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If you’ve been spending a lot of time in your
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.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.Click To Tweet
First, you need to consider and explore your options:
Consider the Following:
- Define your business (or a list of potential businesses) and do the research for start-up costs and support costs.
- Do something you are passionate about
- Once you narrow down your choices, come up with a plan of action (see below).
- Do you need an office or some other business location?
- Will you need financing?
- Do you have a safety net of saved cash (see HOW TO QUIT YOUR JOB AND ACTUALLY START A BUSINESS)?
Benefits of being Self Employed:
- You are your own boss
- You decide how many hours to put in (including starting and stopping time).
- Everything you build is yours
- The sky is the limit
Challenges of Being Self Employed:
- You are your own boss (as in, you need to make all of the decisions)
- You decide how many hours to put in (they will be longer than you expect if you want to build a great business)
- Staying motivated (there will be many challenging moments to deal with)
- Attracting business.
What You Will Need:
- Office space (and/or warehouse space), equipment, etc.
- You will probably need to invest in acquiring new equipment, in which case you should look for suitable financing options.
- Whatever you sell, you will need to create an online store that allows you to have a website shopping cart
- An accounting system, bank accounts, tax advice and a legal structure
- 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?).
- 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).