Becoming your own boss – A few thoughts about starting your own business
London, 7 November 2016
Do you know the feeling, that you’d do a lot of things differently and better, if only you were the boss? Or do you want a more flexible working schedule? Or maybe you’ve reached a point in your career, where you’d like to do something else, something close to your own heart? And don’t they say: „Turn your hobby into your job and you’ll never have to work again“? If you‘ve already made your hobby into your job, we congratulate you! But for everyone else, there’s basically only one solution – starting your own business. Such a big step requires a whole lot of forethought, though.
For one, the security offered by a steady job on an unlimited contract is gone. Still, there are many positive and successful examples. Here are a few thoughts to help you reach a decision.First off, think about really being ready to take on so much responsibility to you and potentially for your family. Are you adaptable, resistant to stress, creative and manage to keep your cool even in the most chaotic times? Good, because as the owner of a start-up, you’ll need to be. Be aware that you’ll have to work more and longer hours than in your full-time job as an employee, at least at the start. That’s why it’s important to get all your family and friends involved in the decision making process, because you will need their support and understanding. Should everything work out according to your plan, you might also become an employer. Are you also ready to take responsibility for your employees and their jobs?Every start-up needs a good business idea. Ideally, you already have one. If not, you must carefully weigh, where your strengths are. The challenge you must face is finding out, what your true passion is and how to turn it into a source of income. Search for inspiration in the stories of other successful start-ups and use the internet for research purposes, as it’s the easiest and most comfortable way to get info and good advice from entrepreneurs and business analysts. Keep in mind that customers are only willing to pay for such products and/ or services which fulfil one of their physical or emotional needs. Take a careful look at the market. Did somebody else already turn the same or a very similar idea into a business? And if so, is it successful? Competition is, of course, the heart of the market and very welcome to customers, but you should overthink your idea if the market is already saturated and you don’t bring anything new to the table.Don’t underestimate the importance of a detailed and realistic list of necessary business expenses. Many start-ups fail because of their unrealistic budget projections. In order to avoid this from happening to you, make a list with all the known and foreseeable costs. How much starting capital do you need? And how soon can you make it back in the form of profits? In other words, create a good business plan that will help you keep track of all things financial, but also comes in handy when you need to persuade the bank or the investors to secure funding.Whether it all is a risk worth taking – the final decision is up to you. Every business started out small…