The schedule, the location, the flexibility. The fact that you’re reporting to none other than… yourself.
These perks have you begging the question: “Why wouldn’t you choose to be your own boss?!”
While there are countless favorable reasons to run your own business, it’s also not an easy feat. So, if you’re thinking about quitting your job to work for yourself, you might want to ask and answer these questions first.
1. “Do I have the financial means?”
To be your own boss, the startup costs can be quite high. So, it’s not a situation where you wake up one morning and just decide to quit your job. You can wake up and decide to start your own company, but don’t quit your job just yet.
First, you want to save up some money and come up with a financial game plan. It’s important that you also ask yourself if you’re going to be financially okay making less in a year from now than what you’re making right now.
Obviously, your goal is to earn more, but that may not happen right away. So, you want to ensure you have the financial stability for your income to take a little bit of a hit at the beginning.
2. “Do I REALLY want it?”
More than just for the salary or the good hours or the thrill of working for yourself, do you have an actual passion to want to be your own boss? Do you have an idea what you want to make come to life? And are you willing to go the extra mile to ensure that happens?
While important, starting your own business is more than just having a vision or creating a good idea. There’s a lot that goes into building your own business that you may take for granted at your current office because, hey, that’s not your job!
Sales, marketing, graphics, accounting, and legal jargon are all business aspects you’ll need to consider before delving in.
3. “Am I a good delegator, leader, and mentor?”
Those are some of the most important traits for any entrepreneur to have. When you run your own business, you aren’t a one-man show, especially in the long run.
You will need help from people who are experts in the areas that you are not. To be your own boss, you must actually feel comfortable relinquishing control and handing over tasks.
You should also have the confidence to conduct meetings, hire employees, and successfully lead a team of workers who will be turning to you for advice.
Plus, a business owner is generally a “people-person.” They are personable and have the skills to relate well to other people. They care about their employees outside of just the office space.
4. “Do I have an alternative plan in place?”
Similar to the financial question, do you have the financial means to survive if for whatever reason your business doesn’t? Nobody thinks their business will be the one to fail, but alas, they do.
Hopefully, with the right tools and resources, yours won’t be one of them. But it is always productive to hope for the best while preparing for the worst.
If you can’t make it, will your old company take you back? Can you pursue freelance opportunities if not? And if you’re married, does your spouse earn enough to support the both of you if there’s a lag between jobs?
These are all vital questions to carefully consider prior to starting your own business venture.
5. “Am I too reliant on other people?”
There will be times when you feel like you’re tackling project after project alone. And there will be late hours and long nights without somebody there to provide you with motivation.
Ask yourself if you’re okay with that. Are you the type of person who relies on another person’s encouragement or can you get stuff done without it? In order to succeed and be your own boss, you must be able to provide your own motivation.
Starting your own business and becoming your own boss is a tough but rewarding adventure. It’s important to ensure you’re fully prepared before diving in headfirst.