Following Your Dreams - Be Your Own Boss
If you’ve been spending a lot of time in your job search and you are not getting any results, maybe it’s time to think about other options. Instead of trying to find a new boss, maybe it’s time to be your own boss. Not everyone is cut out for the task, but there’s only one way to find out.
Many people (myself included) have thought about owning their own business and being their own boss. What usually holds back most people is the fear of loss of income (while you are building your new business), and the cost of funding a new business (whether it be purchasing a franchise or some other endeavor that requires an investment). If you’ve lost your job, then the first concern is already a reality (loss of income). Funding a new business can be difficult, but there are a number of options that may help with this too.First, you need to consider and explore your options:
Consider the Following:
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Define your business (or a list of potential businesses) and do
the research for start-up costs and support costs.
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Do something you are passionate about
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Once you narrow down your choices, come up with a plan of action
(see below).
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Do you need an office or some other business location?
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Will you need financing?
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Do you have a safety net of saved cash?
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You are your own boss
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You decide how many hours to put in (including starting and
stopping time).
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Everything you build is yours
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The sky is the limit
Challenges of Being Self Employed:
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You are your own boss (as in, you need to make all of the
decisions)
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You decide how many hours to put in (they will be longer than
you expect if you want to build a great business)
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Staying motivated (there will be many challenging moments to
deal with)
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Attracting business.
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Office space (and/or warehouse space), equipment, etc.
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Whatever you sell, you will need to create an online store that
allows you to have a website shopping
cart
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An accounting system, bank accounts, tax advice and a legal
structure
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A Business Plan – Like everything else in life, you must
have a plan. This includes a budget (costs, revenues, cash flow,
etc.), a game plan (what are you buying, starting, taking over,
etc.), research (what is your market, who are your competitors, how
long will it take you to build your business, what are the barriers
to entry, etc.). You should have a business plan whether you
require funding or not (would you drive across the country without
a map?).
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Financial Support – The good news is that there are a
number of resources at the disposal of small business owners (and
soon to be small business owners). If you’ve done a really
good business plan, you have both, the best chance of success as
well as the best chance to get support. Consider contacting the
Small Business Administration (SBA).
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