According to a recent study by Vistaprint, three out of five US workers (62%) dream of setting up a business, while 37% want to become their own boss. Thankfully, there’s a wide variety of ways to generate a monthly income and no longer rely on an employer. To take control of your career, read the below tips on how to become your own boss.
Identify an Opportunity
Before you quit the rat race to become an entrepreneur, you would be smart to identify realistic avenues to generate a high annual income. For example, if you know an industry inside and out, you should aim to spot a gap in the market to develop a profitable business that meets customers’ needs.
The internet also provides budding bosses with many opportunities to enjoy an income each month without relying on an employer. For instance, there are various ways people are making money online, such as providing freelance services, selling items on eBay, or completing surveys.
Organize Your Finances
It is crucial to have a firm grasp of your cashflow before you go it alone. For example, Intuit QuickBooks recommends that budding entrepreneurs gather six months of living expenses before they set-up their businesses, which will provide a financial safety net.
To do so, you should consider your fixed and variable living expenses, such as:
- Mortgage payments
- Insurance payments
- Car fees
- Transportation costs
In addition to considering your personal expenses, you must ensure you set enough cash aside to get your venture off the ground. For example, you might need money to pay for:
- An office space or building lease
- Technology (computers, tablets, smartphones, software, etc.)
- Product inventory
- Accounting services
- Staff salaries
If you haven’t got money in the bank to make your idea a reality, you might need to apply for a business loan.
Find a Workspace
It doesn’t matter if you’re launching a small business or planning to become a freelancer, you must find a workspace that supports focus, efficiency, and productivity. For instance, if you’re a freelance writer, you could set-up a tranquil home office in a spare room within your home. If, however, you’re launching a small company, you could cut business costs by finding a co-working office, which will require you to share a space with other small companies in your city.
Track Your Progress
Self-motivation is essential for freelance workers and aspiring entrepreneurs. To ensure you aren’t tempted to procrastinate each day, you must routinely track your progress and measure your success.
For example, you could:
- Monitor your finances (assess your income and outgoings)
- Review marketing analytics
- Set personal and professional goals (and tick them off your list)
Tracking your progress will not only improve your chances of success, but you will feel a great sense of achievement.
So, if you want to become your own boss in the future, you should bear the above tips in mind.