The idea of working from home in your pajamas is certainly an appealing one. Or you may dream of a job where you can set your own hours, take vacations with little or no advanced notice, drink a beer on your lunch break.
We’re sure that you’re thinking–yes! That’s totally me. I want that!. In truth, we all want that. But there’s a lot more to being your own boss then pajamas and vacations. If you’re still interested in being your own boss, read on for some great tips!
Hit the books
Before you begin a business or embark upon a life as your own boss, it is important to have a good, solid understanding of your finances. Your books will have to have every dollar accounted for, so begin now. Project how much money you will need too, making sure that you aren’t going to go under if your business hits a bump in the road. If you need to make money to pay your bills, make a plan for this.
If you know that you’re likely to overspend, you may need to address this problem early on. Evaluating your own saving and spending tendencies will reduce the risk to your business. Figure out if there are times when you tend to be reactionary and others when you’re more likely to plan. Think about these things and plan for the future.
Think about your business (and your business plan)
Know what sort of work will be required by you and your employees. This work should combine both your skillset and your passion–if it doesn’t, it may be time to rethink your business. Make a formal plan for your business to make sure that you’re striking this balance.
Ease into it
If you’re a little hesitant to pour all of your time, money, and resources into your business, don’t despair. That’s a perfectly natural feeling and we don’t blame you at all. It can be a good idea to start out as a part time business — a day or two out of your normal work week dedicated to your new endeavor. Of course, you should expect to work a ton of hours between the two.
Think about how you will adjust
If you’re currently working in an office situation, you may find the transition to your own business quite challenging. Working from home is a lot to adjust to, and you may think about easing into it. By making plans to ease the transition, you’re more likely to stick to your business plan and ensure success.
Begin enacting your plan
You’ve probably done a lot of planning up until this point and now its time to see if you’ve actually got what it takes–after making sure your legalities, tax records, and finances are in order, that is. Make sure that you’re a legitimate business by communicating with a lawyer and “setting up” shop before you even occupy a physical space.
Don’t get discouraged
If you’re up and running but business just isn’t, don’t get discouraged. It takes a while for new businesses to get going, and yours may not be the exception. Remember why it is you’re doing what you’re doing, boss!