Are You Ready To Be Your Own Boss?
You have this burning desire you want to be on your own. The temptation is so great that you want to quit your job. Enough is enough. You're sick of working for other people for a ridiculous pay. To be your own boss means controlling your own destiny, having your own time and no bosses to report to. Basically, you can do whatever you want. But before you really jump into a new territory of being on your own, you have to make sure that you're ready and well equipped. Below is the checklist that can help you to ensure that you're ready to be on your own. 1. Have a crystal clear plan. Do you have a clear idea as to what you want to do next? You must know exactly what your plan is. Is this going to be the same as what you are doing? Or, is it completely different from what you are used to do? Write down your ideas and evaluate the feasibility of your ideas. Ideally, pick an idea you like most and the most profitable. 2. Have a reserve of 6-12 months. Before you embark on your journey to be your own boss, you must prepare a fund of at least 6 months'
expenses. I prefer a 12-month fund reserve. The reserve is used to cover your daily expenses while you
are just starting out and you receive no regular wages. This reserve is also used to cover unforeseen circumstances that you might be under. It's extremely important to have sufficient fund as this can remove a lot of stress from you. 3. Support from your partners or friends. When your plan to be on your own fails or you face a temporary setback, do you have someone to turn to for support? It's almost guaranteed that you'll be caught in a situation that can force you to give up. This is the time when you need solid support from someone who cares about you. You need this kind of support to carry on. You need someone to talk your problem out. Identify the person who can give you 100% support while you're on your way to be on your own. The person can be your spouse, partners, close friends or even your mentors. For me, my wife is the biggest inspiration and supporter. Whenever I feel down, she gives me the courage to stand up again. 4. Tools and resources. Do you have the necessary resources you need to start out? Can you work from home instead, or you need to rent an office? Do you need to hire people to help you, part time or full time? Do you need a computer and the relevant software? Do you need any special tool or machine for your business? If yes, where do you source for it? By asking these questions, you can prepare a list of tools and resources that you need to carry out your tasks more efficiently and effectively. 5. Acquire knowledge. If you're starting out in a new area, how do you acquire knowledge in this area? Knowledge increases your probability of success and helps you to avoid unnecessary mistakes. Knowledge can be obtained
through government agencies, support groups, workshops, books, the Internet, mentors and coaches. Being on your own can be very challenging. By sharing the information here, it's my hope that you'll have a smooth transition from working for people to being your own boss. And also to encourage you to take action if you have been contemplating on the idea, but no action is taken yet. I can assure you that you'll never regret of making the decision to be on your own. Abel Cheng offers small and medium enterprises exclusive global profits insider tips in his free publication, Abel Cheng's Business Diary. To officiate a bi-weekly subscription, please go to
http://www.abelcheng.com/diary.html
Related News
|
 |
|
|
RELATED ARTICLES
Executive Suites - A Way To Save Cash
Cash is one of the most important resources to a new business. One of the best ways to conserve cash for a startup business that is in need of office space is to rent an executive suite rather than to rent traditional office space. Most people don't even know this little secret. In fact, most people don't even know what an executive suite is.
Hearing That Entrepreneurial Voice?
Women business owners are our only clients, so naturally we celebrate and support female entrepreneurship. Operating in this market gives us the good fortune to learn about some of the deeper themes in the lives of women business owners. It gives us insights into what really matters to women, and to what contributes not only to their success, but more importantly to their happiness and gratification in their professional lives.
Corporate Espionage in Franchising
Franchising Trade Journals do not do well, because today with all the industry regulations only about 1800 active franchise actually exist in the US. Down sharply over the past five years. Why? Over-regulation. Now you have a Bank Cooperative, which owns a company that collect data, FranData of Uniform Franchise Offering Circulars, which are the industries required disclosure documents to new franchise buyers. The company sells it to attorneys and to competitors of which many probably are financed through that bank. My God can this be real. Then they work with industry Trade Journals to do Top 50 franchises lists, but to be qualified to be reviewed they of course wish to see your UFOC; Uniform Franchise Offering Circular.
