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27 June 2015

How to become your own boss.

A lot of people are attracted to the idea of being their own boss. The autonomy and freedom that comes with running your own business is an empowering and rewarding experience, particularly when you compare it to the monotony and effort of working as an employee. Becoming your own boss is a large commitment that requires a lot of hard work, but the sense of pride and achievement that it brings can encourage you to do great things and push through the difficulties to create a successful business.

If starting your own business feels like taking a leap of faith into the dark, you haven’t put in quite enough consideration or done enough planning. Working for yourself will always be a nerve-wracking and exciting experience, but if you’ve set yourself us to succeed, it should also be something you can go into with certainty and confidence. From there you can begin to build a business and create something that you can pour your effort ad ambition into. Developing a company into a profitable, successful enterprise is an impressive feat. Following the steps below will allow you to move from planning, to implementation, through to a successful business.

Plan

It’s almost too obvious, but hundreds of businesses fail every day because they don’t have a clear enough plan. It’s easy to get excited about starting a business, but unless you have a thorough and realistic plan for its development, you’re going to run into problems that could shut your business down.

Planning is everything, but it also requires honesty. One of the most common mistakes of new business owners is being too enthusiastic when estimating their business’ potential. A good rough rule is to make every estimation 25% more conservative. So if you expect to make $2000 of gross income a week, cut that down to $1,500. If the estimation you end up with still has a positive margin and is bringing money in, you can go forward with more confidence, but you can also move forward knowing that you’ll be able to survive if obstacles reduce your income in the future.

Be critical of your personal discipline.

If you’re looking into starting your own business, you’re probably an ambitious and hard-working person. However, it can be easy to forget how much of the work will fall to you when you’re starting a business. Much of the work you’ll be required to do will be difficult and hard to get through. You need to be sure that you have the perseverance and discipline to get a business from nothing to a profitable enterprise. This means early mornings, late nights and a lot of work in between. Making sure you’re the right kind of person will spare you the stress of a running a business that is beyond your control. 

Understand your finances.

You need to know what you can and can’t afford to do. Understanding how far your money will take you is a fundamental part of setting up a business. You need to know what you can put into the business directly and what you’re able and willing to loan. Once you have a proper and honest understanding of the finances you can put into the business, you need to consider how long you are able to invest in your business before needing to see a positive cash flow. Setting up a business usually comes with a lot of up-front expenses that can take a long time to pay off. However, there are alternatives that allow you to establish a business and become your own boss without excessive overheads. Becoming a franchisee is one way of going into business yourself without a risky cash investment. Outdated franchise models expect a six figure up-front investment, from franchisees. However, modern, innovative franchise models like Taskforce allow franchisees to pay an extremely low monthly fee. This is perfect for people who already work in a trade or service and want to go into business for themselves without going into debt. Taskforce franchisees work for themselves, and are not required to give up a percentage of their earnings as they would with other franchisors.

Find a support network.

Connecting with others in your industry gives you access to shared knowledge about setting up a business and news and information about how the industry is going. Contacts are an important part of building the strength of business. As you develop your business, you’ll be creating your own network of suppliers and customers, but it can also be useful to seek out organisations or publications that represent the area in which you establish your business.

Get the word out.

Tell people about your business. Word of mouth is a great way to get work coming in without spending money on marketing. It’s also a great way to establish relationships with clients that will last the lifetime of your business if you work to maintain them. Building awareness of your business presence can be as simple as starting a conversation with somebody. If that leads to a loyal client, a conversation just earned you thousands of dollars.

Enjoy working.

You want to start a business because you enjoy your work and you want more control over it. Being your own boss will bring more work with it, but it will also bring you the knowledge that every bit of effort you put in is something you own. Every late night contributes towards a bottom-line that you own. Owning your own business is a great motivator, and if you love the work that you do, you can create a great business.

The most important step towards becoming your own boss is giving yourself an honest and truthful evaluation. If you’re ready, capable and passionate, going into business for yourself will be a rewarding experience. Building up a business with a franchise like Taskforce allows you to do this in a low-risk way without sacrificing your autonomy. If you plan honestly and work hard, you can be your own boss and create a valuable business in months. 

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