If you have always wanted to become your own boss, now is a great time. I realize that you are probably saying to yourself a year, Really? But trust me, 12 months is a reasonable and realistic timeframe to make your transition from employee to entrepreneur. You will want to take the time to plan your success; otherwise you could create a business that feels like a noose around your neck. You can mess around the kill the thought of something you used to love to do. I know that it is so tempting to just quit your job today, but try these steps first before jumping into the shark infested waters known as small business ownership. The reason why I call the waters shark infested is because when you are an entrepreneur, you must kill for your dinner everyday. Here are 6 steps to Become Your Own Boss in 12 months. I also call it the Emerson Planning System.
Develop a life plan: You really need to spend some quality time with yourself. Create a life planning journal so that you can examine how you life, what you love, what makes you laugh, and what you need to learn. Get clear on how much money you need to make to be happy. Find out what you want out of life and build a business that aligns with that.
Examine your personal finances: Develop a financial plan. Your ability to save has everything to do with your ability to start a business. BYOB stands for be your own bank. Make sure your credit score is 700 or higher and get rid of any debt. You will need to have money to live on while you pursue your entrepreneurial dream. And you need money to launch the business too.
Validate your business concept: Make sure there is a paying customer out there willing to buy your product or service. Test market your idea. Do not start a business people need, start a business people are willing to pay for. Be sure you know what skills you have and need to run your business as well. Don’t start a restaurant if you have never worked in one.
Start with a marketing plan: You need to make sure you know who is going to buy from your company and why? Develop a niche target customer. People want to hire people who specialize in solving their problem every day. If everyone can use your product or service no one will. Pick a niche and own your niche.
Write a business plan: If you want your business to have the best potential chance for success, you need a plan. The best way to create a business plan is with software. There many free options such as www.enloop.com or you can invest in top the line solution such as businessplanpro.com. After you take a crack at it, sign-up for a business plan course make sure that you can complete it. The finances are usually the toughest part, the course will help you get your initial costs and budget done correctly. You want to make sure you understand how much profit is in every sale.
Start your business as a side-hustle: Start your business while you are still working, if you can. It takes 18-36 months to breakeven in a small business. If you start before you quit your job you’ll be closer to making money before your cut off your paychecks. Learn on someone else’s dime. If there are skills or connections you need to learn to run your business such as computer skills or gaining key industry contacts many times you can get those from your current employer. Plan your escape from corporate America.
If you follow these simple steps, this time next year you’ll be open for business.
What three things will you do for your business today to make sure you eat tomorrow?
For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.
Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and
small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.
i was inspired by your quote again,last of last year i made a small bznss proposal to one of our local well established man in community and he advised us to go for big deals and when i later managed to set goals for my next proposal he turned us down.and tel u wat till nw i was stil greaving.
l am your follower twitter,l am alway inspired by post everyday.l run& manage a small Borehole drilling business in my country(Lagos.Nigeria).your post have been very helpful.Thanks
Starting a side hustle is a great way to validate your business concept while allowing you to build up a book of business before you make the big jump. You just need to make sure you’re able to balance both while still being able to perform at a high level. If you’re not careful, you could burn out before your side hustle becomes your full-time hustle.
Once you’ve vetted your business and marketing plans, the other key ingredient is self confidence. You need to be 100% confident in who you are and what your business brings to the table if you’re going to be able to convince potential customers that they should fork over their cash to buy what you’re selling.
Writing a business plan is crucial to the success of your business as you say here. It is also important to make sure you have invested in promoting your franchise. Printing flyers and leaflets is a great way to inform people of your new business.