Being our own boss is a dream come true for many of us. No more long commutes, micro-managing bosses, and nosy colleagues, we think to ourselves; we imagine flexible hours, lots of free time, perhaps even cocktails on the beach at exotic locations.
Although these perks do go hand in hand with entrepreneurship, so do many challenges. Being your own boss often means lacking a clear structure, having to give yourself deadlines, clashing priorities, all of which can make it seemingly impossible to make any real progress.
In this article, we've compiled some of our best advice on how you can make self-employment work for you.
How to Be Your Own Boss the Right Way: 10 Tips for Success
Taking the first steps into entrepreneurship can be quite intimidating. You may find yourself swamped by things you need to get done and constrained by limited resources.
Here, we've outlined the essential steps you need to take if you're committed to making entrepreneurship work for you.
1. Be Certain that Entrepreneurship is the Right Choice for You
Let us be perfectly clear — being your own boss is NOT for everyone. If you thrive in the external structure a 9 to 5 provides, enjoy working in a team of like-minded colleagues, or put a lot of importance on having consistent income month to month, you may be best off staying at your day job.
There's no shame in that — we're all wired differently and no single path will be suitable to everyone. However, some of us simply cannot thrive in a corporate environment. These people prefer to work at intense bursts rather than on a consistent schedule, for example, or they may be growth-oriented to the max which can make any 9 to 5 job feel stifling. They may even see the risks associated with entrepreneurship as exhilarating rather than nerve-wracking. They're happy to go against the grain and work long hours on their own until things get going. If this sounds to you, then chances are that you've got what it takes to excel as an entrepreneur.
2. Refine Your Business Idea
Every successful business starts off with a great idea. Take your time to refine your vision. To really solidify your idea, make sure that you invest in market research, whether you pay a professional for a thorough analysis or you do your own research.
Additionally, solicit feedback from potential customers, even if these are just your friends and acquaintances, and never neglect competitor analysis — it's essential to understand where you fit in in the market and what makes you stand out from the crowd. At the end of this stage, you should have a thorough understanding of the strengths and weaknesses of your idea and have a good idea why your clients will choose you over your competitors.
3. Create a Solid Business Plan
Many rookie entrepreneurs can be tempted to neglect developing a thorough business plan, thinking that they could just figure things out as they go. That's not a good approach — business plan development is an essential stage that shouldn't be glossed over. It will not only help you stay focused and reach your goals quickly but it's also essential for your conversations with potential investors or for obtaining loans.
Your business should detail the specifics of your product, operational plans, funding requirements, and a realistic timeline of hitting several key milestones.
4. Analyze Your Finances and Secure Your Funding
It goes without saying that entrepreneurship typically requires significant upfront funding. Access your current financial situation (savings, capital) and potential funding opportunities (bank loans, fundraising, crowdfunding, angel investors, venture capital). Once you have an idea about how much you need to get started, you should also make plans about your best and worst case scenario — would you be able to start your venture if you have to rely on your savings only? What's the minimum amount of funding you need to get things going? Then, aggressively pursue your best financing options until you have enough to set up shop.
Remember that securing investments is a continuous process — once you have somewhat established your project, it may become much easier to obtain further funding.
5. Gather Your Resources
Once have your business plan ready and you've obtained some initial funding, it's time for action. Identify and procure all the resources you need to get your business off the ground.
These may be physical resources, such as office space, technical equipment, and inventory, or non-physical ones such as specialized software, accounting services, and legal documentation. Be particularly cautious when you hire employees or contract freelancers — the quality of labor can often make or break a business venture from the get-go.
6. Develop a Strong Network
The old saying goes "it's not what you know, it's who you know". Although getting in touch with the right people cannot make your business successful by itself, it can help you make huge steps towards your business goals. Start off by exploring your existing network. Do any of your friends work or have connections in your industry? Try to set up a few meetings over coffee and pick the brains of established professionals.
Once you exhaust your current contacts, get involved in trade shows, networking events, and conferences. LinkedIn can be an invaluable resource for newbie entrepreneurs - you'd be surprised how many people still remember their humble beginnings and are more than happy to write a thoughtful response to a polite introductory message.
7. Build Your Skillset
Lifelong learning is important for everyone, but for an entrepreneur, it's absolutely essential. Take stock of your current strengths and weaknesses and work to fill any gaps in your skillset. You could attend online classes, workshops, events, or even get a degree. Opt to attend in-person events over online ones whenever possible as they can more easily double up as networking opportunities. Also, keep up with the latest news in your field and stay up to date with the newest trends. Continuously working on self-improvement will enable you to work flexibly and creatively to meet your business's most pressing challenges.
