Being your own boss can be scary, and with good reason! With great power comes great responsibility, as they say. When making the decision to become your own boss, it’s important to know the risk involved, along with the reward.
According to Investopedia, 45% of businesses will fail within the first five years. This failure rate is so high because most small business owners are used to working for others. When you have a boss giving you direction, you don’t really have to worry about much. Your only concern is getting a paycheck at the end of the week, right? You’re not thinking about how to ensure that the rent, power, gas, phones, and other essential business expenses will be covered.
When you decide to be your own boss, the entire game changes. You will be the last person to get paid because those responsibilities are now on you. My husband and I started our own business back in 1996, and it hasn’t always been an easy journey. Throughout the years, we have learned a lot, failed at some things along the way, and are still learning. We have learned that the traditional way of doing business is changing due to technology, social media and many other factors that we cannot control. If you think you’re ready to be your own boss, here are some things to consider:
Passion
The most important element of an entrepreneur’s DNA is passion. If you have passion for what you are good at, you will have what I call “stick with it faith.” Regardless of the challenges you face in your business, you’ll be willing to hang in there until you see what you believe manifest. If you are not passionate about what you are good at, you will just be running around like a freelancer. It’s so rewarding to get paid for what you enjoy doing.
To be your own boss takes time
You’ll have to devote a lot of time to building your business. You must be willing to show up regardless of where you’d rather be. Your family and friends may not understand why you can’t attend their gatherings. You have to be okay with how they feel about you not being available for them. Remember, this is your baby. You are the one who will have to tend to it. It’s your responsibility.
Money
Never put yourself in a position where you are using all the profits from your business to pay your personal bills. You want that business to be able to carry itself. As I stated before, when you begin to work for yourself, you will be the last person to get paid, because all the responsibilities of maintaining the business are now on you. I would suggest that you have a financial cushion saved that will sustain you personally for 1-2 years. I will be talking more on this topic in the near future.
Being your own boss can be lonely
Don’t expect all of your family and friends to support your vision for your business. Only you know what God has given you, your passion and your motivation. Trying to explain it to others can become frustrating when you see they just aren’t getting it. Some won’t believe it until they see it manifest. That’s okay! I believe in moving in silence. Once they see your success, they will be more open to understanding your vision.
Fear of failure
The spirit of fear grips all of us. However, you must be willing to take action, even (or maybe especially) if you are afraid. No matter what. There are so many who are fearful of taking the leap of faith to start their businesses. You have already failed if you never try! What if you try and experience an Ephesians 2:20 blessing on your business? You will never know until you do it. So just do it! I always remind myself of 1 John 4:4 — “Greater is He that is in me than he that is in the world.” I believe that because He lives in me, I can do anything! That is the same kind of spirit you must have to walk this journey of entrepreneurship.
Renew your mind and watch your words
I heard a great man say, “Whatever you keep saying is where you’re going.” Repetition helps to transform your life. So take the time to reprogram your hard drive: your mind and your words. What are you thinking and saying about yourself and your business? Refer back to my blog post on “How to become truly successful in life.” Proverbs 18:21 says “The tongue has the power of life and death.” So what are you saying about yourself? When it looks like things aren’t going well, what are you saying about your business? Refer back to my post “How to be Truly Successful in Life”
Do your homework – Research the niche you’re in to understand how your industry works and what it takes to run this type of business. It’s also its important to ask yourself some questions: Why you are the best person for the job? How can you help your clientss? What service can you, specifically, offer?
Focus and avoid distractions
When I say get ideas from others, I’m not suggesting copying someone else’s vision. You are an original, and no one can do what God has given you to do. It is so important to focus on what God gave YOU. Don’t spend your energy copying someone else. I go into more details in my post “What Happens When You Compare Yourself to Others.” If you are like me, you have so many business ideas that you want to get out.
When I find myself giving my attention and energy to other new startup business ideas because I’m watching the competition and focusing on what others entrepreneurs are doing around me, I find myself all over the place and giving less attention to growing my present business. This can cause me to lose focus, and my current business suffers. Remember, you are not ready to focus on your next business until the current company can sustain itself and needs less attention from you. It’s essential to keep your mind and spirit free from distractions. Don’t put too much on your plate. You want to be free from as much distraction as possible so that you’re able to tap into more creativity and ideas to help grow your business.
Remember, every day you turn on the OPEN sign, you must show up knowing it’s another great day. You are expecting the right people to come through your doors to do business with you. Start every day with the faith that this is what you need to do. I want to encourage you to Do It Afraid! Trust God and Trust the process!