Management Matters: is a New Article series dealing with the issues that arise when managing personnel and how to optimize your current staff in a company.
Becoming Your Own Boss
April 1st, 2011
Ever wonder what it would be like to create your own work hours, hire your own employees, and run your own business? The opportunities are endless, yet that does not mean creating a business is always easy. Most people who attempt to establish their own businesses, whether from their homes or rented offices, are not entirely prepared for the challenges involved and find this adventure to be an extremely daunting task (especially when they are waist-deep in the investment). On the other hand, many people are able to succeed and grow their own businesses without losing too much.
There are many factors that go into start-up businesses and not all of them are in a person’s control. In an economy with many ups and downs, there are many benefits to owning your own company. Many employees, who were laid off during the recession, panicked and applied to any and all jobs- even if this meant working in a different industry with less pay and longer, or in some cases, much shorter and less-desirable (part-time) hours. This frustration of settling for a job prompted some to create their own businesses.
How to Get Started
With the age of technology today, it is much easier starting your own business. The Internet is a great place to go and research what it takes to be a successful entrepreneur. One of the most important first steps in forming your own business is coming up with a strong business plan. Research is key. The more you know about the industry, the better. Many people find out that working from home and owning a business is not as glamorous as it may sound. The constant marketing of business and the struggle to both gain and keep clients with little cash flow can be extremely difficult and stressful. The more advice you can get from other people who specialize in specific industries, the more prepared you will be to face the challenges that will arise.
Patience is also crucial. Like The Wall Street Journal reminds its’ readers, “According to experts, a new business can take up to two years to really gain momentum and provide somewhat predictable cash flow. In the interim, it’s essential to have a back-up strategy for when times are lean and because businesses don’t always go according to plan.” Most people have the common misconception that being your own boss means doing everything alone without other professional help. Network everywhere because almost every daily activity can turn into an avenue that may be worth following. Keeping contacts and providing them with up-to-date information regarding the growing company can also help.
There is currently a large demand for start-up careers in social media and marketing. With pay-per-click technology and the popularity of blogs and the Web, it is becoming easier to start-up a company on the Internet. Anybody can create a business, it just can take months or even years to get going and profit. Since money is generally the number one reason start-up businesses fail, it is critical to have a hefty savings account as well as a back-up plan in case the business flops. Overall, the positives generally outweigh the negatives in running a business. Becoming your own boss can be a very difficult goal to accomplish, but if done well can be extremely rewarding and result in much success.