Are You Ready To Be Your Own Boss?

If you want to be your own boss, you are not alone. One of the most commonly admitted daydreams is the notion of no longer having to kowtow to someone else's whims and blunders, but to instead become the instigator and architect of your success yourself. Yet at the same time, bidding a fond farewell to the guaranteed paycheck and the corporate world is much easier said than done, and unless you are ready to be your own boss, this is a step best left to others.

Taking on the role of being your own boss, setting your hours, and relying on your wits for your own and your business' fiscal survival takes a bit of soul-searching.

1. For example, do you have the kind of personality type that will make being your own boss not only possible but also probable? You need ambition and drive, a commitment to the business that may require working long hours, and an uncanny knack for holding your tongue when a patron rightfully (or otherwise) critiques the fruit of hard labor and long hours.

2. You are ready to be your own boss when you can laugh in the face of rejection, the promised callbacks that never happen.

3. One of the most important deciding factors with respect to your ability to strike out on your own is your bank account and other monetary resources. Are you sure that the balances are compatible with being your own boss? Remember that no matter how great the good or serve, if you do not have the financial means to keep going until your clientele builds up to such an extent that the income can sustain the business, you are not ready to enter the business fray.

4. Speaking of finances, are you able to deal with the occasional late payment from a customer or will it completely wreak havoc with your personal and business finances? Unless you have some form of savings that you can rely on to tie you over in case of a slow month in the accounts receivable department, you may need to continue with that steady corporate paycheck.

5. Lest you forget to give Uncle Sam his due, it is of vital importance to find the way through the legal maze of permits, papers, estimated tax deposits and other items needed to be starting and maintaining a business. Keep in mind that once that corporate check goes by the wayside, you must also pay out for FICA and Medicare!

6. Sometimes completely overlooked, but a vital component in the answer to the question whether you are ready to be your own boss is the support your family is willing to offer. Does your family understands the implication of the venture and is completely on board? If not, you are not ready to be your own boss and instead need to do some more work in helping them understand what your business will be all about and why it is a good idea for your to engage in it.