What it takes to be your own boss

Do you have a dream business idea you want to explore? Or is climbing the corporate ladder just not satisfying anymore? Well, it might be time for you to become your own boss.

Running a business enables you to let your wildest ambitions loose, break free of corporate chains and unleash your unfulfilled potential.

Sure, it’s not easy to take the plunge. There’s a lot to consider from both a financial and personal perspective. But the possible rewards are life-changing.

In this blog, we’ll help you shake off any self doubts and give you all the tools you need to be your own boss.

Why be your own boss?

It’s normal to feel unfulfilled, disenchanted or perhaps even suffocated when working within an organisation. Building up your own business puts you in control.

Taking charge of your day-to-day schedule ensures that everything you do is worthwhile. Of course, there are added perks, including flexibility, the choice of where to work and no more commuting. Yet, the most attractive factor for many is that your success is down to one person and one person alone…you.

You can wave goodbye to meetings about meetings, persistent micromanagement and fighting to get your voice heard. Your destiny is well and truly in your hands.

There are several other benefits of creating something of your own and becoming a boss, including:

  • Opportunities to earn more money
  • Greater fulfilment and enjoyment
  • The choice of who you work with
  • Increasing job variability

How to be your own boss

Now for the business end. To be your own boss, having a passion for what you do and self-discipline are essential qualities. However, to be successful in your new role, you need to combine these behaviours with the following best practices:

Spell out your proposition

First things first, identify the opportunity. Create a business plan, pinpoint your target audience and develop objectives. These core elements will inform a plan of action that will get things up and running.

If you’re still employed, avoid handing in your notice before going through this phase. The purpose of going through these steps and spelling out a proposition is to assess the viability of making it on your own.

Many aspiring business owners will even look to secure leads before leaving their job. This approach can help build up your confidence, so you don’t have to jump straight into the deep end.

Get your finances in order

With a written proposition, analyse your costs. Of course, taxes are a key consideration but don’t bypass insurance, your workstation and travel cost considerations.

Meeting an accountant is good practice here, as they can take you through the financial legalities, recommend insurance and highlight how to side-step additional expenses.

When it comes to finding a price point, review the rates your key competitors are charging and devise a realistic pricing strategy. It then becomes simple to calculate how much you’ll need to earn to sustain your business and meet realistic financial outcomes.

Establish a fan base

Okay, you’re not Manchester United, but fans of your business are essential to keep a steady stream of opportunities flowing.

“The most powerful leads are those that stem from fan recommendations.”

Emma Sansom, Founder

So, how can you gain supporters?

Ideally, you need to establish key marketing channels, create a content calendar and generate a buzz around your editorial content.

To achieve the latter, many self-employed professionals will have an army of friends liking their social posts. While this is an effective strategy to help beat social media algorithms, never underestimate the importance of quality. If you want your social copy to gain new admirers and even go viral, you need to think outside the box. Get creative. Be original. And don’t just sell things.

To ensure quality, outsourcing is often the go-to solution. Whether you wish to run one-off campaigns or long-terms social strategies, professional support can position your business however you would like, with little effort on your part.

This is the ultimate goal for many businesses. As the infamous business consultant Peter Druker once said: “Do what you do best and outsource the rest.”

Create routines and the ideal workstation

When it comes to being your own boss, organisation skills are essential. Deadlines are there to be met, finances must be kept on track, and clients need to remain happy. Staying on top of your calendar is critical. Setting routines will enable you to do so.

Bookmarking events, reserving a morning every month to run through your finances, and creating an action plan for every day are great habits to get into.

Also, make an effort to understand your distractions. Social media, text messages and chatty family members are all classic disturbances. Arrange your workstation so they don’t derail your day.

Next, think about how else you can bolster productivity. Working in a quiet part of the house, installing helpful apps such as EvernoteBe Focused and Freedom, as well as bolstering your workstation equipment can all work wonders.

For instance, simply installing a second screen can increase productivity by a whopping 42%.

Keep track of your progress

While you get to grips with your finances, you’ll start to understand what income targets constitute success. Over time, it’s important to track that these targets are being met.

If you had a great month, consider what caused that. Perhaps it was seasonal, as people determine their budgets for the year ahead. If so, make a note to increase marketing at that time next year.

Yet, there could be many other causes, such as a great piece of marketing going live. Whatever the case, analyse it and write it down. These insights are crucial to securing future business.

“If I only had an hour to chop down a tree, I would spend the first 45 minutes sharpening my axe.”

Abraham Lincoln

It’s time to be your own boss

With the right mindset, a sturdy proposition and an understanding of the best practices above, you can control the wind and set sail to success.

Yet, if you believe that advertising may just be your Achilles heel, you’re in luck. At Flamingo Marketing Strategies, we’ve helped many startup businesses create and deliver effective marketing strategies.

Get in touch to find out more.