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Are You Ready to Be Your Own Boss? Tips for Starting a Small Business

Are You Ready to Be Your Own Boss? Tips for Starting a Small Business

If you’re considering starting your own business but really just don’t know where you would begin, know you’re not alone — nearly 24 million Americans want to either work for themselves or fire their boss.

A closer look at a recent survey from Thimble shows that annual bonuses and paid time off are the benefits Americans are most willing to trade in for the benefit of becoming their own boss. In addition, 20 percent of respondents said they would be willing to give up a competitive salary, and 13 percent said they would give up a weekend off to be their own boss. Moreover, 29% of respondents said they would “forego” an annual bonus, however, 23% of respondents said they would not forego the holiday or holiday allowance. 

So why are Americans willing to give up important benefits to be their own boss, even in times of economic downturns? 

The benefits of being your own boss seem to outweigh the benefits of a typical job at nine to five years. This could be attributed in part to Americans professing their dream of self-employment, but also to their desire to retire earlier. 

If the current pandemic has taught us anything, it is that tough times and setbacks can create opportunities for a comeback. Building and securing your own business is not always easy, and not everyone has what it takes to start and maintain a successful business. If the words “work hard, seize the right opportunity” and “create” describe you, this could be a good time to think about entrepreneurship. 

On the other hand, the survey found that retirement savings are the most important benefit for Americans —  but only 6 percent of respondents said they would give up retirement savings to be their own boss. So what gives?

It seems like Americans want to break free of their work to become their own boss — but do they have what it takes? Keep reading for some must-know tips for budding entrepreneurs on how to be your own boss. 

  1. Identify the right business for you: if you want to be a successful entrepreneur, you need to be passionate about your line of work. Find a niche where your skills and passions intersect to ensure you’re willing and able to dedicate yourself to your business. 
  2. Create a business plan: You can have an amazing product or service, but if you don’t hava a strategic business plan to match, it could be for nothing. Create a playbook of how you plan to run your business in order to succeed. 
  3. Have a valuable product or service: On the flip side, you can have great strategy but you absolutely need a valuable product or service to match. Make sure your product or service fills a gap, offers value, and is useful to consumers.
  4. Find funding: One of the biggest struggles for small business owners is to find enough funding. Come up with a concrete plan on how to achieve your financial goals in order to succeed long-term.
  5. Network: For your business to gather customers, you need them to know about what you do. Leverage online marketing, social media, newsletters, and more to get your product out into the world.

 Some may argue that there is no better time to think about being your own boss, even if that means you have to do extra hard work. COVID-19 has unleashed a wave of innovation and new ideas to address the challenges facing society today. 

In view of the challenge of meeting these new requirements, weekly applications for new companies continue to increase by nearly one-third. Many people are making careers and establishing business models to meet the demand for goods and services that are coming out of the crisis. 

If you think you have what it takes to be a successful small business owner, check out the infographic below to determine if you’re ready to become your own boss

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