6 Things You Must Do To Become Your Own Boss

Have you ever started, or have been working on your own business for a while and reached the point where it’s time to go fulltime, LIKE A BOSS!? If your business is starting to take off, you might be asking yourself, “What’s the next step?” How do you make the transition from it being your part time gig, to going full time and being self-employed?

Well, it’s not easy, but here are a few tips to help you make this transition:

1. Make a Time Table

First off, you need to decide when you want to make this jump. 6 months from now? A year? Depending on when you decide, it will change how aggressively you’ll need to work towards being positioned correctly. The more time you decide, the more time you’ll have to prepare. However, waiting too long might not be the best course of action either. Your opening in a market may not last forever! So sit down, and simply feel out what seems like an adequate amount of time you need to get ready for this jump.

2. Put Some Savings Together

You are going to need a backup fund, just in case things don’t work. You cannot rely on your old job keeping the doors open, nor a similar position opening up in time for you fall back to. If you are going to make this jump, you need to ensure that you have some security. I’d suggest at least putting together 6 months of living costs, but a year’s worth would probably more sufficient. Not only will this give you the freedom to make the risks you need to try and make your business truly successful, but it will also prove the level of maturity and forward thinking you are going to need to run a successful business. Take your time and plan out how much you can save, and you’ll be able to rest easy not having to worry about your personal expenses for a time as you jump head first into your business.

3. Find Alternative Funding

In addition to your saving, you can seek out early investors for your company. If you have had some success already, this will only help your chances. You can seek out established companies in a similar field who may be interested in supporting your endeavor, or take advantage of crowd funding, which has seen a very large increase in popularity. For services and products focused on the consumer, the latter may be a better option. Do some research to determine what resources are readily available to you.

4. Consult your Family

Your greatest resource for support is going to be your family. Whether you have children, or are living on your own, reaching out to your family and including them in your plans will ensure that you have the emotional support you need for facing the turbulence of running your own business. Family can also go a long ways towards helping support your personal life, ensuring that you do not lose your mind over your business. Going alone is certainly an option, but you’ll be much happier in the long run knowing that you have the support of your family behind you.

5. Set Business Goals

While before, your goal may have simply been to start a business and see how it works out, your new goal is going to be to make the business enough to support yourself and anyone else who depends on you. More than likely, you will not able to simply jump in right away, and it will require a bit of planning ahead of time to increase your income for the business.

What areas are you going to strengthen to bring in more business? How are you going to draw more customers? These are not necessarily hard questions, but you are better off planning for them now instead of after leaving your full time job. Furthermore, will you need to bring on additional help sooner or rather than later? Knowing these things will help you plan accordingly.

6. Make the Jump

Once you’re ready to make the jump, go head first and start swimming strong! Don’t waste time, you’re on a count down from the minute you leave your previous job. Your goal is to become financially stable as soon as possible, so get ready to work and work hard.

At the same time, don’t forget about your personal life. Set boundaries early on for how much you will work. You are your own boss now, which means you need to give yourself direction and ensure you are going to be as productive in several months as you were on day one.