How To Become Your Own Boss
Author: Jeremy P StanfordsDo you find yourself stifled by working underneath the direction of others? Do you have ideas about how to run a business, but lack the ability to implement them from your current position? If so, you might be considering how to become your own boss. There are a lot of advantages to running your own business, but getting from your current position as employee to your desired position as employer isn't always simple. In order to become the best, you'll need to be patient and wise.
Step 1: Start Researching
No matter what industry you intend to enter and no matter how experienced you already are, there is always more research that should be done. What's best in many cases is to stay in your current position, research on your own time, and emphasize saving as much of your paycheck as possible. Accelerating your savings will allow you to have more seed money once you do venture out on your own. Considering that your departure is imminent, don't hesitate to cut back on luxuries in favor of more savings. Remember, it's a short-term cutback.
Step 2: Decide What To Do
The hardest part of being an executive is actually making a firm decision. Once you've spent enough time researching, it's time to actually make a choice. If you're unsure and looking for a solid bet, you might want to consider something like a tax franchise. This kind of business has the advantage of a solid industry which is not subject to fluctuations in demand and a fairly easily comprehensible business model.
Step 3: Secure Your Seed Money
Know how much you're going to need. Make sure you have the ability to get it – and the ability to pay it off, if you're taking out a loan for it – before you leave your current position. You should always be in a solid financial situation when you start out on your own. Leave the struggling and risk-taking to the movies. You can experience great success without taking those kinds of risks.
Step 4: Leave Your Current Position
Once you've got everything ready to go, it's time to put in your notice. At this point, your plans are concrete. You know what industry you're going into. You know how much money you'll need, and you already have the approval and the loan structuring to get it. You're not faced with uncertainty. Your future is clear. That allows you to be comfortable stepping away from the safety of your current job and into the relative unknown.
Now is when the fun begins. Be prepared to work some long hours, but also know that everything you do is governed entirely by you. There is no boss telling you when to come in. If you want to take a day or two off, you know what opportunities to generate new business you might be foregoing. Remember that every hour you invest now will pay off once the business becomes self-sustaining.
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About the Author
Author writes about a variety of topics. If you are interested more information about owning a tax preparation franchise, visit Liberty Tax.
