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Want To Be Your Own Boss? These Steps Will Show You How

BY Rebecca | 19 June, 2015 | no comments

Are you fed up of working “for the man”? If so, you will doubtless be wondering how you can earn a living without making someone else rich in the process. One way to do that is to quit your day job and go down the self-employed route.

As the name suggests, it’s up to you to find the work and get paid. At times, that can be a challenge in itself. But, the rewards of going self-employed outweigh those of working directly for another person.

What most people don’t realize is that in today’s volatile economy, there is no such thing as “job security.” People get made redundant from companies they always assumed would never have any money worries.

But, if you work for yourself, you are in control of your financial future. If you need to diversify to keep your business healthy, you have the power to do so. When you work for someone else, you don’t have any decision-making authority. Not unless you’re on the board of directors, of course!

Today’s blog post will show you how you can become your own boss. Here is what you need to know:

Industry

Once you’ve decided to start a business, the first thing you’ll need to think about is what industry you want to enter. Chances are there will be plenty of other people doing roughly the same thing as you in your chosen industry.

To stand out from your competitors, you need to offer something unique to the market. That doesn’t necessarily mean “reinventing the wheel” as it were. In fact, what could set you apart from the rest is if you found a better way of doing something that already exists. You could use similar principles or technology, for instance.

Research

Taking the previous two paragraphs in mind, you’ll need to do some research on what you want to offer the market. I recommend talking to potential customers and friends to gauge their opinion of your ideas.

After all; it’s better to get feedback now rather than when you’ve sunk thousands into a venture that could potentially go nowhere!

A safer route into the business world is to set up a franchise. Many people have gone down that route. Did you know that most of the retail stores you see every day are merely franchises? Let’s say you wanted to set up a business offering painting services for domestic and commercial clients.

Rather than start small and compete with well-known brands, you could join them! A CertaPro franchise is suitable if you want to get into that industry. Perhaps you want to set up a family restaurant? McDonald’s and Pizza Hut are just two franchised brands that spring to mind.

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Legal Entity

Once you’ve decided what you’re going to sell, the next step is to consider what legal entity your new enterprise should trade under. Is it best to stay self-employed, or should you set up a company limited by liability?

The answer is – it depends! I recommend talking to an accountant. They can tell you which legal entity is the most tax-efficient for your business ideas.

Thanks for reading today’s guide; I hope you found it useful!

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