How can you tell if you’re all set to become your own boss?
Working for a company provides you a steady income, a set of friends to hang around with, and a structure that you have to live by. While this scenario makes you comfortable and your life predictable, there will come a time when you want to go out there and spread your wings. Not everyone has what it takes to run a business, but it’s not that difficult really, especially if you have that dream to make it on your own. Of course, being an entrepreneur comes with a lot of risks and no guarantees, but you’ll never know if you could swing it unless you try. But to get to that place of running your own company, you have to prepare big time for what’s in store. Someone who has worked for a company long enough to gain experience has the ultimate advantage over anyone with no exposure, simply because the former has already been there within the confines of a structured setup. So, if you’re raring to be independent and become a true business owner, you have to be prepared to possess the following attributes:
You take careful note of your income vs. expenses
Now more than ever, you literally record how much money you have, where it comes from, where you expect it to come from in the coming months. But even more important, you start recording every bit of expense that you incur and plot your spending against what you have. As a business owner, you are on your own and unless you find clients and get your business going, you won’t have any guaranteed income source. It may be scary at first, but once you are able to establish your projections and limits, then you are well on your way to managing your money.
You value time more than ever
Perhaps you were one of those employees who lived by the time allowed for you to work, and anything beyond what is required you consider as premium time. You were paid based on your hours worked and so you were able to predict how much you’d be getting. But now that you are running your own business, you have all the time in your hands and realize how important it is to manage it to get the most out of your business. Because you have a target to meet in order to stay afloat, you make use of your own time to find clients, do your research, work on your marketing materials, and attend to just about anything that has something to do with your company.
You are now proactive
When you were employed, you were inclined to react only when a problem arose. This time, to ensure as little disruption as possible on your cash flow and business operations, you become pro-active and anticipate potential issues that may adversely affect your finances. You don’t late any stone unturned because you don’t want to fall flat on your face if and when a significant challenge will come your way.
You call the shots
One of the sweetest testament to working for yourself is that now, nobody tells you what to do. As the “CEO” of your company, you decide when to open and to close, who to hire, how much to pay your employees, and which market to tap. It may be daunting doing all these things by yourself, but as the business owner, you have the free hand to ask for help or delegate. A caveat though for someone who was so used to being an employee may be the tendency of allowing himself to be dictated by clients (who are usually former colleagues, relatives, and friends at the start) and losing sight of what he or his business stands for. While it is okay to think that the “customer is always right,” you have to avoid being at the mercy of your clients lest things get out of hand.
You’re more active in social media
You set up your business account in various social media sites to become visible and promote your business. This may be the most powerful tool that you can take advantage of to help your business fly high. Networking has now become more important than ever before. But don’t ever make the mistake of mixing your personal social media identity with that of your business because their purpose of existence is not the same. You also need to brush up on your social media etiquette to ensure that you’re using the platform effectively and properly.
If you know you have these attributes and the capital to start your own company, then set aside your fears and go for it. You can always go back to being an employee if you discover that you’re not cut out to be a business owner. Usually, though, once you leave employment to put up your own company, the promise of freedom and success potential are just too hard to resist.