5 Simple Steps to Becoming Your Own Boss
If you’re ready to take the plunge to be your own boss, that probably means you’ve reached a stage in your career where you want your job to be something you love doing with greater independent creative and management control. If this describes you, follow these five steps to follow your dreams by starting your business.
Planning should ideally start whilst you’re still employed. This might feel like a challenge, but it’s also a good way to get a sense of the longer hours you’ll be spending to get your new business off the ground. Carve out some time each day to identify your business goals, how you want to introduce your new product or service to the market, and your revenue generation strategy. It’s also a good time to get familiar with business regulations so that you know what applications you need to launch your business on time. Business setup consultants in Dubai who manage business setup services in UAE can help you manage the planning process and create a solid foundation for your new company.
You need to know your market in order to launch a successful company. Before you start a business in Dubai, you want to look into consumer behaviour for the product or service you want to introduce, and consider how your innovation answers a need and how it will be received. Good places to begin your research include customer reviews and media reporting on brand successes and failures. Thinking about and researching market dynamics in advance means you can strategise sales and marketing, and be better prepared for curveballs.
3. Soul searching
Being your own boss and running an independent startup in Abu Dhabi, Dubai, Fujairah, Ras Al Khaimah or Sharjah, are rewarding experiences, but they also come with their stressors and ups and downs. Leaving behind the 9-5 life to run a business on your own, where all responsibilities are yours alone and you answer to yourself takes resilience. Assess your strengths and weaknesses honestly so that you can predict how you’ll react and how you can motivate yourself over the course of your business launch. You also need to have an emotional support system and resources in place to get you through the bumpy patches.
Just because you’re going to be your own boss and run your own business doesn’t mean you have to do it alone. Connect with the startup community around you to learn about what challenges members face and their solutions for overcoming business setbacks. Visit nearby business setup consultants in Dubai and business setup consultants in UAE and check out their roster of courses, workshops and networking events. Organisations provide plenty of opportunities for new business owners to learn the ropes, and you’ll also meet others like yourself.
Becoming your own boss means you need a solid financial plan, as you’re independently responsible for your company’s profitability. For one, you have to consider whether it makes sense to invest in your company on your own, or whether you want to take out a loan. Second, you need a realistic account of initial costs, as well as ongoing expenses. It’s a good idea to consult with a financial planner to come up with a revenue generation plan that allows you to feasibly meet expenses and plan for long term profitability.