Starting your own business? Discover how to be your own best boss.
You’re starting your own business. You’ve taken the leap! You’re doing it! You’ve finally gone out on your own. Whether it’s just you, or you already have employees or partners, we want to help you to discover how you can be your own best boss.
Things to consider when starting your own business
1. Create active work boundaries
It’s likely you’re passionate about your business vision and willing to work hard. You may also have added flexibility and the ability to work from home. These offer incredible opportunities to revitalise your working life and make it more meaningful, but they also often break down the boundaries between work, play and rest. All of a sudden you’re taking calls over dinner, running orders at midnight or have started doing your washing on conference calls. Beware the breaking down of all boundaries and think clearly about what a healthy and sustainable balance might look like and what systems you need to put in place to make that work.
2. Create a morning routine to kick start the self-starter in you
Everyone is different, but we can all benefit from finding our own unique morning routine to get our minds and bodies kick-started. Now that you’re running your own business the final responsibility to get things done is on you (or to hire the person to do tasks for you). Find the tools that help you to engage and get proactive with your workload every morning. For some it is morning meditation, journaling or exercise. Experiment to find the system that works for you so that you can set yourself up for success everyday.
3. Check in with your mentors and stay accountable
Just because you’re now running your own business, it doesn’t mean you need to be an island. Similar to if you were working in a bigger company, can you find systems that will hold you accountable to your goals. This is especially important if you are a busy person with other competing interests. Find a mentor, decide on a routine and stick to it. Check in with them about the growth of the business and how you are coping with the transition into being your own boss. Choose someone who will hold you accountable, but who you can also be honest and vulnerable with.
Also try not to forget. Many of the challenges people face in new businesses they tend to face alone. Try not to let pride get in the way and open up about some of the challenges you are facing. Ask for help, seek advice and accept support.
4. Create strategies for weathering the financial turbulence
Whether it’s a trade, software or music company you have started, it’s likely that your financial year will now have a few more peaks and troughs than you are used to. Not only do you now have to oversee or self-manage the finance of your business, you are also responsible for paying all the benefits that you once got as an employee. While this may sound gloomy, this challenge can be overcome and minimised by creating a good budget strategy for managing irregular income. Help your business (and also mental health) flourish by seeking help to create a sustainable financial plan.
5. Be clear on the benefits you are seeking in opening your own business
If you are clear in what you’re seeking in your life by starting your own business you are more likely to find it. For example are you looking to find:
- more time for the activity/thing you love
- more flexibility and better work/life balance
- more time with your family
- the chance to choose the clients and projects you work on
- the flexibility and autonomy of working in a smaller business
- the chance to grow something and make a profit
Once you can name what you’re seeking, you can put that priority first and shape your work life to meet it.
Well done for having the courage to start your own business! Enjoy the flexibility and learning opportunities that come with being your own boss and always remember to treat yourself as you would treat others. Be kind in challenging times and always celebrate when good things come your way!