Are you simply doing your job every day, and going to work thinking “I can’t wait until my day’s over?” You’re not alone. The truth of the matter is many people are afraid to step out of their comfort zone, even if that means going to a tedious, unfulfilling job, just because they can pay the bills at month’s end. This, however, is greatly limiting your ability to stabilize your financial future, and ultimately, live a happy, healthy, enjoyable life.
Consider Taking Your Skills Elsewhere
Have you ever considered starting your own business? Even as a sole proprietor, you get to be your own boss, set your own hours, and do what you believe is best for your success. Some benefits of being your own boss include:
- The ability to set your own hours, choose what you sell, who your target consumer is, and how to promote your product.
- Do something you are passionate about, rather than work that dead-end 9-to-5 job you can’t stand.
- Improve your financial future by creating a steady stream of income each month.
Still, owning your own business is a scary prospect for many. It takes money, you need to have a budget set aside, and you need to know how to properly market and target your niche audience if you want to succeed. So, start slow.
Begin a Part-Time Career First
A good way to transition to owning your own business is to start with part-time or passive work, such as partnering with an established company. That way, you can learn the ins and outs of selling, building your audience, budgeting, marketing, and properly targeting your niche audience with the company’s help. For example, as an Independent Business Owner with Amway, you’ll find that the company’s line of health, home and beauty products will sell themselves. Keep your current full-time (or part-time) position, and start building your business on a part-time basis. Eventually, you’ll have the requisite skills to realize your full earning potential, and can become your own boss, working the hours you deem fit.
Budgeting Accordingly & Knowing Your Limits
Of course, you need money to start any business. With this in mind, you can leverage how much you spend each month. For example, rather than spending $1000 per month to hire a professional to send out social media posts, you can utilize different online programs and software that automate Tweets, share posts on Facebook, and get your message out there. You can also rely on the power of personal connections. Ask friends, family, or even co-workers to promote your product and business.
Set a budget for your monthly expenses. Not just business expenses, but your living expenses as well (rent, food, bills, etc.). From there, you want to set up individual accounts for personal and business use, so you can learn to allocate finances to your business, without tapping into your personal account. Over time, you’ll find it easier to grow, spend, and avoid waste, so as to achieve higher profit margins and greater business success. You can also rely on sources such as crowdfunding to help get your business underway if you don’t have much set-aside to begin with.
Starting your own business is a daunting task to many; it doesn’t have to be, however. With the right tools, a great product or service, and confidence in your abilities to succeed, you can grow. By learning how to properly plan your budget and allocate your time properly, it’ll be easier for you to transition to a full-time gig, allowing you to leave the position you dread waking up for each day, and ultimately earn higher profit margins being your own boss.