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Careers > Starting Your Own Business
 Posted by Two_Ladies
Dec 21, 2006 02:07 PM
Starting Your Own Business
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Even as a kid, you never could do as you were told so the thought of answering to a boss five days a week isn’t going down too well. For many of us, this unfortunately is the law of life. Starting, like everyone else, at the bottom of the career ladder means many encounters with the powers that be.
That is unless you become your own boss. By no means an easy feat, starting your own business can bring a turbulent wave of problems and should not be entered into lightly. On the other hand however, being your own boss gives you ultimate freedom working to your own tune.
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Create a Legacy
Although probably not at the foremost of your mind right now, starting your own business can lead to financial security and not just your current own. Building an enterprise can provide the opportunity to pass the reigns down to children or other family members when the time is right. It can give your family, present and future, collateral as well leaving behind you an honorable legacy.
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Hire an Accountant and Lawyer
It’s real now and that means you’re going to need suitable help and qualified representation. Even the most money-savvy person will need help from a professional who completely knows financial formailties; and this costs a reasonable amount of cash. Finding a reputable and trustworthy accountant can be time consuming. Again, legal intricacies add heavily to start up fees.
Almost any company will need indemity insurance to cover clients against the risk of your company liquidating. Contracts and terms and conditions need to be made water tight, ensuring that your company has a strong legal foothold for any circumstance.
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Holiday when you want
Put an end to drawing straws for the best vacation times. As boss, you can pick and choose your ‘me’ time at will, avoiding peak times and screaming families.
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Organize, organize, organize; Plan, plan, plan
There is no shifting any responsibilities. No one can share your load. The buck cannot be passed. If you need it doing, you have to do it yourself. You will need to be super efficient and super organized. You will need to take the time to write a business plan, structure expenditures. You can’t afford to be ‘off the cuff’ about anything. Even the tiniest detail needs to be accounted for.
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Fashion your own Feng Shu
Being your own boss can also mean having a say in where you work. The Feng Shu phenomenon may have been a cunning ploy by interior designers but there is some truth to the trick. Common sense tells us that we are more productive when in likeable surroundings. Be it a bright, airy space or a cosy, warm place, you have the say. You can even choose to work from home at your leisure.
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Personal Financial Risk
Starting your own business means ultimate control and with this comes an intense level of responsibility, particularly financially. Setting up solo, no matter how much confidence it have in the idea, is undoubtedly a risk. There may be others reliant on you for wages. If, for whatever reason, the project fails, it may leave a huge debt.
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Staff Selection
The people you work can make or break the atmosphere in the workplace. Maybe there is someone who, unfailingly, takes credit for others work. Maybe other fails to pull their own weight. Typically, you have no choice but to make the best of even the worse situation. However, life as your own boss means never having to make do with incompetence again.
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Isolation
Chances are to begin with you will not have the capacity to employ a host of staff. This means that you will spend a lot more time working alone. The office banter will be replaced by an eerie silence. Coffee breaks will be done solo. Workload is all on you. As exciting as the prospect is, it is also lonely at the top.
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Complete control
Never listen to the droning tones of your haughty boss again! Don’t like a particular company policy then you don’t have to follow it. Sick of having to justify your actions even when they reaped rewards? You don’t have to any longer. Your decision is now final and you’re answerable to no one.
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