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How to Know When You’re Ready to Become Your Own Boss

Everyone knows there’s risk involved starting a new business. Even though the wheel isn’t being reinvented, carving out market share is hard work. Most people like the comfort and security of having a job. The problem with this notion is the fact that it’s only an illusion. There’s just no guarantee the company won’t go out of business, downsize, or, require relocation. Still, these are not enough to motivate many people to take the initiative to go into business for themselves. It’s a fact: being an employee is far different from being an employer. However, there are people with dreams, visions, and, full of entrepreneurial spirit. You might be one, wanting to be your own boss, but, you’re unsure whether or not the time is right.

How to Know when You’re Ready to become Your Own Boss

There are many reasons to start a business, but, it’s often the case you can talk yourself out of enterprising with a few justifications. You might justify not to strike out because owning your own company makes your customers your boss. It could be that you’re uncertain about taking out a business loan. Perhaps you aren’t comfortable with managing employees without a corporate structure to back you.

Thinking about starting a new business? Running a company can be an amazing adventure, and it can even give you more security than a regular day job. Being your own boss may sound like heaven on earth, but what you have to remember is that it’s still a lot of hard work. It’s easy to feel ready much earlier than you actually are, and it’s equally easy to let fear hold you back long after you should have jumped. —Entrepreneur.com

Maybe you just aren’t ready to take-on a full-time venture without the guarantee of income. There’s no doubt about it, starting a new business is a challenge, but it’s not insurmountable. If you really have the urge to start your own business, you’re probably wondering how to know when it’s time, and, if you’re ready to become your own boss. Well, the following signs are great indicators that you’re ready to start your own business:

You’ve done more than just think about it. If you’ve been running scenarios in your head, done long calculations, looked into costs, and, done market research, you are definitely readying yourself to start a new company. Putting time and effort into due diligence means you have more than just a little curiosity. Chances are excellent you want other qualifiers to substantiate going into business for yourself.
You’re ready to take a measurable risk. Researching the market and running numbers means that you’re already looking for potential risks and rewards. You are investing your energy to be educated about costs and revenue. What’s more, if you’ve studied the competition and know the industry, you’ve likely identified pitfalls and where improvements can be made.
You know your strengths and weaknesses. This goes right along with the first two indicators because it means that you’re accepting you have certain weaknesses and can do something about them. Knowing your strengths and weaknesses also means that you understand where you’ll need help and where you can take charge.
You are ready to earn money on your own. If you’ve troubled by the fact you’re relying on someone else for your income, you’re definitely not alone. What you should know is that successful entrepreneurs do not usually hate their jobs, or, their bosses. Instead, they know their own potential isn’t being unleashed and want to strike out on their own.
You want to build something for your family. Building a business and leaving a legacy is something that every entrepreneur envisions. It’s usually one of their biggest motivations for starting a new company. If you have this inclination, it’s time to start exploring the possibilities.

If you’re still unsure about being your own boss, you don’t have to take a giant leap. Instead, you can start part-time and grow it incrementally. It often doesn’t require a lot of upfront capital to start a new business, just an actionable plan and a focused vision with a commitment to your dream and strong determination to pursue your dream relentlessly every day.

Want to find out about what a business coach can do for you?

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Beware Entrepreneurs, This is Your Biggest Failing Point (but You Can Get Past It)

