Ready To Be Your Own Boss?

Posted On October 25, 2005 | Written by Emmanuel Oluwatosin
be your own boss

If you are like me, you definitely have this burning desire you want to be on your own. The temptation is so great that you want to quit your job. Enough is enough. You’re sick of working for other people for a ridiculous pay. 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’re ready and well equipped.

Below is the checklist that can help you to ensure that you’re ready to be on your own.

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 your plan is. Is this going to be the same as what you are doing? Or, is it completely different from what you are used to do? Write down your ideas and evaluate the feasibility of your ideas. Ideally, pick an idea you like most and 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, you must prepare a fund of at least 6 months’ expenses. Some people prefer a 12-month fund reserve. The reserve will be used to cover your daily expenses while you are just starting out. Remember, it is most likely that youwill receive no regular wages within this period. It is extremely important to have 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 turn 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 talk your problem out. Identify the person who can give you 100% support while you’re on your way to be on your own. The person can be your spouse, partners, close friends or even your mentors. For me, my fiancee 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 – www.nairahost.com 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 business? 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, mentors and coaches.

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