7 Ways To Become Your Own Boss

by WorkFromHome on January 4, 2012

Owning your own business or working from home as a freelance professional is a goal that many people wish to achieve. In fact, nearly 40% of all people asked in a recent business survey stated that they would love to start their own business and work from home.

Many people have put off starting a home based business because of the shaky economy, but this really is not a good excuse. Many successful businesses were started during poor economies, and on a shoestring budget. In fact, most of the major computer corporations that are out there today were started in a garage or basement.

If you are ready to take the step from employee to business owner, the following 7 tips should help you make the transition smoothly.

  1. If Possible, Keep Working Your Job For A While. If it is at all possible you should continue to work your current job while you are establishing your company. As a general rule, it will take 18-36 months for your business to become fully established and self-sufficient. While this rule is not written in stone and profit can be made quicker, when you are planning your business you should keep this rule in mind. Having a guaranteed paycheck while you are establishing your business greatly reduces the amount of stress you will endure during the start-up process of your business.
  2. Be Passionate About Your Business. You should avoid starting a business that you are not passionate about. If you start a business because it was recommended as a high-profit business, and not because you believe in the product or service, you may not make it through the start-up stage. A product or service that you are not passionate about is easier to walk away from when times are hard than one you feel strongly about.
  3. Only Listen To Experience. When you decide to start a business the first thing that you will notice is that everyone has advice to give you. You will also notice that most of this advice is negative and when given is meant to be “truthful” but it is really a form of discouragement. Why this happens, no one really knows. It is possible that your success scares them, or they just have negative personalities. Whatever the case, you should only listen to advice from someone that has experience in what they are talking about.
  4. Create A Business Plan. A business is only as good as its plan. It is that simple. You may have a million things rolling around in your head, but they do absolutely nothing for creating your business. A business plan helps you establish a map for success. In your plan you will include everything from what you intend to sell, who your competition is, and what your marketing strategy will be for the company. You can use the plan to establish goals for the company and yourself. Any company that does not have a business plan is just a hobby.
  5. Customer Service Matters. When it comes right down to it, consumers buy from people that they like. It is that simple. If they like you, they will use your products. If you are an online business the theory still applies. They must feel comfortable using your service and your products. They must feel that they can relate to you on a personal level. You do not need to make them feel “special” you need to make them feel “real.” You need to make them feel their needs are a general concern to you, and they will respond accordingly. When you fail to connect with the consumer in this manner you will have a harder time establishing your company.
  6. Don’t Go Into Debt. Start your business with the resources that you have, do not borrow money unless it is very necessary. This is another reason to continue working while you are becoming established. It may take you a little longer to establish your company in this manner, but it is also a way to do it without a lot of expenses hanging over your head. Companies that do not have a lot of debt to repay grow faster and experience a profit faster. Once you have become established and can show a profit you can search for financing for larger projects, but try to avoid this at all costs at first.
  7. Networking Matters. Have you ever heard the old cliché “It’s who you know?” There is so much truth behind this saying that it is a shame it is a cliché. Networking online and offline is crucial for the success of any company. Word-of-mouth advertising and support is the best form of marketing that you will ever create for your company. Interact on social network forums that relate to your business or industry. Become involved in the local business community. Participate in charity events. Every one of these actions presents you an opportunity to introduce yourself and your business to someone new. You never know when you are going to come face-to-face with your largest client.

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