March 25, 2021 No Comments

What is an entrepreneur’s biggest enemy? There are many answers one could give to the question. Including things like self-doubt, lack of capital, not enough focus, and many more. But surprisingly, one of the biggest entrepreneurial foes is themselves. This comes in various forms, but one that’s particularly counterproductive is a rigid and unceasing belief that they can make anything work, including relationships. Usually, this is where toxic relationships come into the picture, but instead, we’re talking about relationships that just don’t work out for anyone involved. Final Endings can be Just as Healthy as New Beginnings Dr. Henry Cloud has spoken and written extensively about what he calls “necessary endings.” Basically, what this means, is putting an end to any relationship that is not a healthy one. And, it is applicable to the business world more so than one might imagine. That is to say, that sometimes putting a final end to a business relationship is also the birth of a healthy new beginning. Failed relationships in business have high costs, both financial and emotional –expensive golden parachutes, failed hires who waste costly training, partnerships and investments that lead to misery and conflict, investments that make you wish you had put your money anywhere else, buyouts that lead to the destruction of a business you’ve nurtured over decades. —Forbes Put another way, entrepreneurs are very stubborn people. They believe they can fix just about any scenario or situation. This even extends to their professional relationships, even when those relationships fail to work out time and again. Business owners mistakenly believe that just by making a few tweaks, they’ll be able to parlay productive relationships with individuals that have previously been failures. Although this isn’t so, it’s their rationalization about their own prowess that leaves them to try over and over. How to Effectively End Bad Business Relationships Fortunately, there are ways to identify and end bad business relationships. The trick is to rely on other people’s good judgment and embrace counterintuitive ideas. With a different perspective, it’s entirely possible to identify and end just about any bad business relationship. Here’s how: Stop the cycle. Instead of continuing the relationship on with the same person and experiencing the same bad results, make a resolution to realign your relationship. After all, it’s possible to remain friends, yet not be in business together. This doesn’t require an uncomfortable confrontation. Rather, gradually transition from a working relation into a just a casual one. Ask others for help. There are people in your life who you trust. Rely on their good judgment to help you see your blind spots when it comes to failed working relationships. This will probably be difficult to hear and more so to accept, but having someone else’s perspective may be enough to convince you that it just won’t work out. Try switching roles. If it seems like a particular relationship with someone in various business ventures fails time and again, perhaps it’s the wrong personality. Confide in someone else and bring them into that other person’s role in order to experience a new dynamic. Doing so might also help to reveal some of your own shortcomings. Step outside your comfort zone. It could very well be that the reason you and this other person can’t seem to get things to work out in a business environment is because you’re only comfortable in certain situations. While it’s usually beneficial to rely on others’ strengths where you have weaknesses, it’s also advantageous to overcome those weaknesses whenever possible. Look at the big picture. Having to end a relationship, even a bad one, can be very difficult. This is particularly true if you have an affinity for the other person, even when things just don’t work out. However, this type of unproductive relationship will likely only continue to disappoint rather than reward. Don’t see it as a failure on your part. Instead, accept it for what it is, good and bad, and find a realistic way to move on. What other suggestions do you have for ending bad business relationships? Please take a moment to share your thoughts and experiences. Your unique perspective might help one or several people out of toxic situations! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Ways Business Owners can Deal with Personal Crisis

May 18, 2017 No Comments

Entrepreneurs, by their very nature, are self-reliant. They set goals and achieve them with confidence. When a personal crisis strikes a business owner, it can be very damaging to their corporate environment and even its micro-culture. Suddenly, the dynamics change and can lead to irreparable harm. We’ve all heard the advice not to bring personal problems into professional space, but, some are so large they have a nearly uncontrollable effect. It’s best to bring the situation into perspective, but, doing so might be difficult to accomplish. Ways Business Owners can Deal with Personal Crisis In some instances, it’s possible to prepare a business for a crisis. When it’s impending and inevitable, business owners should prepare by speaking with their team members about delegating and assigning responsibilities, seek legal advice (if applicable), and focus on what’s most important. There will be difficulty in maintaining balance but by being proactive, you’ll have less to worry about. Eventually it happens to the best of us. Something occurs in our personal lives that is so devastating, we have difficulty concentrating at work. It may be the death of a loved one, a divorce, a financial crisis, or serious damage to our homes. When our personal lives are in chaos, it can be hard to focus and get what we need to do done. —Inc.com Unfortunately, it’s often the case that a personal crisis strikes without warning. When it does occur, it can be very burdensome to get through. Even the toughest entrepreneurs will have difficulty trying to deal with upset in their personal lives while continuing to run their businesses. Here are some ways business owners can deal with a personal crisis: Outsource and be willing to ask for assistance. It’s okay to let go and farm-out work during turbulent times, especially if you’re having trouble staying focused and concentrating. Also, there’s no shame asking for assistance from your team — it’s actually a smarter choice. Be upfront with customers. As soon as possible, let your clients know about the situation. You don’t have to go into details, but you ought to alert them to what’s going on, particularly if you’re not able to work as usual. You’ll find most to be understanding and that helps to give you some peace-of-mind. Surround yourself with positive people. This is something that successful entrepreneurs naturally do but it’s very important when you’re going through tough times. Personally, I lean on others as well as my faith and prayer to shoulder the burdens of crisis. It’s uplifting and it can be a way to see the silver lining knowing others are walking with you. Give team members more flexibility. Your employees are huge assets to your business and during a personal crisis, can be the best go-to source for carrying-out day-to-day operations. Give them the flexibility that’s needed to keep your company running smoothly. Do not put undue pressure on yourself. If there’s one thing entrepreneurs struggle with, it’s the fear of not getting the job done. When you are dealing with personal issues, give yourself permission to lighten your workload. Take time to reflect on what’s most important. This is an ideal time to put everything in perspective. Give yourself time off and reflect on what’s truly important in your life. In addition to these, you should be honest with yourself about your life’s direction. Some business owners who experience a personal crisis use it as a learning tool advantageously, but others allow the event to cloud their judgment and make rash decisions. When you’re not thinking clearly, be willing and ready to ask for advice from someone you trust. In my life, I have found great opportunity comes from crisis because of my willingness to reflect and make changes. How have you overcome crisis and remained focused and successful with your business? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

A Sudden Goodbye, A Shocking Return, But Should You Welcome Them Back?

July 25, 2025 No Comments

A trusted employee walks out without warning, leaving gaps and questions. Now, they want back in. Is their return a chance to restore talent and trust, or a risky gamble?