10 Powerful Steps To Take When Becoming Your Own Boss

If you are reading this, chances are you are either thinking of starting your own business or already have. Either way, congratulations. Not many people take the risk of investing most of their time into a project they believe in. That's mostly due to the blood, sweat and tears that come with being your own boss. With all the sacrifices you are going to make, there are steps you need to take to make sure you give your business a fighting chance.

1. Have a Business Plan

It's likely that you've heard this before, but it's not for naught. There are reasons banks and investors ask to see your business plan before loaning or investing. It's to see if you yourself know where the business is headed and how it's going to make money. Preparing a business plan for yourself first will outline the strategy you need to make your business grow and be successful.

Within the business plan, you want to include as much detailed information as possible. You will want to have things like a competitive analysis, market analysis, cash flow projections and a clear path to long-term growth. There is more information you want to include, so you'll want to do your research on how to craft an effective business plan.

2. Have a Target Audience

Now you may be very excited about your cat sweater business and want to target anyone and everyone who will listen. Not only is this impossible, it can also be very expensive for a new business. Identifying exactly who you think would love your cat sweaters does a few things. It allows your business to focus your marketing efforts, so you can reach what are called "qualified customers", and it saves you more money too, so you can continue to operate.

How do you determine who your target audience is? The easiest way is to take a look at who is buying your and or competitor's product. Are they male or female? How old are they? What are their interests? Having a clear image of who is and will be buying your product gives you an edge over those who are just spraying and praying.

3. Have a Clear Message

Having a clear message gives you and others in your business a north star. It gives everyone something they can get behind and follow until they reach their destination. Whether it be a sales goal or a subscription count, having direction organizes operations and leaves little room for error.

Not having a clear message can be disastrous. It's even worse when there is no message. This can lead you to make decisions that you don't align with your business's success, which can ultimately be the Achille's heel to your venture . Make sure your message is something you can align yourself with first, then you can spread it to others.

4. Create a Customer Engagement Strategy

Customers WANT to hear from you. Engaging with them is an integral part of providing a high customer experience. The best way to start is by creating a customer engagement strategy. This will determine how you will interact with your customers and by which channels.

The channels could be anywhere from your online presence, to over the phone, or even in person. Once you have this figured out, you will start to build positive customer interactions. This will lead to a stronger, more loyal customer base.

5. Hire Professionals

As an entrepreneur, you may already have a do-it-myself mentality. It's important to know that certain things are better left to the professionals. For instance, signing legally binding agreements with other businesses is not something to ask your friend who also has a cat sweater business. As capable as they may be, legal documents are typically better left for legal professionals

Hiring a legal professional could significantly reduce the risks of lawsuit caused by any infraction against state or federal laws.

6. Ignore the Debbie-Downers

When you start marketing your business to others, you will be met with equal amount of optimistic and pessimistic people. Ignore those who cast doubt on your adventure and try to surround yourself with people who motivate you.

The reason you ignore these people is because thoughts fester. When the storm comes (and it will), that little seed of doubt sown by the naysayers can be disguised as your own.

7. Form your Business Correctly

There are several types of businesses you can choose from, and you should form your organization in a way that fits your needs. Most people usually go for the LLC, which is great, but also has its limitations if you are looking to work with early investors.

The types of businesses are Limited Liability Company (LLC), Limited Liability Partnership (LLP), Corporation, Sole Proprietorship, General Proprietorship and S-Corporation. Consult a business attorney to see which one would fit your needs.

8. Start Small

Have a big idea? Start small. It's easier to push a small idea than roll a big one. Starting small will make sure you can focus most of your energy in small areas to make your idea take off. This will also leave you with enough energy to explore other possible iterations that can move your company in the right direction.

The problem with starting with big ideas is that they typically come with big fires to put out. Even if things are going well and everyone is buying or subscribing, it only takes one big fire that you can't extinguish that could be the doom of your company. Starting small allows you to grow and have mechanisms in place that take care of big fires.

9. Network

Networking helps you build connections with other like-minded individuals. These connections could give you access to a customer base you previously didn't have access to. It can also help you promote yourself as a potential in what could be a mutually beneficial partnership

10. Have Fun

Always remember that starting a business is not a sprint or a marathon. It is an adventure in which you discover yourself in the process. You develop new skills and learn from the mistakes you will inevitably make.