If you have been working at the same dead end job for years and years and are finally ready to take the plunge and open up your own business then it may be time for you to become your own boss. If you really think about it, not having to answer to anyone but yourself is certainly an appealing prospect. Many families have businesses that they pass down from generation to generation but for the rest of us we have to work to build our own empires. There are many ways in which you can realize your dream of being your own boss but there are certain steps you will have to take.
Determine What You Want to Do
Before you can become your own boss you need to determine what it is that you want to do in terms of the type of business you want to run. If there is a specific field you have been working in for a long time such as that of a painter or a construction worker then perhaps you will want to open a type of business that is inline with what it is that you are experienced at. However, you may be tired of the hard work involved with whatever it is that you have been doing for a series of years and as a result may wish to go into another venture entirely. In any case the first thing to decide is which direction you want to go in.
Find Out Licensing Requirements
Go to your local business licensing office and find out what the requirements are for the type of business you want to run. If your business will have anything to do with food reparation then you will need to get the local health inspector involved as well. However, if your business is something that you will be running out of your house then the requirements may be less stringent. The important thing is to find out what it is that is required of you so that everything is up and up and you are not fined for operating a business while not following all the rule and guidelines set forth by the area or county you live in.
File a Corporation
After you have determined what you will need in terms of licensing then you will want to open a corporation and decide whether it will be a limited liability corporation (LLC) or whether you want to open as a sole proprietorship. It may be best to ask legal advice when trying to decide which type of corporation would be best for you as there are many different factors that come into play when it comes to the legalities of running your own business. A lawyer will be able to explain the many types of corporations and what they will mean to you in the event of a mishap or if a lawsuit should ever be filed against you and/or your business.
Purchase Business Insurance
Here is where things can get a bit tricky. You do not want to over purchase protection for your business but you certainly do not want to under purchase protection. Make sure that you are totally honest with your insurance agent when you are describing the type of work you will be doing. This way your agent will know exactly what type of coverage you need to have. For example, if you are working on high rise buildings at extreme heights do not try to get by with an insurance policy that only goes up to four stories just so that you can save some money. This is a very bad idea because if there is ever a problem then the insurance company will catch on anyway and there is a chance no benefits will even be paid out.
Begin Your Advertising
Obviously, you want to get your name out there so that people will know you are in business. In most areas you will be required to place an ad in the public notices that you are now doing business as “company name.” This notice is usually to remain there for about 6 weeks. This introduces you to the public as a new business. In addition, begin passing out flyers and business cards. You may even want to place a classified ad in your local newspaper or advertise on sites such as craigslist. The best form of advertising is word of mouth so make sure you treat those customers like kings so that they will suggest you to their friends and family.
Remember Your Business Is Your Baby
While there are some very distinct advantages of running your own business and being your own boss there are a few drawbacks as well. Remember that like a child that company will rely on you 24 hours a day 7 days a week. If something goes wrong it is on your shoulders, if something needs to be repaired you pay for it. If something is stolen you will have to file the claim with your insurance company. There is a lot of responsibility involved in running your own business. Vacations will be a thing of the past, at least for the first couple of years while you get things running smoothly and find help you can trust. With all this being said if your business becomes as successful as you hope it will, it will all be worth it in the end.
If you are going to open your own business try to be sure that you have not only the initial investment but that you have enough surplus cash to carry that business for a couple of years just in case things start out slowly. Do not make the mistake of putting every last dime into any venture because there is always a potential to fail and that is the last thing you want to happen. This is particularly so if you have invested your entire life savings into that business. Being your own boss is easy provided you organize and do some homework on the best way to go about doing things.