Becoming your own boss and an entreprenuer is not all its made out to be. So, before you throw in the towel, tender the resignation and tell your employer to go fly kite, you better make sure you are prepared to advance your career on your own! Here are some of the tips I’ve learnt about being your own boss and starting your own business:
1. You must have the moolah (meaning money!) either your own savings or from a soft loan (as in your parents’ money) to be able to last you between 6 to 12 months. This is to ensure that you are able to stay afloat in the initial months when you are just starting out and getting sales.
2. Getting a bank loan may seem like a good idea but do remember, bank loans means you have to pay the loan every month and if your business is just starting out and you are not getting enough revenue in the beginning, how are you going to service the loan?
3. You may think it’s so much more fun and better being your own boss but remember, even if it’s a small business with limited staff, you have to deal with employees and that means the table has turned. You will have the headache of dealing with lazy employees, employees who under-perform or problems hiring good employees.
4. You no longer work fixed hours because it is your own business and you will have to spend more time making it a success so that you don’t end up bankrupting your business and yourself!
5. It is all about money and sens from now onwards as you will be thinking about covering costs, paying your employees, paying your debtors, paying yourself and whether you are making enough revenue to do that.
6. There are no fringe benefits anymore because you will be paying for your own medical, your own insurance, your own annual leave, your own allowances and claims.
7. You won’t have a carefree holiday because you will be worried about your business, whether your employees are keeping it going or not.
8. You can’t just decide to quit because your livelihood now depends on it and there’s your debtors and employees to consider too!
9. You are on your own literally. All decisons, big and small, are up to you now. If you make a wrong one, your business, you and your employees will suffer.
10. The risks of failure is always there as in any business, you are taking a chance and depending on revenue through sales so if you don’t work hard at it, you could fail miserably.
All that being said, don’t let these scare you from wanting to venture into business on your own.
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