Working on your own hours, with a schedule of your choice, wearing pajamas and having a coffee ever so often, are perhaps some of the biggest motivations why you would choose to be your own boss and kick the 9 to 5! Undoubtedly, the perks of providing a freelance service, or a work from home business are great but, the work is still quite challenging. If you have decided to become your own boss and work from home, then there should be nothing that should stop you, have faith in yourself and jump in. There are tons of people out there who have done the same and are able to earn big bucks.
This does not mean that being your own boss is without its complexities or challenges. Statistics do indicate that a new business has a 50% chance of survival in the first two years of its operations. That’s quite a few odds against you. But there’s still 50% chance of making it through. To make that big leap, there are no simple formulas, but this 11-step checklist should be a good start:
Seek Business Coaching
Business coaching and mentoring are not mandatory. But, seeking such coaching can help you identify your weaknesses, take better and more informed decisions, work on strategies that are more fruitful, and remove doubts where that is possible. Sometimes, business coaching can be a good guide to focus and help with actionable tips and encouragement! There are tons of business coaches out there, but this choice can be a deal maker or deal breaker based on how much research you do in finding the right person to help you along with your business planning.
Convert Your Passion into Business
Remember, you have chosen to be your own boss. It’s not going to be easy. But, choosing your passion and converting it into a product or service is perhaps going to be best thing that you do for yourself. Your passions should be your ideal choice to convert into a business. Making money will come later. If you don’t really appreciate what you’re selling out there, you will be stressed and bogged down with a business that essentially you don’t love.
Stay Strong and Finalize Your Steps
Letting go of 9 to 5 is a big and bold step. Be ready to let it go if you’re really inclined to build your business independently as a full-time business owner to work from home. Otherwise, choose your steps wisely and build a side hustle over your free evenings and weekends. Ensure that you have a cover for at least 6 months to one year of cash to cover your expenses while you work on your main hustle. People do let go of their 9 to 5 without any money to back them, and make it work, but it’s a big risk that might come back to haunt you.
Ensure Your Finances
Are you ready to build a hustle without earning a steady paycheck for the next year or two? It’s a tough choice, where some days you may be broke and some days, minting money. This can also be emotionally exhausting at times. Be very sure that you’re ready to take this emotional step forward. For that, it is always easier to have enough saved up for the next year or so, so that you don’t have to worry about food on the table, while you continue to put in your efforts into your business.
Set Big Goals
This is a precursor to your business planning. You should be very clear as to what you want with your business, and what you want from yourself as your own boss. Unless you have that clarity in mind, you wouldn’t know which direction to take and how to proceed forward. Your goals need to be big and challenging. There is a reason for that. They will challenge you mentally and emotionally to work harder in your business, and distract you from the negative emotions that always creep up for being your own boss and not having a safety net to fall back on.
Build A KickAss Business Plan
Business planning is as technical as it sounds. Without a strategic road map, you don’t have a direction. Your hustle, be it your main hustle or something on the side, should be well planned for the next couple of years. This will reduce ambiguity and help you to move faster in selling your products or services.
Set A Budget
One of the common mistakes people make when starting their own business is not calculating an approximate expense. This can be tricky. When you build a budget, you realize the amount of expenses you have or you potentially will have in the near future. Don’t freak out, plan and phase those expenses over time. You may have to cut down your monthly expenses and prepare yourself to live on a limited budget for the time being. Once your business flourishes, you will be more than happy to be your own boss and earn money from home.
Blogging, Writing and Talking
For introverts this is even more of a challenge than for most people. But, putting your word out there would be one of the best things you would do for yourself and your business. A lot of successful entrepreneurs have setup blogs and online platforms to network with likeminded people, and find potential clients. It also will help to build your and your business’s credibility as more people get to know about you.
Build A Support Network
Congratulation on deciding to strike out on your own and work from home, by making a commitment to your business. The next smart step you must take is to reach out to colleagues, friends, partner and everyone else, whom you feel would help you, boost you, listen to your problems, give sound advice, or just be a good sounding board. You can build a support network by attending events, joining social networks, talking to business groups, among other things.
Schedule and Prioritize
For some of us, responsibilities are fewer and thus scheduling is a lot easier. For full-time work, especially being your own boss, and to work from home, it can be a lot tougher. Make sure to establish sound routines, learn from other people’s routines in your house, especially your children, and then prioritize your tasks. Most people don’t understand the idea of working from home. They often visit you in awkward timings and may disturb your routine too. Enforce your schedule and make sure everyone around you knows your times. This will help you to establish great boundaries as you go along.
Be Honest With Yourself
Sometimes, we don’t like to put feelings into words. And there will be times when we need help but we’re afraid to ask. This will happen. And it will happen often. Don’t be afraid to show your weakness to yourself, be mindful, and learn to grow from there. Seek help when needed, and above all, just be honest with yourself. There are no failures, just the way forward. You work from home business will flourish once you start being more mindful about your own needs, and your business’s needs.
Being your own boss and to work from home, sounds and looks quite fancy but it is going to require grit and determination. It will require a lot of hard work and sometimes frustration and tears. Don’t be afraid to take that leap of faith, but make sure you’ve aligned your ducks in a row before you do. This checklist should be your basic guide.