Want to Be Your Own Boss? Five Things You Should Consider

We live in the age of the start-up business. Many of us have waited for the ideal job for years, only to find that it doesn’t really exist, an unfortunate reality of these new economic times. Some have arrived at the conclusion that it’s simply best to work on what they love the most in accordance with their own life goals.

It all sounds wonderful, but where do you start? Starting up your own business, ‘being your own boss’ as it were, can be a scary prospect. Fortunately, it doesn’t have to be scary at all: if you want to be your own boss, you can do so any time.

Figure out your niche

If you want to be your own boss, you need to explore different facets of yourself. You need to be comfortable with your personality, your social style, your age and so on. Knowing yourself is key to being your own boss and running your own business.

This is the first step towards knowing which business niche is the one for you. Ideally, you should be doing what you know best.

Figure out how much you need to live

While you’re working on your lucrative business plan, it’s important to keep the most important factor involved in mind constantly: yourself. Without you, there is no business. You’ll need to factor in your living costs: the rent, mortgages, insurance, utilities, broadband and so on.

These fixed expenses will be needed in your journey towards being your own boss. On the other hand, you’re going to have to cut the unnecessary, variable expenses that you can live without.

Before you spend money: know your target audience

It’s essential that your market research is up to scratch before you make a single investment. You need to know if people are going to actually buy your products or services – not everyone is going to want it. You need to validate your market while you draw up your business plan.

This means that you have to figure out how large your target market is, who your customers are and if your product is relevant or important to their everyday life.

Don’t overspend or underspend

Starting your business is going to be an expensive endeavour on your part. Learning where and when to spend is going to be critical to your success. Saving money will be as important as spending it: you just have to be able to know how to do both appropriately. Don’t skimp out on what you need, but don’t indulge in things you don’t need.

Get to grips with social media

Without social media, you will fail: it’s as simple as that. Any business endeavour requires thorough social media engagement. You need to be straightforward and say who you are and what you do. The best tools to do this with are Twitter, Facebook, YouTube and LinkedIn.

Apart from these preliminary considerations, you must remember that becoming your own boss and starting your own business requires gumption and nerve. The economy can be quite unforgiving, especially these days, so it’s necessary to hold your own and power through with conviction.

Posted by on Nov 25 2013. Filed under Blog. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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