Have you always wanted to be your own boss?
I dreamt about being my own boss for a long time before I was able to make it happen. When I finally made it happen, it felt incredible. Something that seemed impossible for so long was finally real. I was living my dream. Nevermind the fact that I had invested my life savings, was working 10 to 12 hours per day and not paying myself anything because I wasn’t profitable yet. Still it felt amazing.
A dream come true
It was my proudest accomplishment so far in life. I was on the cover of the local paper and was interviewed by the local Citi Cable Station. Whether or not the business was successful didn’t matter, I had already decided that it was about the growth and learning experience. I figured I could go to school and get an MBA or I could open a business and get a ‘practical’ MBA, real world experience running a business. To me the real world experience was more valuable than a degree.
Even if the business only lasted a year or two, it would be worth it. I would learn a lot and it would probably cost about as much as an MBA. But something unexpected happened. I didn’t go out of business after the first couple years. I actually became profitable and was able to pay myself and buy back my time by hiring employees. There is nothing more exhilarating than owning a profitable business. It feels incredible. I remember the first time I was able to sit at home while my business was operating without me. It seemed too good to be true.
The downside of being your own boss
Successfully becoming my own boss allowed me to discover that there is a downside to being your own boss. There is a lot to consider before you take the plunge. As an employee, you show up to work and get paid right away, you get paid time off, benefits, a reasonable schedule. As a business owner, you have pay for your own health benefits, you only get paid if the business is profitable.
If you want to take time off, you might have to pay someone else to work. There is no reasonable work schedule. You are either working or thinking about work. If you don’t like your job, you can quit and go find another one or take a leave of absence. It’s not so simple to quit your business. You might be able to sell it, but that takes a lot planning, preparation and time and there is no guarantee you will be able to find a buyer.
Not all business opportunities are created equal
Before you jump into your own business, it’s important to consider the type of business you want to start. Do you want to work from home or have a location that clients can come to? Will you offer products or services? Will you sell to consumers or other businesses? The most important thing is to find a business that is easily scalable. You want to be able to scale your growth to meet your goals. Online business and virtual products have a huge advantage here.
Create Structure and well defined roles
Even if your business is just you, it’s a good idea to have clearly defined roles so that when/if you decide to grow, you know what positions to fill and what the job descriptions will be for those future employees. The good news is that many positions are not full time positions, you can find independent contractors to meet many of your business needs. There are also ways to use automation and leverage to get more done and increase your effectiveness.
The book that I recommend to anyone who is thinking about starting aa business is the The eMyth Revisited by Michael Gerber. The ‘e’ stands for entrepreneurial and the book addresses the misconceptions that many entrepreneurs have about business. The book explains how systems and planning can make all the difference in making your business a success. I won’t try to summarize it here, it’s definitely worth reading in detail.
Other Resources
If you are serious about being your own boss, you should look into online training and mastermind groups. The best resource I have found so far is the Entre Institute founded by Jeff Lerner. Jeff’s Entre Blueprint is an excellent summary of the online business options available today. It will give you valuable insight into starting your own online business and they have many options if you want to continue your training. You can learn more from the link below.
