That moment in your life when your boss yells at you for no good explanation, and your mind starts to wander: What if I boss?
Becoming an entrepreneur makes you the boss, your idea is the foundation of becoming an entrepreneur, and there for you call the shots. Even if there are no employees to boss around, you have to take the higher end in business meetings, meetings with suppliers and even in pitching. So what are the upsides of starting a business alone? (And keep the following question in mind: What if I was boss?)
Your own timetable Being your own boss means getting to work, from the bed to the couch with your laptop, whenever you want. You are in charge of your own timetable, and working hours. Do keep in mind that when this freedom starts, you might not be able to plan accordingly. A start-up takes a lot of commitment and time, so you might be able to create your own timetable, we can assure you it is going to be a busy one.
Create your own goals Of course you started to think about what you wanted to start, but have you set your goals? Setting up a goal can be as big as you want it to be. It can go from: having my own collection in stores within 2 years or owning at least 20 stores throughout the world in 5 years. Nothing is impossible. You starting something, you are going to make it grow and leave your mark on this world. Do try to set up realistic goals, in the means of time. Sure, you might have a goal that your clothing is sold worldwide within the year, but you also need to figure out if it is achievable. Getting to your goal needs the help of others, such as the supplier or the factory who makes it for you etcetera. Will they have all the items finished within the time you expect? So dream! But also… plan!
Your own finances It is up to you how you want to spend the money you saved (or loaned) in achieving your goals. The trick here is to spend it, in ways you know it is going come back to you with a profit. In the beginning this might be difficult, but investments are necessary to start. Also the profit that does come your way, if yours to enjoy completely.
Your own ideas When you had your nine-to-five job, ideas you put on the table might have been recognized, but not implemented in the way you wanted it to be. Your own ideas can actually become a reality, when you feel like it is a good idea (and you did the necessary research of course). You’re the one who says “yes” or “no” to thinks that are put on the table. This can be for anything, not just for your product or idea but if you feel like the idea of having a pink wall in your office, than do that! You are actually free in any choice or decision you make. We all know you are good in making decisions because you made the boldest decision of all: becoming an entrepreneur.
When you already been in the business for a longer amount of time, you might also know it can be hard to be your own boss at times.
Experience You need to do this on your own. There is no one around to talk to about how to set up certain aspects or document. Also, there are no written guidelines for your company, because you are the first member of the company you need to handle everything yourself (yes even the administration part). Your company is as strong as the experience, skills and work you bring in.
Motivation The motivation you need to keep up your work is hard to find sometimes. There is no one around who will tell you did a good job. So getting your goals achieved is harder without someone looking over your shoulder telling you to wake up, drink your cup of coffee and work harder! The deadlines you set up are not checked by anyone other than yourself.
Financial If the investments that you made did not come through the way you hoped, this could be a bad downside for your company as well as your motivation. The money you spend might never come back to you in the ways you planned out. Also a fixed salary, like your former job, is a no go for an entrepreneur. That is why it is important to plan out how you will spend your money on your business and still be able to buy food.
The downsides of being your own boss can be the pitfall of your company. So before you head over to your boss and say: I QUIT!
Be sure to have a foundation you can start from, not only financially but also try to figure out how you are going to get what you want.
So before starting a business, write down the next things you see yourself fit:
1: Write down your strengths and weaknesses. Even though it is hard, try to make the weaknesses into strengths. For example: your weakness is that you are shy, this could mean you are also reflective, or that you are disorganized just means you are creative.
2: Ask a lot of people for advice, try to get in contact with other entrepreneurs (for example here on the Online Coffee mag.) and find out what their experiences are. So the more stories you get about upcoming challenges, the more prepared you can be when they eventually happen to you.
3: Do your research, make sure the product you want to bring out in the market, is wanted.
4: The best way to learn, is to dive into the business. Start off as an intern or an assistant at a firm in the same market you want to start out. Learn as much as possible and implement that into your own business.
5: Professional advice, is the best advice. Take classes or courses in the direction of what you want to do.
Being your own boss can be uplifting and free, it also takes a lot of responsibility, and a lot of preparation. One of those preparations can be to write down your objectives. Goals are more like dreams you want to achieve. Objectives are specific things you want to achieve and can be put in a schedule.
So take an hour of your precious time and set your objectives. Write down the following things in the following steps:
Grab a paper (preferably a4) and write on top of it: Immediate objectives, on the left side put: Personal objectives and on the right side: Business objectives.
Write as many personal objectives as you want on the left column, personal objectives is the certain lifestyle you want to achieve with your business.
On the right side you write down your business objectives. Business objectives are aspects you want in your business to develop.
Check out if the personal and business objectives amplify each other. If not, try to see if you can turn it around so that it will empower the other and the other way around.
Choose three personal objectives and two business objectives. And write down the following scentence: I will achieve… and finish it with a sentence that complement the objectives. Also write down the dates you wish you will achieve this objective.
Get a second piece of paper and write put all achievements objectives from the previous step into a prioritised order.
Go to sleep, and when you wake up the next morning grab this list and read it carefully. Take it in, fantasise about the achievements for five minutes and then start your day of doing business and closing deals.
Each time you complete an achievement on the list, take a moment to congratulate yourself and celebrate the moment. Then write down the next objective and continue the process