27 Aug WHAT NEEDS TO KNOW TO BE YOUR OWN BOSS
“I no longer want to work for others, and I want to be my own boss.” These are the most usual and common phrases I hear from people who feel like they have peaked or are no longer satisfied with their work (and probably their life either). People who decide to reinvent themselves, and yes, it is usually after 40. It happened to me too.
Reinventing yourself to be your own boss involves a part that we could say is more romantic, and that has to do with the freedom to do whatever you want. However, “whatever you want” is limited by the new responsibilities you acquire. The most important of which is to lead your business by leading yourself to bring in work that you will also be the one to execute.
The change in words is simple, but it is quite complex in practice because you have to become the person you need to be to achieve it. What you are going to live is an authentic transformation process that, in general, you cannot do it alone, and you will need support to achieve it. My job is precisely that to help you break down your internal barriers, think differently, and give you external tools to achieve them.
In other words, it helps you not to be afraid to drive the car and to teach you how to use the controls so that you can get where you want.
1. Wait seated for customers to arrive
You have to be very clear about something, and that is that what you are going to receive depends on the energy and the desire you put into what you do. Forget about an opportunity coming up by meditating from the sofa at home. What comes to you is the result of what you move.
2. Start several projects at the same time
Contrary to what you think, you are not increasing the chances that something will come out in the end.
I refer you to the previous point: whatever comes out will be the result of what you move, and it is about doing it with cunning and with specific objectives. The one that covers a lot, little squeezes, has never been so valid when starting an activity. Focus to anchor and open more branches later without ever losing focus.
3. Expect immediate results after each action
I still remember when I started. One afternoon I made a kind of website in WordPress myself and published it on an ad portal offering coaching sessions. I expected to have clients within a few minutes of posting it and kept looking at the email and the screen.
It is the naivety of the first steps. Nothing came to me in a few minutes or that day or ever. First, because my message was not clear, second because I was not in the right place, and third because a coaching service people think very much before buying it because they need to trust the person who offers it a lot, and that takes time.
You must think in a farmer mode, and your job is to sow to generate opportunities that will seem to come alone, but that will ultimately result from your actions and patience.
Everything comes in due course, and the process is always the same, the famous know-like-trust, that is, first they know you, second they like you, third they trust. In the “trust” (confidence) is when the result is produced. And each of those phases requires action. Put the focus on them.
4. Thinking that you have arrived and you can stop
I confess that I have learned this not long ago. If you actually want to be your own boss, you will always have to be at the foot of the canyon. One thing is to delegate when the time comes so that you can have more free time, and quite another is to go to sleep and have someone else run the business for you. You will always be the visible head and the one who supervises that everything is going in the exact direction you want because it is you who makes the decisions. This you must never forget.
In addition, the market is increasingly competitive and more changing, which will require you to be aware of everything that happens and adapt at all times to the news that is coming. There is nothing static. Everything is in motion, starting with you.
5. Take for granted what your potential client tells you
When buying a service, many factors intervene until your client gives you the definitive yes. To the indecision must be added what in general it is difficult for people to say no. As a general rule, stick with what people do and not with what people say. In business, as in life, what counts are actions. Do the words is gone with the wind. In this way, it will be easier for you to handle the disappointment that an opportunity may generate that later does not materialize in what you want.
6. Collaborate with others thinking that they are going to bring you customers
This is very typical, especially when you are starting out. Surely someone tells you, or you propose to someone that “do we collaborate?”. Deep down, what you are proposing is, “will you come with me and see if that is how you can send me clients?” This results from the fear of showing up and selling.
With this, I am not telling you not to collaborate, what I am telling you is to be clear that collaboration is to add efforts and not add insecurities. Do not hang on anyone or allow anyone to hang on you. Work on your confidence and do not expect that what is your responsibility will be done by someone else for you. Just do it.
7. Do not relate
If you are lazy about people, think about having your business because one of the bases that will sustain it is your ability to relate to people genuinely. It genuinely means that you give value and are open to receiving and appreciating it. The triad give, ask and thank, in that order.
