Are You Ready To Be Your Own Boss?

Are You Ready To Be Your Own B.o.s.s?
© 2003 Abel Cheng

You have this burning desire you want to be on your
own. The temptation is so great that you want to quit
your job. Enough is enough. You're sick of working for
other people for a ridiculous pay.

To be your own b.o.s.s means controlling your own destiny,
having your own time and no b.o.s.s.e.s to report to.
Basically, you can do whatever you want.

But before you really jump into a new territory of
being on your own, you have to make sure that you're
ready and well equipped.

Below is the checklist that can help you to ensure
that you're ready to be on your own.  

1. Have a crystal clear plan.
Do you have a clear idea as to what you want to do
next? You must know exactly what your plan is. Is this
going to be the same as what you are doing? Or, is it
completely different from what you are used to do?
Write down your ideas and evaluate the feasibility of
your ideas. Ideally, pick an idea you like most and
the most profitable.

2. Have a reserve of 6-12 months.
Before you embark on your journey to be your own b.o.s.s,
you must prepare a fund of at least 6 months'
expenses. I prefer a 12-month fund reserve. The
reserve is used to cover your daily expenses while you
are just starting out and you receive no regular
wages. This reserve is also used to cover unforeseen
circumstances that you might be under. It's extremely
important to have sufficient fund as this can remove a
lot of stress from you.

3. Support from your partners or friends.
When your plan to be on your own fails or you face a
temporary setback, do you have someone to turn to for
support? It's almost guaranteed that you'll be caught
in a situation that can force you to give up. This is
the time when you need solid support from someone who
cares about you. You need this kind of support to
carry on. You need someone to talk your problem out.

Identify the person who can give you 100% support
while you're on your way to be on your own. The person
can be your spouse, partners, close friends or even
your mentors. For me, my wife is the biggest
inspiration and supporter. Whenever I feel down, she
gives me the courage to stand up again.

4. Tools and resources.
Do you have the necessary resources you need to start
out? Can you work from home instead, or you need to
rent an office? Do you need to hire people to help
you, part time or full time? Do you need a computer
and the relevant software? Do you need any special
tool or machine for your business? If yes, where do
you source for it? By asking these questions, you can
prepare a list of tools and resources that you need to
carry out your tasks more efficiently and effectively.

5. Acquire knowledge.
If you're starting out in a new area, how do you
acquire knowledge in this area? Knowledge increases
your probability of success and helps you to avoid
unnecessary mistakes. Knowledge can be obtained
through government agencies, support groups,
workshops, books, the Internet, mentors and coaches.
Knowledge does not come free and you must be willing to
invest in knowledge.

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Acquiring the right knowledge is important, have a look at
the knowledge that I use and recommend at

http://www.abelcheng.com/makemoney/
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Being on your own can be very challenging. By sharing
the information here, it's my hope that you'll have a
smooth transition from working for people to being
your own b.o.s.s. And also to encourage you to take
action if you have been contemplating on the idea, but
no action is taken yet. I can assure you that you'll
never regret of making the decision to be on your own.

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Abel Cheng offers small and medium enterprises exclusive
global profits insider tips in his f.r.e.e. publication,
Abel Cheng's Business Diary. To officiate a bi-weekly
subscription, please go to
http://www.abelcheng.com/diary.html
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