Member Article

The Easiest Way to Sack Your Boss

How many times have you dreamt of quitting your job? Do you often find yourself thinking you could do your boss’ job, and do it better? If this sounds familiar, it may be time to start seriously considering entrepreneurship.

After all, self-employment and startup trends in the UK have done nothing but grow over the past few years, so you’re definitely not alone if you’re considering becoming your own boss. Becoming an entrepreneur may sound appealing, but it requires with a lot of work and commitment.

Statistics show that the number of businesses that fail in their first year is around 30 per cent, but although uncertainty is integral to every new venture, there are ways of reducing the risks of failure and increasing the chances of making it work for you.

Here are a few simple things you can do to sack your boss - and become your own.

1. Have a clear goal

If your goals are vague, your business will start off on a wobbly foundation. On the other hand, specific goals will keep you focused on what you want to achieve. You can use the SMART goal-setting technique as a reference, making sure that every goal you set is Specific, Measurable, Attainable, Relevant, and Time-Bound.

2. Consider your financial situation

Starting a business is costly, both in terms of time and resources. To maximise your chances of success, you need to examine your finances and find out how much capital is available. Then consider if that amount is sufficient to allow you to quit your job and start up on your own. If it’s not enough, you may need to continue working while you build your new business.

3. Compare the options

“Being your own boss” is a generic statement, since there are many ways to go it alone - each with their pros and cons. Some popular options include becoming self employed and starting your own business, buying an existing business, or buying a franchise. Each path comes with its unique challenges, and may suit your personality, goals, and time frame better than the others, so do your research first.

4. Research the market

Speaking of research, let’s be clear: your business idea will fail if you don’t know the market well enough. You need to spend time identifying a gap in the market, researching current and future trends in the relevant industry sector, learning about your competitors, your target audience, their habits and expectations.

Don’t forget to account for any technological changes that could affect your business in the near future - remember that technology moves fast, and that can be either a good or a bad thing for your business plans.

5. Be realistic

Lastly, you should do an honest assessment of your personal strengths and weaknesses and anticipate how they could boost / get in the way of your business goals.

Have a realistic picture of who you are and what you bring to the table, then leverage your strongest characteristics, while making an action plan to tackle the weakest ones. And remember that both hard and soft skills count!

Also, be accurate about what you can achieve on your own and what you will need help with. Support is one of the top contributing factors of business success, and it’s always better to overestimate how much you need than to find yourself without it.

Becoming the entrepreneur, you’ve always dreamt of is a possibility that you can turn into a reality. Keep in mind the steps outlined in this article and you’ll maximise your chances of starting a successful business and making the process a positive experience for you.

This was posted in Bdaily's Members' News section by BusinessesForSale .