Do you still want to Start Your business?

Posted On January 29, 2008 | Written by Emmanuel Oluwatosin

Do you have a burning desire to be on your own boss? Is the temptation so great that you feel like quiting your [tag]job[/tag] now? Or you just feel you are working for other people for a ridiculous pay and want to launch forth? To be your own boss means controlling your own destiny, having your own time and no bosses to report to. Basically, you can do whatever you want. But before you really jump into a new territory of being on your own, you have to make sure that you are ready and well equipped.

Below are some checklists that can help you to take the right decision in your quest to becoming your own boss.

1. Have a crystal clear plan.
Do you have a clear idea as to what you want to do next? You must know exactly what you want to do. Is this going to be the same as what you are doing? Or you are starting something afresh that is completely different from what you used to do? Write down your ideas and evaluate the feasibility of your [tag]business ideas[/tag]. Ideally, pick an idea you like most and what you feel is the most profitable.

2. Have a reserve of 6-12 months in your bank account.
Before you embark on your journey to be your own boss, prepare a fund of at least 6 months’ expenses. Some people prefer a 12-month fund reserve. The reserve will help you in meeting your daily expenses while you are just starting out. Remember, it is most likely that you will receive no regular wages within this period. Having sufficient fund as this can remove a lot of stress from you.

3. Support from your partners or friends.
When your plan to be on your own fails or you face a temporary setback, do you have someone to run to for support? It is almost guaranteed that you will be caught in a situation that can force you to give up. This is the time when you need solid support from someone who cares about you. You need this kind of support to carry on. You need someone to carry your burden with you. Identify the person who can give you 100% support while you’re on this journey. The person can be your spouse, partners, close friends or even your mentors. For me, my wife is the biggest inspiration and supporter. Whenever I feel like giving up, she gives me the courage to stay at it.

4. Tools and resources.
Do you have the necessary resources you need to start out? Can you work from home instead, or you need to rent an office? For instance, one of my startups – Nairahost is currently being run from home. You also need to decide if you need to hire people to help you, part time or full time? Do you need any special tool or machine for your [tag]business[/tag]? If yes, where do you source for it? By asking these questions, you can prepare a list of tools and resources that you need to carry out your tasks more efficiently and effectively.

5. Acquire knowledge.
If you’re starting out in a new area, how do you acquire knowledge in this area? Knowledge increases your probability of success and helps you to avoid unnecessary mistakes. Knowledge can be obtained through government agencies, support groups, workshops, books, the Internet, [tag]business mentors[/tag] and coaches. Just ensure you equip yourself for what lies ahead.

Do you still have the desire to launch forth?  Look through the above checklists again and act on your dreams.

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