Wednesday, 21 March 2012

Be Your Own Boss

I am like everyone else. A slave to working Monday to Friday, 5 days a week and expect my pay check in the mail every two weeks. I have just recently started my own little business on the side and have been in business for the last 2 years. This I do on my weekends off while I am still getting a full paycheck so that I do not lose any income. The point of this would be to try and be my own boss, to get away from the every day grind of work. I want to have my freedom, do what I want when I want to and have fun. Starting your own business certainly isn't easy, it's actually quite the challenge but very rewarding in the end. You have something to call your own that's yours, kind of like your baby. You watch it grow and give it the power it needs to succeed. You thrive on it doing well and making you money.

I started a small business from my home doing party rentals where I bought a bunch of stuff and started renting it out. I have a proper supplier and buy things regularly to stay in the loop. I was amazed just how quickly my name got around and how many clients I ended up getting in the first and second year.

I was so proud of my accomplishment, basically starting from scratch with no money up front I was able to get my business going. My hope is that one day I will be making so much money and have so much business, that I won't have to work Mon-Fri anymore so I can spend more time with my kids.

Find something you love to do, do what makes you happy and try and make a go out of it by selling your product or providing your services. There are a lot of people out there looking for good, quality, local items or services and even though the economy isn't the greatest, people still have to go about their everyday lives. Pick something you are really good at and thrive!

In the mean time, by working on the weekends I am making more money and thus have more money to spend on things (or more money to pay down my mortgage). A few extra payments a year makes all of the difference. You'd be surprised.

If you are thinking about owning and operating your own business there are a few key points you may want to note:

1. Pick something you love to do, do your research and make sure there is a market for it in your area.

2. Have a game plan, create a business plan and make goals for yourself

3. Make sure what you are doing is legal, apply for a business license in your home town

4. Apply for loans, grants, anything you can to help fund your new found business

5. Advertise, advertise, advertise! Get your name out there, promote yourself, make business cards, do as much free advertising as you can, put flyers on windshields, advertise on the a free website, etc

6. Work hard, put your blood sweat and tears into your new found business and be consistent

7. Make customers come back, spread the word and give you a testimonial. Repeat customers and word of mouth is probably how my business has survived. Word of mouth is huge as people often want verbal references.

8. Be organized! Make sure you file all receipts, keep up on your book keeping, create proper contracts, and most importantly be professional.

9. If it is a home business you have started up make sure you claim a portion of your bills etc. For instance if you have one room in your house you use for your business, take the square footage and make it into a percentage of your house. Then deduct that percentage from all of your bills as business costs. It adds up! Bills include but not limited to; mortgage interest, property taxes, heat/hydro, internet, water, maintenance and repairs, telephone/cellphone, etc.

10. Watch your competition and price accordingly. To stay on par with everyone else you must make sure that you're prices are not outrageous. Products and services are only worth how much someone is willing to spend. If there is someone down the street selling the same thing for 1/2 the price they are bound to go to them instead. Stay in the loop and price accordingly.

I really hope you all find your passion and can do something you love to do while still earning a profitable income. It is a lot of fun, a lot of hard work and dedication but worth it in the end. You have something to be proud of and have a sense of accomplishment. This is personally speaking and I am going to continue with my business in hopes of it's great success. I hope one day I can be a full time stay at home mom with my kids and work from home. That is my ultimate goal. In the mean time, I strive to be great, put all my energy into my "baby" and hope that it will continue growing for years to come. How else am I to pay for my mortgage?

I hope you've enjoyed, thanks for listening.