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A Guide to Owning Your Own Business

Being your own boss is a seductive idea – and rightly so.  If you’re the kind of person who can work without being told to, has a lot of ideas, and values your independence, becoming a business owner might well be the right choice for you.  You’re likely to encounter some resistance from nay-sayers, but the fact is that an intelligent and practical business model and a strong work ethic can lead to a highly successful career.  You’ll just have to know what you’re doing, and we’ll help you to get started with that.

Benefits

As a business owner, if you accomplish the goals you set for yourself and your employees, you can march to the beat of your own drummer.  Your schedule, your workload, and your projects are in a large measure up to you.  That’s a degree of freedom and autonomy that’s rare in the world today.

More than the lifestyle, business leadership allows you to contribute something unique to the community, something that you personally invested.  That can be a satisfying way to contribute to society, one that necessarily recognizes your importance and competence.

And if you decide in the long run that you don’t wish to remain a business owner, the experience you’ve built will be invaluable to future employers, who will correctly recognize you as a passionate self-starter with real world skills.

Pitfalls

The first thing you’ll learn when owning your own business is that the buck stops squarely with you.  If you don’t follow through with required work, it very likely won’t get done, and there’ll be nobody else you can blame.  You have to be willing to dedicate yourself to your business at a level that’s completely dissimilar from the experience of being an employee.

This sense of responsibility will only deepen when your business grows and you employ people who depend on you for their livelihoods.  It’s not just profits you’ll be dealing in; it’s people’s hopes and dreams, and you’ll have to shoulder that burden while still finding a way to leave it behind when you go home.  Be certain that you have the strength of character and the resolve to take up such a task.

How to Get Started

There’s plenty to keep in mind when starting a business.  Forget a detail or two, and sooner or later it can catch up with you and cause big problems.  So be sure you have a deep understanding of what goes in to managing a business, from day-to-day operations to good accounting practices to project management skills.  Consult as much literature as you can on the subject.  The US Small Business Administration offers a primer on the fundamentals of small business ownership.

Conclusion

Owning your own business can be a rewarding and satisfying experience in a way few other professions can be.  The impact you make on people – clients and employees – is tangible, and hopefully you’ll thrive with the knowledge that you’re making a difference.  Just make sure you’re ready, and remember to do your homework – because no one else is going to tell you to!