7 Tips For Becoming Your Own Boss
7 tips for becoming your own boss.
1. Do your homework.
Before you quit your full-time job or start out on your own right out of the gate, thoroughly research your industry or prospective industry so you know what kinds of opportunities exist, the average pay and other factors that will affect your work. You should also continue to stay up to date with developments in your field by subscribing to industry publications, setting up Google alerts and following thought leaders. You should also learn what kinds of challenges you might face as a self-employed professional in the industry and in general to ensure you have a plan for overcoming obstacles.
2. Establish your own goals.
Working for yourself means only you are holding yourself accountable. That means you’ll have to be clear about your professional goals. Establish both long- and short-term goals to help you assess your progress. It’s also a good idea to have objectives about what you want to accomplish each day, so you’ll have a plan of action. This will also force you to be productive and use your time wisely. In order to have a concrete strategy and means of accomplishing your objectives, try using the SMART method.
3. Pay attention to finances.
If you’re wondering “How can I start my own business with no money?” know that while it’s tricky, it can be done. Some strategies include applying for a small business loan, borrowing from friends and looking into grant opportunities. Consider getting the support of a venture capitalist, angel investor or you can even check out this list of online payday lenders if you are looking for a quicker cash solution.
Remember that starting your own business will also entail a lot of legal paperwork to set up the business structure. Consider working with a registered agent to help you navigate the ins-and-outs of starting a business legally.
On the financial end, you’ll also need to figure out taxes. Keep track of business expenses, breaking them down into the type. You’ll likely need to pay quarterly taxes, depending on how much of your income is 1099 income. When you start out on your own, you might want to hire a CPA to help you with your annual taxes, because they can get complicated when you’re self-employed.
Before you embark on this new journey, make sure you’ve considered all of the everyday costs that will go into running your own small business. What subscriptions and productivity tools will you need to invest in? For example, if you’re planning on creating a personal website, you could encounter some sneaky costs. Check out this WordPress Hosting cost guide to learn what expenses you can expect from commonly-used platforms like WordPress.
4. Always be networking.
Networking is pivotal to being your own boss. You’ll need to forge and maintain connections in order to get your new business off the ground and maintain steady work.
While networking events are certainly helpful, you can also make small efforts like reaching out to connections of connections or people in your industries you admire on LinkedIn. Tell anyone and everyone about your career — you never know who might be able to help or knows someone who is in need of your services.
5. Have a schedule.
Set a schedule, and stick to it. Have a time you wake up and go to bed every day. Establish the hours you’ll be working — the specific projects you complete during these hours will vary, of course, but you should have a general outline of what time is work time and what time is downtime. You might also create a more detailed schedule at the beginning of each day to help you maximize your productivity. Remember to factor in time for yourself, too, so also establish an end to your workday.
6. Keep building your skills.
Stay at the cutting edge of your field. This is essential when you’re your own boss because you’ll continually need to prove to clients and prospective clients that you can offer them something of value that they’re lacking. In order to do this, you’ll need to keep learning and building your skills. That might mean taking classes, attending conferences, reading trade publications, participating in workshops and so on. You might earn a certificate or go back to school to earn a more advanced degree. Remember: any expenses you incur in order to advance in your field can be deducted from your taxes as business expenses.
7. Don’t forget about self-care.
It’s easy to forget about yourself when you’re working for yourself, but it’s important to take time for self-care nonetheless. You’ll drive yourself crazy if you resort to all work and no play. In addition to having a stop time for work every day, do something just for yourself. That might be a long walk, a pedicure, a glass of wine, a book to read — whatever will make you feel a little better, do it. Remember to build in bigger self-care strategies, too. For example, you might take a break and go on a vacation.
VIA Hive
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