Becoming your own boss

You’re sitting at your desk in your office feeling like a number; knowing your next holiday is not for another three months, that you’d love to be able to leave work early on Wednesday to attend your daughter’s concert but would never be able to, that the proposal on changing that policy you raised in the last meeting was dismissed entirely by the leadership team…and you let your mind wander and imagine if you worked for yourself. Imagine if you could nominate when to have holidays, what days to work, what you achieved in regards to your career objectives?

Thankfully, that option can happen for you, and for many it does! There’s nothing like owning your own business in terms of becoming completely autonomous and in control of your career objectives, where the person who carries out your performance appraisal is you!

But, just before you hand in your resignation letter and pack up your office, here are some key tips you’ll need to keep in mind when starting your own business:

 

The big picture

You’re going to need to identify the vision of your practice or organisation. What are you going to stand for or endeavor to achieve? Outlining a mission statement will conceptualise and lay the foundations of everything you do moving forward. Have a look at other, similar company’s vision and mission to gain inspiration.

 

Build your network 

And no, this is not your professional network. Rather, your support network. Whether it be family, friends or even a mentor, make sure you have people around you that know what you’re about to undertake and can be there to assist when and where they can. This could potentially lead to great referrals as well in your line of work, with former colleagues, so don’t forget to maintain links with those around you, no matter how busy you get.

Do your research 

Having a flourishing practice with a long list of clientele with everything working smoothly is not going to happen overnight. No – it’s going to require much preparation on your behalf including deciding where your office should be located, what resources you need and where you can get them, what your start-up and ongoing costs are going to look like, and much more. Take the time to effectively plan EVERY aspect of your business’ requirements so as to ensure each step you take is carefully measured and constructed. This may mean getting educated in terms of how to run your business, whether that be through books, a short course, or a consultant who can help you get started. Don’t be afraid to ask questions, and seek insights and advice from those who may have taken a similar leap to you. For a handy reference, the Australian Government business website has a comprehensive business plan template here.

Know your competitors

Identify competitors in the area where you are considering setting up your practice – what do they do within their business, and what can you do to differentiate yourself from them? What are their strengths and weaknesses? What services do they provide, and at what rates? Do they advertise, and through what mediums of communication?

Do everything with integrity

At the end of the day, owning your own business means every facet of your work is a reflection of who you are, both as a professional and as an individual. Being successful within your work comes down to personal satisfaction as well as having credibility among clients, staff and other professionals in the same industry.

Finally, enjoy what you’re doing!

Starting your own small business means a great deal of career freedom, and that may have been the reason you left working for someone else in the first place. Don’t forget to be passionate about what you do, and take the time to appreciate yourself, and recognise your own accomplishments, no matter how small they may seem.

So if you feel that it’s time to start dancing to the beat of your own drum in terms of your professional life, take note, it won’t happen overnight. But these six tips should get you started, and remember; the most important thing is to enjoy what you are doing, and be passionate about taking the leap to start afresh. As Brian Tracy, motivational speaker and author once said, “If you wish to achieve worthwhile things in your personal and career life, you must become a worthwhile person in your own self-development.”