Making the Financial Transition
Making the financial transition from paid employment to earning a living on your own is probably the single biggest challenge facing many would be entrepreneurs. For most, the mere thought of financial insecurity holds them back from even trying. But if you have the vision, persistence and the ability to respond to market feedback the financial rewards will soon follow.
How Home-Based Business Entrepreneurs Think
Too many people are trying to start their home businesses with an ordinary employee's way of thinking. This has become a common reason why not long after sitting down and giving it a fair look into even the most lucrative business opportunity they bump into, they put it away and decide not to take any chances.
About Ending Competition
1. Why should I not compete with others?
3 Essential Elements of Operating a Successful Business
Have you ever imagined what it would be like to live your dream? A good place to start would be to recognize that there are three elements, and only three elements, that separate success from failure. If you exercise one of the elements, you might just be successful. Two and you will probably succeed. Three, and you can practically guarantee your success.
Empathy - Not Business Plans - Key to Your Home Based Business Success - Do You Have Empathy?
EMPATHY is a Natural Talent, you were born with it and you will never loose it. It can be a blessing or a curse in a home based business. If you develop it, it can make you a Millionaire. Mary Kay, of Mary Kay cosmetics, did just that. If you have it, it is your most important key to a successful home based business. Business plans, cash flow projections, marketing analysis, etc. are skills that are needed in a home based business, but they can be learned from a workshops, courses or books. Your Natural Talent is what gives you the competitive edge.
Evaluating an Opportunity
Business opportunities are often based on broad trends, such as:
Business Development: The Basic Ingredients
Cooking isn't much different than building a business. You have the basic ingredients all laid out on the counter and if you put them together in the right way - you have a nice meal to nourish your heart, body, and soul - and the pocket too. With a little creativity, it even comes out looking pretty too.
Playing Hookey Can Help! A Surprising Secret To Small Business Success!
Would you like to increase your chances of business success by 350%? The good news is that you can!
Differentiation ? Smart Marketing Strategies for the Solo Entrepreneur
Are you ever frustrated or hesitant when you talk to prospective customers because you can't readily explain why they should come to you rather than go to your competitors? Sure, you might have your 30-second elevator speech, but then they ask you that dreaded question, "So what makes you different?" Then, all those self-doubts creep in, and you just aren't sure what to say. Differentiation can boost confidence--yours in yourself and that prospective customer's confidence in you!
Compensating for Your Entrepreneurial Style-or Lack of Style
I recently took an entrepreneurial quiz which evaluated my answers and informed me I would do best as a hired hand! So why am I a successful home business owner? Because I've learned to fill the holes in my entrepreneurial style, and compensate for my deficiencies.
Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently
Adolescence brings with it many challenges ? for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images. More often than not, however, their journey more closely resembles an elongated stampede of enraged elephants than it does an innocent soul-searching endeavor. But no one said growing up would be easy.
Bring That Difference To Your Business!
Romans had a phrase for this- First among Equals.
What It Takes To be An Entrepreneur Series: Action
Many people have the professed desire to be their own boss, start their own business ecetera, ecetera...
Judging Entrepreneurial Ideas
Most entrepreneurs constantly come up with new ideas. Whether they are working on another project, driving, or lying in bed, their minds are constantly churning out new products, services and ways of doing things. For these entrepreneurs, the startup challenge shifts from coming up with ideas to choosing which idea to execute.
Curb Your Enthusiasm
Isn't enthusiasm a good thing? Aren't we urged to be enthusiastic
about what we do? To be committed?
The Dirty Dozen
1) No Umbrella Business Plan or Strategy -- Without a plan, there's no serious way to gauge the growth and progress of your business. You need a realistic map for where the customers will come from and where your business is going. You also need a plan to bail you out when difficult personal and business times come your way. Solution ? get a plan together. Stop thinking about it and do it.
Does It Really Take Money To Make Money (Online or Offline)? A Reality-Check of 2 Case Studies
The short and simple answer to this question is NO!
|
