Wed. Feb 26th, 2020

Planet Compliance

Innovation & Regulation in Finance

Tired of the everyday 9-5? Here’s how you can become your own boss

6 min read

If you have spent many years working from 9 to 5, but it does not give you any satisfaction or motivation to continue any more, then it means you are ready for a change. Something in which you can control your future and work in the field that you are passionate and excited about. But how do you make it happen? Maybe you have something you have always wanted to work on, planned on getting a start up business loan and climbing the ladder of success. But becoming your own boss can be easier said than done. Taking these steps will help you achieve what you want.

Decide what’s important to you

You have to decide what is important to you. This factor includes several things, such as what kind of activity or business you want to do. If it is something that will take a lot of time of yours or you want to free up more time. The place you want to work and the sum of investment you have to spend. All these points are critical in helping you reach your goal. Looking at your strengths and weaknesses is a good way to move forward because it helps you decide what you are good at doing and which type of activity will not be suitable for you.

Decide what you want to do

Once you have taken a stand for yourself, the next step is to decide what you want to do. Do you want to offer a product or a service? Many people want to go into marketing and sales; others want to go into different sectors such as writing, cooking, photography, tutoring and other niches. Give yourself time to decide because eventually, you want to have a plan that you are confident about. It may not be the best idea but something workable. There are three ways you can look into this. Do what you think you are good at, these will be your strengths or hobbies which you have been developing over the years. Another way to look at it is that you can get into something that other people have been doing, look into it, if it interests you or not, how much help will you be able to get and other factors. The most ambitious way will be to look at the gaps in the market and try to fill that gap.

Look how much finances you have

Now that you have identified the type of business that you want to do, the next step is to look at the finances. How much money do you have? If you will need to apply for a start up business loan or ask your family members for help. A sensible way is to consult people who have started their business before and have practical knowledge of how finances work because there are different factors that you might miss out on and the budget you set may not be enough. If you do not want to spend money then freelancing, sales and other options exist. There are different sources available for entrepreneurs in the United Kingdom that help you to achieve your goal so utilising those options can be helpful.

Come up with a plan

The plan is the most important aspect if you want to succeed in the business or something that you want to do. Different things such as manufacturing, sales, accounting, material, payments and sundry costs are involved in running a business. Knowing how to deal with them and having solutions to different problems that arise when running a business is, therefore, of extreme importance. The plan can range from one page to several because it all depends on how much you need to know before having clarity in your plan. Most people do not have a plan, and according to a report 45% of businesses fail to sustain themselves without an initial plan. So have objectives, strategies and action plans for the future.

Look what the market offers

You will never be able to have a successful business and free yourself from the mental fatigue that arises from working for someone else if you do not have a target audience. Imagine if you spend thousands of dollars and start a business at a place where people are not interested in buying what you are selling or already have other options available. Therefore, give precedence to identifying your target audience. Depending on the product the customer differs, so you have to make sure you have the right location, right product and the right marketing tools that help you gain the attention of the people. Marketing is another important factor that helps any person achieve their dreams. Have a proper support network that can promote and run your business. You can also use different tools such as social networking and attending events to make sure your business reaches its potential quicker.

Some basic ideas to become your boss

Depending on your interest and strengths, there are different ideas and niches that people employ that help them become self-employed. Some of them are listed below.

  • Consulting business – Helping and guiding people in the field you have worked before is one of the most used options by people who quit their work.
  • Online tutoring – A common idea that anyone can use even if they do not have the finances to start their own business.
  • Food industry – Around 17% of people who leave their businesses move into the food industry opening their restaurant or take away because this is one of the most successful businesses in the world.
  • Direct Selling – Helping other businesses to sell their products is another common way because you do not have to do anything extra but use your convincing skills to make a profit.
  • Bed and Breakfast – Another successful business where people have to let one of their rooms to people who want to stay overnight. It does involve some costs, but they are not that high.

Finally, there are different ways to become self-employed, but the most important thing is to decide what will keep you interested in the long run and motivate you to wake up every day and look towards doing what you love, something that you were missing while working for others.

 


 

This post has been sponsored and written by Dapa.  PlanetCompliance only publishes sponsored content from companies whose products and services we think our audience will find valuable or interesting. For additional information about we handle partnerships and content production, please have a look at the PlanetCompliance Disclosure Policy, which you can find here.

 


 

 

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

PlanetCompliance © 2019. All rights reserved. | Newsphere by AF themes.