How to become your on boss, discover the pros and cons of running a business all on your own. Are the risk worth the time and dedication?
How To Become Your Own Boss And Why
Why would anyone want to become their own boss? As an employee, you can be safe without having to make big decisions. You wouldn’t have to worry about ruining the business and shutting it down. However as an employee, you have no control over your future, and your pay is pretty much set for life.
Running your own business, allows you to control your income, future and freedom. Do you want to know How To Become Your On Boss? Then lets take a look of how it is done and why people would want to do it.
Why Be Your Own Boss?
There could be hundreds of answers on this but lets stick to the most common ones for now. People want to be their own boss mostly for freedom. When you think freedom, you may think to have the time to do whatever you want, when you want. Well that isn’t exactly what freedom means in business. Yes, you would be in a position to take the time when you need it but there is more to it than just that.
Freedom also means that you run your business as long as you want, the way you want. Your income is based on how much you want to work your business. It also means, you schedule your work life with your personal life however you need it to be. Thus meaning you control your future.
For those that are single parents, taking care of someone ill or elderly, inhibited by a handicap or injury or any similar situation. Being your own boss, or running your own business especially gives people in thee positions an advantage.
How To Be Your Own Boss
There are ways to become your own boss that require less risk, such as working for a business. There are many companies that hire telecommute positions. Even though you wouldn’t be in total control of your life, you would have some freedom. Working from home in itself allows “home-time” freedom. Read “Become Your Own Boss In Any Business” for ideas and directions for starting your own business.
In order to start your own business, you need to put thought into what you like to do. You need to find your niche. This can be something you love doing, have some knowledge about or just a real expert at. If you are going to have your own business, you might as well make it about something that will make you happy.
Focus is key to success no matter what you are doing. If you can put all your energy into one thing, you will do it well. With that said, you need to pick a niche and then refine it. Let’s say your niche is going to be automotive. The automotive world is pretty vast and would require you to be an expert in all avenues of that niche.
However, if you pick just one genre of the automotive industry, for instance, brakes, your success rate will be higher. Being an expert in brakes will invite people to seek you out. Whereas if you just said you are an expert in automotive, that could mean anything. That could lead others to think you sell cars, the word automotive is a pretty big world.
By focusing on brakes, you become an expert. You begin to know all the best brands and the “how to’s”. By picking just one refined niche, you increase your chances to be a real success. This would make managing your business easier as a pattern of operation would form. The better things flow, the more your life becomes free.
Research Your Niche
As I mentioned above, find something you love to do. That statement needs to be looked at. If your love is to watch old Daffy Duck cartoons, would that be a good business? Probably not, however you should research it and see if there is any demand for it. Only if there is a demand is there a business. Now if you had a passion to help the elderly, you could possibly start a business providing volunteers to visit homes.
Again, there may not be a paying demand for that type service, so research is very important. Niches like “work from home”, “romance”, “dating” or “health and fitness” are among the biggest. However, they are also saturated, making the competition is high. That is where research comes in handy. Look for an area of those niches that are not being promoted as much as the others.
Take Dating for an example. There are more topics on “how to meet someone in a bar”, it has been beat to death really. So think about a topic of dating that isn’t looked at much or even been thought of. Let’s say “how to meet someone at church” or “how to meet someone at work”. Those topics are rarely discussed. So starting a focused business on this niche could be profitable due to low competition.
In order to have a successful business, you have to supply a demand. One of my favorite analogies is the hot dog stand. Where would a hot dog stand sell best at? On a high speed busy highway at 5:00pm rush hour? Or on a corner of downtown during lunch hour? I hope you have the right answer. You have to know the demand and know how to get your solution to that demand. It has to be at the right place at the right time.
Knowing these things goes back to doing your research. eCommerce is a great one to fill demands as eCommerce are commonly physical goods. Everyone needs clothes, or wants sports equipment. So that is a demand and setting yourself up as drop-shipper can be a great business. Yet again focus needs to come into play.
