Do You Have What It Takes to Be Your Own Boss?

Do You Have What It Takes to Be Your Own Boss?

After years of enduring a long commute to and from work, sitting at a desk all day at a job you are not too crazy about and listening to your co-workers gossip during lunch, you are definitely ready for a change on the job front. Lately, you have been dreaming of starting your own business and working from home.

While the idea of leaving the drudgery of your traditional job behind and creating your own schedule sounds ideal, not everyone is cut out to be their own boss. With that in mind, check out some tips to start your own business, as well as the obstacles you will have to overcome:

Figure out what you want to do

Before diving into the pool of self-employment, Entrepreneur suggests doing some research and determining what type of business is right for you.

Start a business based on solid work skills you already have. For example, turn a hobby such as photography or website design into a business. Another option is to determine a common problem that needs solving.

Start out slowly

Unless you have a lot of savings, it’s a good idea to moonlight at your current job until you get your new business off the ground. Even though your current job is less than ideal, it probably pays your bills and provides financial security and stability — two things that can take a while for entrepreneurs to build up with their own companies.

A great way to test the waters of self-employment is to work for a direct sales company such as Amway. The company offers flexible schedules so you can work around your 9-to-5 job, and it also gives you a good taste of being your own boss while allowing you to build up your persistence and confidence skills.

Develop a marketing and business plan

As small business authority Melinda Emerson notes, some people who dream of being their own boss know what type of business they want to own and have designed a fancy logo to go with it — but not much more. To be successful as your own boss, you have to be sure there is a group of customers out there who will want what you are selling.

Before you tackle your business plan, develop a marketing plan to determine that there is a solid market for your product or service. Focus on a certain niche or type of customer rather than trying to please everyone. Once you have the marketing angle down, start working on your business plan, which will include information on how you will generate sales and how many products you will need to sell to turn a profit.

Take an honest look at your personality

Being a successful entrepreneur requires a lot of drive, organizational skills and self-discipline. Yes, there will be days when you can work your schedule around your kid’s field trip or enjoy a nice lunch with a close friend, but there will be even more days when you are up with the chickens and burning the midnight oil.

Before launching your own company, make sure that you have a dedicated and quiet work space in your home where you can stay on task. You also need to ensure that you are truly passionate about your new company and possess the focus to keep at it, even during those first lean months.