8. Outsource Where You Can
Being your own boss doesn't have to mean being your only employee. Do your best to outsource as much non-essential work to others as you possibly can so that you can focus your attention on the heart of your business.
Accounting, marketing, social media management, customer service, operations, and IT support can all be delegated to specialized service providers. If you're on a tight budget, you can experiment with using professional software to handle some of these tasks. Nowadays, AI is rapidly growing in popularity and can be quite useful to entrepreneurs. However, you should be diligent in using it only where appropriate and to implement quality control systems to avoid accidentally using poor-quality auto-generated material.
9. Stay Organized
Entrepreneurship is chaotic by nature, and it's easy to get overwhelmed when things get hard. Your best option to prevent this is to set up a good organizational system from the get go.
Make sure your tasks, deadlines, and project timelines are clearly marked on your calendar. Use project management software or establish in-house systems for tracking progress, assigning tasks to freelancers and employees, and measuring performance. You must also keep detailed records of everything you possibly can, including sales, other financial transactions, customers' queries, and inventory.
Finally, make sure that you test the effectiveness of your organizational strategies by setting up monthly or quarterly check-ins. Implementing all of these systems can take up some extra time at first, but trust us, it will save you a lot of time and money in the long run.
10. Be Patient, Take Breaks, and Embrace Even the Small Wins
Psychological resilience is perhaps the one characteristic that separates those who can make entrepreneurship work for them long-term and those who don't succeed. Remember that every business has slower and busier times, that progress rarely occurs overnight, and take the time to appreciate and celebrate every small win. At the same time, make sure to acknowledge it when things aren't working and make adjustments in good time.
Knowing when to keep pushing and when to change direction is a skills that take a while to develop but will serve you well all throughout your entrepreneurship career.
Is Being Your Own Boss Worth It?
As you can see from this article, there is a lot to consider when it comes to being your own boss. From working long hours to finding the funding to launch your own business, there are many aspiring entrepreneurs who are put off before they even begin.
But it doesn't have to be that way. While being your own boss can be overwhelming and require a lot of time, effort, and money, it also allows you the freedom to set your own hours and create something you are truly passionate about. And, thanks to the internet and digital products, being your own boss as never been more accessible.
Being your own boss doesn't have to mean launching a tech company or starting your own brick-and-mortar store. It can be selling ebooks, creating a community around your skills and interests, selling online courses or giving advice as an online coach. All of these options are low-cost with a high earning potential, meaning that you can work for yourself without the risks associated with launching a physical business venture.
That's where Whop comes in.
Become Your Own Boss with Whop
Whop is an all-in-one platform that helps everyone to earn an income online. From selling ebooks, to creating and selling online courses, sports picks, paid communities, webinars, downloadables (like PDFs and spreadheets), online coaching, masterminds - or anything else digital - you can do it all with Whop.
Whop is home to thousands of creators earning money online doing what they love, whether that's earning passive income with a side-hustle or running a fully fledged online business. So if you're looking to be your own boss in the best way possible, do so with Whop.
FAQ
What are the challenges of being your own boss?
Financial risk, an inconsistent schedule, high stress, and potential isolation are among the most significant challenges of being an entrepreneur. However, if you choose the right business (like selling digital products) you can start a business for little to no cost while engaging with a community of other founders.
What skills do you need to be your own boss?
First and foremost, you need the ability to generate new ideas and to nourish them until they bear fruit. On top of that, you need to be somewhat competent in every aspect of managing a business (unless you have a lot of funding and you can hire professionals from the start) such as financial management, marketing, sales, operations, and marketing. You should also be able to communicate the value of your proposition to investors in a succinct yet engaging manner.
Can I start a business while working full-time?
Yes, you certainly can. In fact, many successful entrepreneurs have chosen to do this in order to manage the financial risk of their new venture. However, past the initial stages of business development, you may find that you need to dedicate a lot of time to your company, and maintaining a full-time job may become unsustainable. Check out the best side hustles to do alongside your day job.
How can I maintain a good work-life balance as an entrepreneur?
To maintain a good work-life balance as an entrepreneur, you should become a master at planning and delegating tasks. You cannot get everything done on your own and it's not worth trying to, so don't hesitate to hire employees or employ freelancers to complete non-essential tasks. Having clear goals and realistic timelines will also help you resist the urge to keep working long hours on a daily basis. Finally, you should embrace the unpredictable nature of entrepreneurship and accept that there will be times when your business will take over most of your time. However, these busy stages won't last forever and you'll eventually be able to return to a more balanced lifestyle.
