The concept of 'being your own boss' is always the dream of people working in 9-5 jobs. Starting a business can be an exciting and stressful adventure, so planning is essential to achieving your goals.
Before making big decisions about your professional career, read our full article to understand how to be your own boss, and make money without working a 9-5 job.
Why should you be your own boss?
Freedom of a self-employed career
There are many advantages of being your own boss. When you are ready to be your own boss, you have to have more self-discipline. It may take some time to get used to setting your own working hours, but you will understand that it was like a revelation once you manage to arrange it.
Typical jobs wouldn't allow you to travel, which might be the best benefit for the free spirits. Who can say no to the advantage of answering emails from the poolside in various countries?
Earning As You Work
Yes, you are excited to be your own boss, and sure there are many perks of being your own boss. When you are working for yourself, how much you can earn is up to you. Sure, you won't have the safety of an annual salary, and there might be times you regret giving up from a fixed income. However, you will understand that charging your own earnings is very motivating. The harder you work, the more you earn. In time you will learn to manage your workload better. To be your boss is the thing you can identify as a primary source of confidence.
Jobs where you can be your own boss
You might be wondering about how to be your own boss and find the best job you can pursue a self-employment career. Here are the professions where you can start your career immediately.
If you ask, is there a way to be your own boss online? Yes, many professions can start working like a boss immediately. Web development and mobile development are two of the highest-in-demand programming jobs at the moment. Also, professions like photography, writing, or editing, web, or graphic design are very popular among self-employment professionals.
You can check the following articles if you are struggling to start your self-employment career.
6 tips on how to be your own boss
1- Research your sector and your competitors
It would be best if you were careful when jumping into a new challenge in your professional life. Before starting your own business, you need to know more about your sector and your competitors first.
Always try to keep your business ideas fresh about your sector. Do your research about how people face obstacles in your industry and how they keep being successful if you have a chance to meet people who are already doing their own business in your field to understand the sector better.
Calculate your potential income and expenses carefully. If you don't have enough know-how about pricing, start by getting a benchmark.
Here's a simple tool to help you with pricing your work.
2- Start creating a business plan
Once you've done the research and are confident with your business ideas, you should develop a plan to make your business ideas more straightforward. Your business plan will be proof of your business success. Your business plan should cover your business concept, your place in the market, and other details of how your finances will work.
3- Set goals weekly, monthly, and annually
When you are working for a company owned by somebody else, it is a good chance that your boss is setting your targets and goals for you. Since you are now considering running your own business, it is necessary to understand the importance of working according to plans. However, this time, you should set your own goals like a boss.
By doing this, you can see what you have accomplished so far and what you should do in the future. The best way to set goals is to write down what you want to achieve in a week, month, and at the end of the year.
4- Learn more about how to pay taxes
Yes, it is exciting to be your own boss; however, this freedom also brings new responsibilities. There are advantages and disadvantages of being your own boss. Learning more about taxes might be one of the drawbacks. You may hate the fact that taxes will be your responsibility, but it won't change anything. You have to plan your income and prioritize budgeting your taxes.
The most important thing is to stay ahead of your taxes. If you find taxes complicated and realize you can't handle, try hiring a professional who can support you. Knowing your tax obligations is very important for self-employed professionals.
You can also check our article on “How to issue invoices as a freelancer in 2020.”
5- Get Educated Continuously
Yes, you have skills and talents in your own field, but once you are ready to be your own boss, you will realize that you have to do jobs that require different skills.
Always consider getting online training, doing masters in the fields that will teach you more about entrepreneurship essentials. When you are your own boss; every investment you make yourself is also an investment in your business.
6- Try To Minimize Distractions
You might be saying that “I want to be my own boss” immediately. However, transitions are always hard. If you are changing your career and considering starting your own business, you should be careful about efficiently using your time.
Especially when you start with a home-office setting, you should be careful about not wasting your time. If you need more information about procrastination, check our article on how to stop procrastination.