Because you could be, if you know what you’re doing! Being your own boss is hard business, there’s no way around that, but it’s something that can really make you as a career woman. If you manage to head up your own company, become someone known as firm but fair, with all the networking skills you could ever possibly need, your reputation is always going to proceed you.
And if you’re someone who took the chance to quit your job, craft out a business plan, take out a loan, find a great venue to operate from, and then open up your own company, congratulations on being confident enough to take such a risk! But are you still feeling as confident in what’s most likely your dream job in the here and now?
Now’s the time to make sure you’ve taken every opportunity under your wing to succeed, and if you don’t know what they look like, we’ve listed a couple of suggestions below to make sure you’re constantly killing it as being your own boss.
You’ll look and feel confident, and that makes walking into business meetings and networking events ten times easier than usual!
Focus On The Money Flow (And How You Handle It!)
Business is all about money, right? It’s the one thing you absolutely need to be flowing in and out of your business, even when you’ve got employees treating your company as a revolving door and investors who aren’t exactly forthcoming with their own help… As long as you’ve got a cash flow, and a cash flow budget to work with, you’re going to be putting plenty of food on the table.
Unfortunately, as prospective business owners, we don’t hear much about the budget part. We don’t know that it’s a good idea at the start of a fiscal year to put together a forecast of what you think you’ll receive and what you’ll have to pay out for the next 12 months. We don’t know there’s plenty of software out there to invest in that’ll make it a practically automated process. And ultimately, we don’t know that budgeting by the year rather than by the month gives us a much better picture of how well a business is doing.
And that’s where a little bit of training can step in. You might not have an accountant on the books right now, either because you can’t afford one or you’ve simply carried on without one. But you can step in here yourself, as long as you’ve got the qualification under your belt; it’s time to start studying! You can very easily find CPA reviews with a bit of research; making a bad investment from the get go in what’s meant to be a cost effective solution to a book balancing problem is not a good start!
Understand Your Audience The Most
If you’ve got a business to market, and an audience that’s seen it all before from companies just like yours, you’re going to find yourself a bit stuck in your ability to brand yourself well. Your audience and their reaction to you is what makes sure you’ve even got a way to make money in the first place, so you need to understand them above all!
Before any costs go out of your business account, before you even start budgeting for innovating a product you came up with on the fly and thought would be incredibly useful, before you take your business plan before an investor, do your market research. You need to know there’s an interest in your product before you try and make one, otherwise you’ll always going to be operating at a loss, even when you try to salvage the situation.
It sounds like such an obvious point, but about a quarter of new businesses don’t do any of this pre-planning! And there’s even plenty of research out there you can look into for absolutely no cost. Don’t waste your perfect chance to get a headstart on the competition; you never know when there’s a gap in the market, that’s ready to be filled by you, without looking into it first!
Killing it at being your own boss takes time and a lot of effort, but if you’re ready to take that challenge on, you’re going to be in a better position than the business that wants to open up a location next door. Take on the world from your own empire, now’s your chance to change the game!