Saturday, August 12, 2023

I Want to be my Own Boss

According to a recent Gallup Poll,
over 6 in 10 Americans want to quit being an employee to become an entrepreneur running their own business. The survey reveals that the traditional 9 to 5 office job doesn't reflect the current needs and mindset of the population. Indeed, becoming their own boss allows Americans to escape a variety of challenges that are typical of the employee's world:

  • They can make the most of their skill set

  • They don't need to worry about inflexible schedules anymore

  • They are not exposed to sudden dismissal risks

  • They can create a workplace they love to work in

  • They can pick a valuable location for commuting

  • They can build a team based on trust and shared values

  • They are free from poor management practices

  • They have the potential to earn more than their office wages

However, wanting to become your own boss and actually running a successful business are two different things. How can you make it work? 

Pursue your professional training

Launching a business requires two types of expertise:

  1. An understanding of how to run a business and build a strategic roadmap for growth

  2. Professional skills that can position you in your specific niche

Both of these will require professional development training. Professional training is essential to advance your career, whether you choose to move within a company or become an entrepreneur. Therefore, before you consider launching your business, you want to make sure your skills are up to take and ready to take on the challenge of entrepreneurship. 

Do your market research

Market research plays a vital role in the design of an effective business strategy, regardless of the type of business you choose to launch. Indeed, the process of researching your market equips you with the necessary data for:

  • Identifying your target audience demographics

  • Positioning your brand effectively

  • Gaining insights about your competitors

  • Recognizing successful marketing activities

  • Understanding what customers want and need

  • Developing the right product to meet the demand

  • Preparing for future market threats and opportunities

Without adequate research, you are forced to make assumptions about your market and customers. You can't guess your way to success. You need to rely on insightful data to move in the right direction. 

Finance your business

Ultimately, starting a business requires a financial investment. No business, even a startup, is free to build. However, not every venture will have the investment requirements. So, you can have multiple options depending on how much you are willing to invest and how fast you want to see a return on your investment. 

If you have a small budget, a side hustle can be your best bet, as the business can run alongside your full-time career until you're ready to grow it. 

A franchise option can require a slightly higher investment, but many entrepreneurs can join a program such as Franchise Direct using only their savings or a small personal loan. A franchise business comes fully equipped and with a proven business plan, so you can get started from day one. 

Starting your own company will often require a loan and even seeking an investor. When you build a company from scratch, it is unlikely to make money before its third year, so you must be ready to sustain it financially until then. 

Becoming your own boss is the dream of many Americans. Launching a business can be a lot more accessible and manageable than you think with the right knowledge, plan, and financing options. 

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