BEING YOUR OWN BOSS: THE SECRET BEHIND A SUCCESSFUL ENTREPRENEUR gives you a insight of what it takes to launch and operate a successful business. Of course being your own boss makes you self employed. Self employment is a situation whereby a person works for himself rather than working for an employer that pays him a wage or salary. Being your own boss, you get your earnings by conducting profitable operations or businesses.
In starting a business of your own, you are going to be your own boss. Being the boss of your business comes with many responsibilities that might through you of balance if you do not plan properly. Here are some things you should have in mind before becoming self employed.
Find The Business That Is Right For You
Explore yourself, look at the different facets of yourself and listen to your intuition. You could think of a business you have done in the past or a skill you have that interest you, package them and offer as your product or services. Learn about other businesses, emulate any that interests you. Find out if there is any gap in the market or any product you want to bring to the market, gain knowledge on it and plan towards the business.
Before venturing into your own business, you have to draw out your business plan. Know how much you need to start up your own business ( the amount of capital you will need, the amount you will need in sustaining the business, and so on), how much you will need to run and develop the business in the first couple of years. Most people who started off without proper planning fail because they run out of money.
You need to make plans of getting your business insured in case your business should run into any kind of danger. Some persons run their business from their homes. if you fall into this category, you should know that your household insurance is designed just to cover your personal belongings and anything you own for domestic use. You need to have an insurance to protect any equipment or stock you need to run your business. If your customers come to your house for business, you need public liability insurance to cover for losses or damages of claims made by visitors to your home in connection with the business. Also, if your business keeps growing and you expand it and recruit employees, by law you must by have employer’s liability insurance if not you will be fined.
As a business owner, you have to pay your tax. You must have this in mind while drawing your business plan. As a sole proprietor, you will pay income tax through self assessment, natural insurance contribution, value added tax if your turnover is more than the current registration threshold of £77,000, you should notify HM Revenue & Customs within three months of becoming self employed if not you could be fined.
The Purpose Of The Business
What kind of business are you building? What is the purpose of your business? Who are the targeted audience? What strategy are you taking? What are your objectives and goals and how do you intend achieving it?
Having known these, let’s look at the benefits of being your own boss:
As the boss, you have the sole right to make any decision you like concerning your business. As an employee, you could exercise control within the boundary of your job position. Most people like being the drivers rather than the passengers especially in business, they love to be in control and in charge of every thing. Being your on boss gives you the decision making right.
Your Own Work Hours
When you are your own boss,you are able to set work hours that are convenient for you. You do not have to be in a rush to meet up with the scheduled time in your employers office. You decide when to resume work, early or late or even work from the convenience of your home without being answerable to anyone.
You Choose Your Working Environment
Being the boss of your own, you can choose the working environment most convenient for you. You are in charge of choosing the kind of facilities, equipment, technologies, that you want to be used in your firm.
As an employee, you have slimmer chances of making progression in your career. It could take years before a promotion is awarded to you. But as the CEO of your firm, you already have that chance of going as far as you want in your career.
Only employees in the marketing sector, advertising and public relations are able to network with other people based on business. But as the person in charge of your business, you are able to meet, relate and conduct transactions with other business owners and top business men. This will effectively promote your business.
As an employee, a good job done by you or a profitable business transaction made by you will lead to a little pay raise or promotion. But as the owner of the company, a profitable business transaction will lead to the growth of your company, company fame and lots more.
As an employee, your job isn’t secured. Any little mistake made by you could lead to your sack. But as the owner of the company, so long as your business keeps growing, your product and services are still needed, you can’t be without a job.
As an employee, you wouldn’t want to retire on time because you might not have other reliable means of sustain your family. But as the owner of the company, you could decide to teach your kid the business and hand it over to him and retire. Thereby having enough rest and not worrying about your financial security.