If you love golf, it would be better to supply a more specific item than trying to sell everything. However, you can sell everything but advertise you specialize in one or two things. Let’s say you specialize in golf balls. You can still sell clubs, bags and apparel. But marketing you’re an expert in golf balls, will get consumers to come look for you.
But back to research, it will serve you best to know what everyone really needs and what they are not fully getting. Find the weakness in the supply chain and take advantage of it. To better understand marketing, building a website for your business and getting visitors, learn more HERE.
Boss and Employee Pros And Cons
Most of are raised to follow like sheep. Go to school, get an education to get a job. Work the job until you’re old, then retire and live off a pension. Well that sounds great but not realistic at all. The majority go to school with no clue what the really want to be. They change their major a few times. The go to get a job and that one turns into many different jobs.
After about the forth it fifth job, you may stay until retirement, well that is if the company doesn’t get rid of you before your retirement. Hopefully by retirement, you have built up a decent savings because you will have less money coming in. All this sound familiar?
Although what I just said sounds drab and not like an awesome future, this fits for many people. It is safe and requires no extra thinking. Many people are happy with just having what it takes, and there is nothing wrong with that. However by being an entrepreneur, your lifestyle and future is all up to you.
Pros To Being Your Own Boss Owning A Business
Owning your own business, allows you to set your own goals in a venture of your choosing.
You are your own boss which gives you personal time freedom.
How much money you can make, is how hard and much you want to put into your business.
The longer you do business in your niche, the more of an expert you become.
You make relationships that can be valuable, if you ever decide to do something different.
Your business is what you want to do and like.
It can give you a real since of purpose and feeling of success.
The business can be setup to provide an income until death.
Cons To Being Your Own Boss Owning A Business
The risk is all on you, which can create stress and pressure.
When starting a business, you have less personal-time freedom than with a 9 to 5 job.
Starting out, your income isn’t consistent.
The learning curve both in marketing and technology can be overwhelming at times.
Pros To Being An Employee
One of the first reasons people like to work for someone, it is what they know.
It is safe, well to a point.
The entire responsibility of a business does not fall upon your shoulders.
Money is consistent.
You can schedule your personal life around your work life.
Cons To Being An Employee
There is a good chance your job isn’t exactly what you would like to be doing.
Your future isn’t safe, an employer can let you go at anytime.
You are stuck in a pay range, no chance of ever making many times than your current rate.
Limited to no chance of changing the business model if improvements are needed.
Possibility of working on holidays or miss important personal events.
Having to schedule your personal life around your work life
Summary Of “How To”
How To Become Your On Boss? It takes pushing yourself outside your comfort zone. People stick with being an employee because they are safe within their comfort zone. So understand you are placing yourself in a whole new territory.
- Push yourself out of your comfort zone.
- Change your way of thinking, this is called getting the right Mindset.
- Find something that is in need or high demand so customers look for you.
- Choose what you want to do, something you will be happy doing.
- Plan on working yourself out of a job. This means that you do it so well, it can run on its own.
- Pick the type of business you want, find your niche and refine it.
- Focus on one, maybe two things and become an expert at it.
- Perfect your business, no matter if it is a service or selling a product, make sure your offer is the best.
- Do what it takes to learn marketing, in order to make a business great, it requires marketing.
- Never scam anyone or take shortcuts that will harm your business.
- Under promise and over deliver.
- Understand it will take time, possibly a couple of years to get everything flowing and running smooth.
- Once you find your optimized process, rinse and repeat.
- Always look for improvements of the process to make your life easier.
I have pages that list many resources for different type of online jobs, to how to make money online. All of which have great information on how and where to get started, depending on the type of boss you want to be.
Become Your Own Boss In Any Business
What Stay At Home Jobs Are There
Internet Marketing Training And Resources
Affiliate Marketing Overview
eCommerce Marketing Overview