52 Simple Ways to Manage Your Money – 42 . I’m The Boss – Self-Employment
What it is …
Owning your own business, regardless of size and location of work.
Taking the entrepreneurial risk with your own, and sometimes borrowed capital.
Making the decisions that will determine the direction and future of the business and taking the responsibility for the operation and success of the enterprise.
How it helps …
You have the greatest amount of freedom.
You may be entitled to significant tax advantages.
You may lose all, or gain everything.
You have the opportunity to use creative ideas and to be as innovative as you choose.
Self-employment takes many forms. It may be a part-time job or a home office; or you might work independently as the head of a large company.
Key items to look for…
Your ability to stay focused on a long-term goal
Your willingness to make sacrifices in your rime and effort in order to make business a success.
Determine if you have the skills necessary to face all the types of decisions that you must make.
Make sure you are fully capitalized.
A lot of time just to set up.
Probably more time than you think is involved and it is a continuing process.
Keys to action…
Talk to others who own the same size or type o f business that you are interested in starting. Ask for their advice and find our what they would do differently if they had to do it all over again.
Take classes and read books on various business topics.
Develop a network o f consultants, advisors, and friends.
Survey the market area to determine if it can support your business.
Write a thorough, detailed business plan.
Have secure and sufficient funding— the major problem facing new businesses is not enough capital.
SET IT UP
Success in business depends on many factors. Check your background for knowledge o f as many o f these as possible.
STEP ON IT
Be prepared to make a major commitment— emotionally, financially, and physically.
STEP ON IT +
Write a thorough detailed business plan.
Start by reading Your First Business Plan or The Complete Book of Business Plans by CovelIo and Hazelgren (also published by Sourcebooks, Inc.).
Your comfort level at the thought o f being totally responsible for the entire operation.
Your willingness to learn every aspect o f the business.
Your real motivation for starting a business. Are you running away from some problem that will follow you, or are you following a dream?
But what if …
- You w ill learn from the experience.
- You will have the satisfaction of going after something you wanted.
Thought primers …
The good thing about being boss m ight be…
The scary thing about being boss m ight be…
At the thought o f being completely responsible for my financial future, I …
When I think about asking others for support and advice, I …
To me, being on my own means…
One o f the ways Im ight sabotage myself is …