Women In Business

Are you ready to be your own boss?

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Have you always dreamed of going into business for yourself?

Women business owners in the United States alone are responsible for employing 19.1 million workers, according to the Center for Women’s Business Research. Collectively, these women bosses rack up $2.5 trillion in revenue annually. Multiply that by many other countries around the world, and you have a formidable figure.

The time for women to harness their creativity and effort and make both work for them is now – but being the boss comes with its own challenges.

Before you quit your day job in pursuit of your entrepreneurial dreams, make sure you have the right answers to the following questions.

What are you willing to sacrifice?

Time, money, sleep, comfort… these are all things you will have to give up at one point or another to make your business succeed. If you think the demands of your current job are high, multiply that a few times and you may have an idea of what will be expected of you in your new entrepreneurial effort. This isn’t to say that owning a business or working as a freelancer is all bad – for many women, it means an increase in time freedom and unlimited earning potential. You have to be willing to give some things up though, and get by on less at least at the beginning to really succeed as your own boss.

Action item: Look at your spending habits and pick three areas where you can cut back, or eliminate spending, for two years. Every penny counts when you are trying to make a go of a successful business.

Do you have specific goals?

Making money, having time freedom and being your own boss are perks of being an entrepreneur but those aren’t goals. If you really want to have those things you need to outline the specific outcomes you’d like to see happen to get there. What do you want to spend the money on? What will you do during your freed-up time? What can you bring to the economic table as your own boss that wouldn’t exist if you stayed in corporate America? You need to have a clear picture of what you are trying to accomplish before you start going through the motions of owning a business.

Action item: Create a dream board of everything you want to have when your business succeeds. When you look at it, envision yourself having those things by way of hard work.

Are you self-disciplined?

Though entrepreneurship can certainly come with time flexibility, there is still a lot of work to be done. If you’ve never worked for yourself before, making the shift from essentially answering orders to creating and executing them can be jarring. If you feel like you lack self-discipline, there’s always room for personal development that can improve your productivity and time management skills. The important thing is to recognize that you need a lot of discipline to make it on your own – and then be willing to make that happen.

Action item: Pick up a book about the art of self-discipline and how it plays into success. Some bestsellers include The Slight Edge by Jeff Olson and The Willpower Instinct by Kelly McGonigal.

Being your own boss is an empowering thing. Set yourself up for success by preparing mentally for the road ahead – and then take that leap of faith.

 

About Megan Totka

Megan Totka is the Chief Editor for ChamberofCommerce.com. ChamberofCommerce.com helps small businesses grow their business on the web and facilitates connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide. She specializes on the topic of small business tips and resources and business news. Megan has several years of experience on the topics of small business marketing, copywriting, SEO, online conversions and social media. Megan spends much of her time establishing new relationships for ChamberofCommerce.com, publishing weekly newsletters educating small business on the importance of web presence, and contributing to a number of publications on the web.

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