you set a starting date for your dream business and make sure you stick by it. Of course, you can start in the next couple of days or weeks if you have the basic resources (though that depends on the nature of your business). Starting in a simple way can help you get rid of procrastination which has hindered a lot of people from actualizing their dream business. You can create a website or blog for your business later if it is not a must-have start-up tool (or one of them). You might need a car, and probably a piece of software (or some applications) to automate and simplify your business operations, but those things shouldn’t be your top priority now especially when you are starting on a shoe-string budget. You can get those stuff later (as you get ahead in your business). By the way, have you thought about how you are going to serve your target audience? What about raising start-up capital and having a good pricing policy? What about your marketing techniques? Do you have what it takes to make a success of your business? You have to figure out all these, among other things, before you get your business off the ground. Keep in mind that the only way hto get rid of procrastination is to set a date for your business.
Cultivate the Habit of Reading Invaluable Materials and Thinking Out of the Box:
It is a sheer truth that a reader is a thinker, and a thinker is a reader. You can make something of your start-up business (or any endeavours) as you make the habit of reading invaluable materials and thinking out of the box. They (thinking and reading) are inseparable qualities that are worth having. Raising start-up capital and discovering diverse ways to get your products to your potential customers and invariably boost your income generation will not be a herculean task if you are good at reading good books and thinking out of the box. Sure, your business success is hinged on your ability to think – think through and think out of the box; and the beauty of reading invaluable materials is that it bolsters up your critical reasoning skills (enhance your thinking faculties) and make you think you can get great things done. Remember the story of Ben Carson above.
In conclusion, have you seen yourself in the picture? Do you have what it takes to become your own boss? Of course, you can make a great difference in your life, in terms of earning more money, if you have the knack for making a success of your business.
Nevertheless, if you think becoming your own boss is not worth your candle (because you don’t have what it takes to make something of a business), then it is better you use your time for something else (get a paid job) so you don’t fritter away your valued time. After all, you have a choice to make whether to work for yourself or not. So, you should be free to do what you love.
Having said that, if you find out that you lack the ingredients for making a success of a business, and the realization of becoming your own boss is obvious to you, then you can hone your skills by taking a course in your area of interest. Besides, you should also cultivate the habit of thinking on your feet and reading good books that have the potential to enhance your critical reasoning skills. So, don’t be scared, but rather take the bold steps to make things happen.
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