Do You Really Want To Be Your Own Boss? Answer These Questions First!

The business market is volatile. A lot of people are at their wit’s end and want to try working for themselves. It sounds great! No check-in or –out time, no boss to answer to, no commute, etc. Anyone considering making the move to being their own boss though should think twice. Here are some questions to ask first before you jump the corporate ship:

How is your time-management skill?

When you don’t have a schedule set for you, you have to do it yourself. This means that if you have one hour to complete estimate requests, you have to hold yourself to it. You won’t have a boss or manager asking about the status. You’re the boss and manager!

How is your “saying no” skill?

When friends and family hear that you work for yourself, a lot of times they misinterpret that as you having an open schedule for any activity they want you to participate in. Your best friend gets a surprise afternoon off early from work. She has nothing to do so she calls you for an impromptu shopping spree. Do you go? As a boss, you have to be able to say “Sounds like fun, but I’m working.” And stick to it.

Can you be your own accountability partner?

Again, if you own your own business, you don’t have a boss or manager to answer to. That means you have to muster up the dedication and determination to get things done all on your own. Sure you may have some employees, but they aren’t going to be demanding when it comes to deadlines. They are going to take their cues from you…speaking of cues…

Are you a good leader?

Can you set the tone of an office? Can you set it positively? To be the boss you have to command respect, set the office bar and keep things running smoothly. You want your employees to understand that they have to answer to you and you demand responsibility. In particular if you plan on hiring friends or family, this can be difficult. They aren’t used to seeing you as “boss” so the transition may be a difficult one.

How are you at managing?

Micromanaging can be your worst enemy. You have to be able to give people accountabilities and then hold them to it with deadlines. Getting involved in every aspect of your business can be counterproductive. There’s a fine line between overseeing and managing and any business owner has to know exactly where it is.

Being your own boss sounds like freedom exemplified. And it is, but it also is a responsibility that comes with a lot of challenges. Be sure that you answer the above questions first honestly before you take the plunge into owning and operating your own business.

Visit our website www.LNTGLOBAL.com for our most comprehensive database of business for sale. Our services include: business valuation, buy business, sell business, takeover, franchise business and business consultation. Talk to us today about your needs, your trusted Singapore business broker. Call us today at +65 63569138 or Whatapp/SMS/Wechat us at +65 98555 850. LNT Global Singapore.

Our office is located at Block 52 Chin Swee Road #03-29 Singapore 160052. LNT Global Pte Ltd.