Who wouldn’t want to be working in their pajamas, setting their own hours, and being their own boss? It sounds like the perfect world.
The reality, however, is very different. Before you walk into your current boss’s office and hand in your resignation, ask yourself if you have what it takes to start your own business and be your own boss.
Making the transition from a regular job with a steady paycheck to being your own boss takes more than the requisite leap of faith.
Do you have the discipline to handle the demands of running a business startup on your own? In the beginning, you’ll be putting in a lot of 12- to 14-hour workdays to get your business off the ground.
It takes hard work, dedication, and commitment to start a business and make it successful. If you’re not sure, you can experiment with the idea by taking on some consulting or freelance work as a side gig before fully committing to becoming your own boss.
You’ll want to be sure you have a strong support system in place. During the first few months, especially, you’re going to be making a lot of important decisions.
If you don’t have a support network in place, look for a business mentor to help you so you won’t have to go it alone. Identify a business mentor who has been down the same road you’re on and who can offer you advice and guidance when the going gets rough.
A Business Plan
The popular saying, “Failing to plan is planning to fail,” is often attributed to Benjamin Franklin, who knew a thing or two about entrepreneurship.
While some might argue against drafting a formal business plan, having one in place serves as a guide for your business and helps you articulate your vision and where you see your business going in the next five or more years.
A good business plan lays out your objectives, strategies, and long-term goals, as well as ways to achieve them, and helps hold you accountable.