Becoming Your Own Boss: A Mini-Guide for the Cautious
Ed. note: We are very excited to have another guest post, this one from Derek Goodman at Inbizability. Give it a read below, then be sure to check out his website for more of his writing.
Perhaps you’ve felt inspired to start your own business but you have reservations. It’s not uncommon for many budding entrepreneurs to feel this way. You may have a great idea but lack confidence or experience, or simply want to know more about running a business before you quit your day job. In this guide from The Indiepreneur, you’ll learn about the best ways to approach this process and how you can get started even if you’re not fully committed yet.
Just the Basics: Areas You Should Cover
According to experts, it’s important to have a business plan, no matter what type of company you plan on setting up or what your overall goals are for growth. Identify what areas you would like to focus on, but be prepared to be flexible. You never know when personal issues in your life might come up, if your business may need to change direction toward something more profitable, or if you have to move.
Don’t forget to think of a name for your business and decide what type of business formation you plan on using. You could work as a sole proprietor, a limited liability company, or an S-Corporation, depending on the needs of your company. There are positives and downsides to any option, so do your research first. Whatever structure you choose, you’ll need to set up an Employer Identification Number, or EIN, for your business.
Outsourcing: Don’t Skimp Here
There might be times when outsourcing would be most beneficial for your company. Hiring freelancers allows you to free up your time while trusting professionals who are already skilled in specific tasks.
Areas that many business owners find useful to outsource include financial planning, bookkeeping, and any other number of accounting tasks. Hiring professional help in financing ensures the IRS gets everything needed when it is time to file taxes.
(Ed. Note: if you are looking for outsourced bookkeeping & tax filing, check out our sister company LDGR)
You may also find it helpful to seek professional marketing assistance, especially if you are focusing on marketing online. Social media in particular can change overnight, so getting assistance from someone who understands this area well can make your life easier.
Continuous Learning: Why You Should Keep Up Your Education
No matter where you are on the path to building your own company, it’s crucial to keep learning about how to best manage a business, what you can do to improve, and how to work smarter instead of harder.
One option is to seek out assistance from a mentor. Getting advice from someone who began as an unsure business owner can give you the strength to push forward and learn different ways to understand your industry and environment better.
Another suggestion is to go back to school and earn a business degree online. Completing your studies online can free up your time so you can keep working your day job while giving your budding company enough attention. Earning a degree can also help you build your business skills, no matter if your program of choice focuses on marketing, business management, or finance.
Starting Slow: No Need To Jump in Headfirst
As you focus on your company, start out slowly, giving yourself a set amount of time each day to complete tasks that are essential to setting up, such as registering your company, building a menu of services or products, and determining how you want to advertise. This can keep you moving at a steady pace without getting overwhelmed.
There’s never been a better time to start working for yourself. By taking it slow and learning the best ways to implement future actions, you can work to ensure your startup is successful.
