Quitting your 9 to 5 job and venturing out to be your own boss can be exciting. Who doesn’t love the idea of only answering to yourself and pursuing your dreams? The truth is though that many new businesses fail simply because of lack of planning, lack of organization, and lack of basic business knowledge. You obviously want your new business to be a success, so here are 3 things that you need to take into consideration before becoming your own boss.
Get Organized Financially
Unfortunately, money is a necessary evil in starting your own business and you need money to make money. Before becoming your own boss, you have to make sure that you have your finances in order. Ask yourself important questions. Will I be financing my new business venture with a loan? Will I involve other investors to achieve my dream? Do I have enough money in savings to cover the basic cost of living? Will this business make money? Have the answers to all of these questions before you make the leap to becoming your own boss and get all of your finances/financing in order.
Seek Out Advisors/Mentors
Something that many new business owners forget to do or consider doing is to seek the help of others who are successful business owners themselves. Billionaire Richard Branson, founder of Virgin Records and Virgin Atlantic Airways, highly recommends finding someone to mentor you in the world of business. Branson was quoted, “It’s always good to have a helping hand at the start.” Branson believes in mentoring so much that he has mentored many young entrepreneurs with new business ventures.
It is important to set goals, even if you’re not sure what you want. Setting goals gives you something to reach for as well as keep you motivated. Setting goals is important to do in the form of a business plan and business model. When writing your business plan and creating your business model take into consideration many things and set goals. Write down what business you want to start, what the need for the business is in the area the business will be opened, and what future expansion opportunities will be. Consider who your customer will be, what your revenue will be and the costs of operation of running your business will be. If after you consider and run all the numbers, opening your own business makes sense and has room for growth and there is a need, you can now set goals on how to finance, operate, and run your business.
There are many rewards to being your own boss. Just remember to get your finances organized, seek out any advice you can get from an advisor and mentor, and set goals. If you check off these 3 musts from your list, you will set yourself up a lot better to embark on running a successful business.