How to Become Your Own Boss

Many of us dream about having our own business and being in charge of ourselves and our own time and energy. This is a great dream, but with so many choices, options and not to mention time and money on the line, how do you turn this dream into a financial reality? Read here for some guidance and tips to get you started on the road to becoming your own boss.

Things You'll Need

• Business ideas
• Plan
• Money
• Time
• Computer
• Internet

Instructions

1. Take stock in your marketable skills, interests and talents. Narrow it down to one or two choices, preferably the one that can generate cash right away. Take time to research the business, especially to find out if the market is already saturated in that area. This is especially true for cosmetics and vitamin sales people.

2. Look at what cash you can invest in the business and what other financial resources you can access. If you need to borrow money from a bank, you will need a business plan. It is a good idea to come up with a business plan anyway. This is a road map of how you will turn your ideas into a financial success. Take into account how long it will take to earn back your investment and if it is worth the financial risk. Tried and true ideas work better than fly by night inventions and poorly planned product and service ideas.

3. Research the tax implications of your decision to become self-employed. Gain the advice of tax professionals, attorneys and financial planners to find out if this is in your best interest. You will also want to know what type of, if any, corporation you will form.

4. If it is a service you will offer, decide if you will need employees and what your other costs and overhead will be. Try not to rent space if at all possible when you first start out. Consider offering the services on site in businesses and homes. Do not forget to figure in travel costs and map out an area you will serve. If you can work out of a home office, do that at first. Use your existing cell phone, Internet access or LAN line.

5. Look into inexpensive labor. If you have a shop, consider hiring family and friends to watch the shop when you are not able to. This same principle applies to the busier times. And, take a minimum amount of inventory to start. You can always take orders, as products are shipped relatively quickly in most cases.

6. Advertising does not have to be a major investment. If you are in a present business, consider telling your current clients that you will be forging out on your own. Spread the word through referral bonuses and word-of-mouth. Hand out business cards wherever you go. Have a welcoming party, open house or luncheon to let the neighbors know you are in the area. Hang signs out wherever you can. Run specials, especially for those who sign up for services longer term or make larger purchases. Look into help from the resource links provided below.

Tips & Warnings

• Think "get rich slow." Most businesses take an average of three to five years to start drawing a salary, let alone profit.

• Keep your home and business financial accounts separate.

• Take a job for a few months in the field you are considering to make sure you enjoy the work before you take the plunge.

• Never pay money for a work at home or self employment package.

• Avoid borrowing money from friends and relatives, it could damage the relationship.

• Do not invest in businesses that skyrocket overnight, as they tend to fall just as quickly.

• If you are currently employed, do not share with supervisors or coworkers that you are considering this idea.

• If someone says this is an opportunity you cannot miss, you probably do need to miss it as this is a high pressure sales pitch.