Aug 29, 201712:00 PMOpen Mic
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The realities of becoming your own boss
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When you think about work, do you picture yourself in a cubicle, or are you one of many who desire a home office? Whether working in an office building or your home, each option has its own challenges.
According to the U.S. Bureau of Labor Statistics, sole proprietor business owners were responsible for 99% of the increase in job growth since 2000. But before you say good-bye to the office and go out on your own, it is important to consider the personal and financial implications of owning your own business.
Are you ready to be a small business owner?
Running your own business can bring great rewards, but for every successful business owner there is someone who jumped in too soon.
- How do you handle financial uncertainty? The unsteady cash flow generated from a small business can be difficult for those who like the security of a steady paycheck.
- Who is your competition? Make sure you not only know your competition but also what differentiates your product or service from the rest.
- What is your marketing strategy? As a new small business owner you will need to spend as much time marketing yourself as actually doing the work. Consider how you are going to do this and if this is where you want to spend your time.
- How patient are you? When starting up a new business assume everything will take at least twice as long as you planned.
- How disciplined are you? Not everyone works well with a fluid schedule and no deadline pressures from the boss.
- What work environment works best for you? Some people thrive in a home office where they can focus on work with no distractions, while others need the social connections and collaboration opportunities of a team.
If you considered the questions above and still want a business to call your own, it’s time to plan.