5 steps to becoming your own boss
Tue 16 October 2018 - 10:25 amStartup
The thought of working for someone else for the rest of your life might fill you with dread, but it doesn’t need to be your future. If you want to start making your own money, rather than boosting someone else’s bank balance, consider launching your own business.
If you want to say goodbye to your current job and embark on an exciting career as an entrepreneur, here are the five steps to becoming your ownboss.
Step One: Find a Specialty
In business, you cannot afford to be a jack of all trades and a master of none. Instead, you need to enter a field that complements your talents and abilities, so you can provide a service that caters to demand. Aim to focus on one specific field and learn it inside and out, so you can become an expert in your industry.
Step Two: Start a Part-Time Business
While your goal might be to become your ownboss, you shouldn’t immediately quit your job. It’s essential you have an income coming in while you’re getting started. For this reason, it might be a wise idea to start your new venture on a part-time basis.
For example, if you want to run your own eCommerce business, it might be smart to turn to drop shipping wholesalers. This can help to lower your overheads, as you won’t pay a drop shipper until a customer has placed an order on your website, and the wholesaler will pack and ship the product to the customer directly from their warehouse. So, you can reduce your overheads while running your business on a part-time basis when starting out.
Step Three: Follow Your Legal Requirements
It is crucial to follow the various legal requirements when launching your first business, even if you’re running a company from your home. For instance, you will need to register as a legal entity. There are, however, various business legal structures to choose from, such as a sole trader, partnership or trust.
You will also need to maintain tax records and accurately organise your financial documents. It might also be beneficial to hire an accountant to take the stress out of paying your company’s taxes.
Step Four: Create a Unique Brand
If you want your company to stand out from your competitors, you’re going to need to develop a strong, professional brand, which should reflect your values, product and services. Aim to differentiate your image from your rivals, as it will set your company apart within an industry.
Step Five: Become a Thought Leader
Not only should you absorb all the information you can about an industry, but you shouldn’t be afraid to show off your knowledge and expertise. Prove you’re a thought leader by participating indiscussions on LinkedIn, writing helpful, informative blog posts, and launching insightful videos that solve your target market’s problems. It could also create a buzz online, which will drive traffic to your website and interest in your brand.