When you’re in charge of your own career, you can control how you achieve your personal and professional goals. Be your own boss!
Often we think of being your own boss as almost a dream, something only a lucky few get to do. But the reality is that escaping a cubicle to be your own boss is no longer (if it ever was) something out of reach.
Today's social and technological climate has made leaving a full-time job and replacing it with self-employment easier than ever. And when you’re in charge of your own career, you can control how you achieve your personal and professional goals.
Before you buy yourself that mug that says “Boss,” let's take a moment to walk through how you might want to set things up. You’ll want to consider your schedule, location, and rates.
Imagine your ideal workday and what would let you perform at your best. Here are some questions to ask yourself:
When you’re in control of your schedule, you’re set up for productivity and contentment in your work.
Think about where it makes the most sense for you to work. Do you like the bustle of a crowded coffee shop? The calmness of a library? If you need a dependable area to work from each day, you may want to rent a coworking space or convert a spare room to a home office.
Not everyone wants or needs a six-figure income. Your personal finance goals may be more modest. You may prefer to charge more and work with fewer customers or offer low rates to draw crowds. When you’re the boss, you set your rates, and those rates have a direct impact on your earnings.
Though the prospect of naming your own salary is enticing, bear you may need to put much of the money you earn back into your business to help it grow, especially in the early stages.
Quitting a day job can be a big step. If you want the added financial security of a steady income while you get your business up and running, you may want to start working for yourself part-time.
Part-time work can be a great way to transition into doing something you love full-time. You might start by freelancing, drawing on skills you already have or want to develop.
If you're organized and efficient, some part-time virtual assistant work might help you learn more about business administration — which will be handy when you launch your own company. Think of how a hobby like photography or a knack for making repairs around the home can translate to freelance work as a photographer or handyman. These kinds of skills can translate well to a service-based business, and they often don’t require you to invest in an expensive storefront or stock lots of inventory.
Owning a business full-time is a major step beyond part-time work. You’ll be dealing with the daily challenges and rewards of business ownership, and your financial success largely depends on the decisions you make.
What you’ll need varies based on the type of business you’re setting up, but below are a few of the basics most business owners deal with:
While building your own business from scratch might be how most people envision becoming their own boss, it’s not the only way to own your own business — or even the best one necessarily. Creating a new business from the ground up gives you plenty of flexibility and room for creativity, but there’s typically a higher risk of failure since it’s not a tried-and-true proven model. It’s also harder to estimate costs and revenue, numbers that can vary widely based on the type of business you choose.
If you’re ready to become your own boss, here’s an overview of how Hoist differs from other approaches to owning your own business:
Whatever path you choose to becoming your own boss, remember that the first step on that journey begins with taking action. Now that you've read this article, you’re ready to get started.
Consider the type of business setup and style that appeals to you. Weigh the pros and cons of starting your own business versus relying on a business model proven in the market. Then take action to achieve your dream. Your future boss-self will thank you for it.