17 Signs You're Ready To Be Your Own Boss
Are you tired of your job? Not only your job, but are you tired of working for someone else. Maybe it's time you ventured off on your own. But before you do, there are a few things to consider.
You Have a Firm Understanding of Your Industry
If you’re going to have your own business, you better have a deep understanding of your industry and you better be incredibly good at what you do, otherwise brace yourself for a tough road ahead.
You Find Yourself Working on Your Own Projects More Often than Not
Most businesses initially start as a hobby or a project. You might be working for a company and doing your own thing on the side, at some point you may find yourself caring more about your side job than your actual nine to five. When your mind is more focused on your side project than your actual job, it may be time to consider your own business, especially if your project is beginning to earn real money.
You Don't Like Taking Orders From Others
The biggest reason people start their own business is that they don’t like to take orders. Most people don’t like to take orders, but in some way we all take orders. As a business owner, be ready to take orders from your customers who will ultimately make or break you.
Your At Your Best Under Pressure
When you own your own business there will be lots of times when you’re under pressure. If you’re clutch under pressure it’s a good sign you're ready to take lead as your own CEO.
You're a Passionate Person
If you’re going to start your own business, you better be passionate about what you’re doing, otherwise you will get burned out fast and wonder why you’re wasting your life doing something you hate.
You're Willing To Take Big Risks
There’s a difference between taking blind risks and calculated risks. Big risks yield big rewards. Foolish risks yield bankruptcy. Don’t be afraid of risk, if you do your homework and calculations the result will be reducing your risk factor to get the reward. Be smart, but be bold in your decision making.
You're Good With Money
Are you good with money? Do you budget well? Good, you’re going to have to be incredibly good with money unless you can afford your own accountant. When you start your own business, you will need to track accounts payable and account receivable. You must become a master at managing your books until you're successful enough to afford a CPA.
Successful people are usually incredibly resourceful. Successful people know how to get things, they see opportunities and they work hard to take advantage of those opportunities.
You Work Harder Than Others Around You
If you own your own business, the work you put in will result in the success that comes out. If you’re not willing to work long hours, give up weekends and make sacrifices you can forget about being your own boss. Until you’re successful enough to delegate work to someone else, you’re going to have to do it all on your own.
You Understand Your Industry Better Than Your Boss
Most people like to think they understand their industry better than their boss or CEO and that’s because most people are envious of their power and position. In cases where you are actually more knowledgeable this is good indicator that you have the building blocks needed to be a success on your own. But being knowledgeable is only part of being successful. Arrogance is your enemy and with knowledge comes arrogance. Be real careful not to be arrogant, keep an open mind and be driven to pursue additional information so you can become smarter. The best leaders are the ones who use their intelligence to extract knowledge from others so that they themselves can continue to become better.
You Have A Business Plan
You can’t start a business without a business plan. You need to understand every aspect of your potential business. Calculate expenses, project your revenue. Without a business plan you’re a ship without a sail.
Failure Doesn't Intimidate You
The biggest reason people don’t want to start their own business is fear or failure. When you are your own boss, you make all the decisions. When you make the decisions and they fail there’s only one person to blame, you.
Guess what? As a business owner you’re going to be faced with lots of failures. Nobody is perfect and opportunities seldom come with reassurance. Failure is inevitable, how you handle failure will determine if you’re successful or not. Learn from your mistakes. When you have a failure, ask yourself why your idea failed. Turn your failure into knowledge on how not to do something. Never allow yourself to repeat your failures.
People Tend To Come To You For Advice
Do people in your life come to you for advice often? If so it’s an indicator that you give wise advice which is a reflection of a sound mind.
You Learn and Think Fast
Decisions have to be made fast. You will be faced with new challenges daily. If you’re a slow learner or if you are indecisive, owning your own business may not be for you. As a business owner, you either adapt fast, or die.
You're Good At Multitasking
Owning your own business means you have to wear multiple hats. Small business owners have to be very flexible and in most cases you will have to perform tasks that do not interest you. Until your business earns a profit and you can delegate that work to another person, be prepared to multitask like never before.
You Have Exceptional Credit
If you have bad credit starting your own business is going to be an uphill battle. The fact is, in most cases you will need a business loan, and you will also need to accept credit card payments which will require a merchant account. With bad credit getting a loan and a merchant account will be nearly impossible. Continue to work on your credit score, build as much credit as possible. Never make late payments.
Your Reading This Article
You wouldn’t be reading this article unless you have an inner desire to be your own boss. Stop searching for approval online. Have a plan, take a risk and work your tail off.
If you read this article and found yourself answering yes to everything, you're ready to take the leap. What are you waiting for? You only have so many days left to fulfill your dreams. Make it happen.