The SmallBizChat Podcast: How to Be A Boss - Ep. 007

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What does it really take to be your own boss and start a small business? Many new entrepreneurs start their ventures with the impression that starting a business is easy. Social media has drastically glamorized the concept of entrepreneurship, but what many people do not realize is that what you see on social media is only the tip of the iceberg.

What you don’t see below the water’s surface is all of the hard work, mistakes, and sacrifices those entrepreneurs have made to start and grow their businesses. So, what does it really take to be your own boss? To build a business that will support you, your family, and the life you want to live?

In today’s episode, I dive into the nitty-gritty details of what it really takes to be your own boss and start your own small business. I discuss the sacrifices you will need to make before launching your business, why it’s important to get clear on your life goals, and how to communicate with your family about your desire to start a company. I discuss the skillsets you’ll need to develop, the operational costs you’ll need to consider, and how to identify your ideal customer. I also explain why it’s crucial to develop a business plan and why ‘winging’ your way through your entrepreneurial journey is the fastest way to going out of business.

“You have to have a plan for success.”
– Melinda Emerson

Listen to the podcast below:

Here’s what you’ll learn on this episode:

Getting clear on the sacrifices you are willing to make to start your business
Identifying what you like to do versus what you’re trained to do
Developing financial goals and identifying how much money you need to make to create your dream life
Determining your operational costs and developing plans to support those expenses
Communicating with your spouse and children about your business idea and the sacrifices that will need to be made to turn your idea into a reality
Identifying the skills you have – and the ones you’ll need to develop
Test-driving the business before starting
Why you need to create a business plan
Why you should not quit your full-time job to start a business

Your SmallBizChat Action Point for the Week:

Figure out first what you want and why you want it before you really dive into business planning or thinking about your business. It’s about defining your dream life – first.