Business Solutions

4 Steps to Becoming your Own Boss

Boss-Listening-to-Employee Image Credits: Vulcan Post

You may be dreaming of sleep-ins or working from anywhere in the world. Does this mean you’re ready to become your own boss? Probably! But it’s not all delegating and sourcing new services and products. Here’s what to consider when you want to work for yourself and how to get there sooner.

Manage Your Expectations
If you want to become your own boss, chances are you are channelling a particular financial or lifestyle goal. Often both! Who doesn’t want ample funds and the ability to work your own hours? In reality, working for yourself is more likely to require a lot of planning and often far more hours to get the freedom you’re dreaming of. But it is doable. Begin by costing out the business or enterprise that you’re aiming to run, the overheads and likely sales projections. Even as a sole trader, having a ‘business case’ that defines your goals and resources you’ll use to meet them is essential.

Find a niche
Now that you know what industry you’ll be working in, it’s time to research and find your niche. What will make your offering to market unique or why will people want to do business with you? How are you different to the rest? If you have an innovative product or approach to service, it can be easier to define your brand. But often, location or ease of doing business will command customer loyalty. Develop what your business will offer the market and how to best capitalise on this. It will inform all kinds of decisions from staffing, management and financing, but it’s also the start of your marketing plan and how you’ll find and attract customers once you launch.

Get into action.
Don’t fall into the planning trap where absolutely all the details of your business need to be finalised before you launch. Not only may someone beat you to it, but the reality of your business may be quite different once it’s operational. So complete the due diligence and some decent market research, but then get going and be ready to be adjust your plans as you begin to trade. Build your website, get some staff, organise your logistics, set up your payment systems and confirm relevant insurances and standards you may need to meet. Although you should have strong vision for your business, work towards it with flexibility and a growth mindset – it may not work exactly as planned and that’s ok!

Online Presence
Once your concept, whether a product or service, is fully realised, it’s time to tell the world. Many business owners start small and aim to scale their marketing as they grow. While this can suit a conservative business person, it generally equates to slow growth. Sometimes this is ideal, but more often than not, you’ll have the capacity and desire to grow sooner. Enter your online marketing. Ensure your site is user friendly and optimised to funnel the most traffic towards sales. If you are new to the world of search engine marketing, it’s best to outsource this task. If you’re targeting a global English speaking market, an experienced SEM agency in Melbourne will be well placed to assist you.

Being your own boss can take a lot of persistence and determination. But if you’ve developed a strong brand that consistently meets the needs of your customers, you’ll be on track to manage a growing and successful enterprise that you can call your very own!

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