Today the Internet and social networks provide us with the first contact with people. Still, fruitful relationships in business and in life must be built as it has always been done: generating trust and letting opportunities and synergies flow through yes alone.
8. Pretend to earn money without investing anything
The truth is that it would be nice not to spend a single dollar and earn money to the spades, but life does not work like that. Just as there has to be a balance between giving and receiving in the relationships you establish, there has to be a balance in your business as well. Nowadays, there are indeed numerous free content, but the truth is that only with free are you going nowhere, and sooner or later if you want to advance, you will have to invest in your learning and in the professional support that you need at all times because you alone will not be able to walk.
Keep in mind that there are 3 foods that your business will always need to feed on: your energy, your time, and your money. In each phase you go through, you will need more or less of each one, but you will always need it, and you will drown.
9. Expect a salary at the end of the month
Being your own boss actually means not having a payroll. Getting income every month will depend on your ability to generate opportunities constantly. That is your daily job, and the income will come more regularly as you position yourself better in the market.
In other words, you can never put aside the commercial work of your business. Remember that being your own boss means leading your business by leading yourself to bring in work. That’s your payroll.
WHY YOU NEED TO BE YOUR OWN BOSS
The reality is that statistics say that more than 50% of workers are not satisfied with their work.
The reasons are various, from poor promotion, salary, lack of training, or a good work environment. For this particular reason, every day more people decide to undertake and become their own bosses.
You must remember that this decision must be made by understanding what this means. The benefits of being your own boss are many, but they also increase the responsibilities. Among the great benefits of being your own boss is being able to live on your own terms, choosing the way you invest your time, as well as the projects you decide to undertake.
However, this path requires planning, patience, and determination; without these elements, you will not be able to achieve success. Being solely responsible for your success comes with a great deal of stress but also a great sense of accomplishment and pride that will give you the energy and courage you need.
That’s why I present to you the benefits of being your own boss:
• You can choose your workplace:
Thanks to technology, traditional office models remained in the past. You can be at home, a coworking, a park, or a beach with your computer. Nowadays it is possible to work from practically anywhere, depending of course on your professional activity.
• Creating new jobs:
One of the benefits of being your own boss is being responsible for your own growth and, although at first, you will probably take care of everything, then there will come a time when you can hire other people, which gives great satisfaction.
• Employing people to help you in your work means that you create new jobs, so thanks to the company you created, you are giving a person the opportunity to pay their bills, feed their family, and have a decent life. It is an incredible feeling of satisfaction.
• Dedicate yourself to what you like:
On average, we dedicate 80% of our lives to work, so why not dedicate ourselves to something that we like and makes us feel good? If you don’t like your job, this will affect your health and personal life, so another important benefit of being your own boss is dedicating yourself to an activity you actually enjoy.
• You are responsible for your earnings:
Usually, companies are the ones that define a salary, which the worker accepts. However, one of the benefits of being your own boss is that you will be responsible for your earnings. When you work for yourself, your earning capacity is unlimited; everything will depend on your effort.
• You develop your stamina:
One of the benefits of being your own boss is developing the determination necessary to continue despite obstacles. Over time you will realize that all those mistakes or complications made you grow and that you will be wiser and more resistant.
• You create self-discipline:
Another benefit of being your own boss is that entrepreneurship creates self-discipline. It doesn’t mean that it matters if you work from home; you need to have a routine and stay productive.
HOW TO DEVELOP YOUR BUSINESS IDEA WITH LITTLE MONEY
The undertaking is a path with challenges and many possibilities for growth, autonomy, and success.
One of the great objections for those who are starting is having an initial investment. If you are among these people, don’t worry. I have prepared a list of tips for starting your business with little or no initial investment.
• Find what you really like
It is useless to open a business that you do not like, and that will end up being a burden. You will likely end up quitting and leaving your project behind.
So, bet on what you are passionate about. Thus, the work will become lighter, and you will face difficulties with more conviction.
• Define your operating niche
A business within an established niche increases the possibilities of growth and good brand positioning since the actions will be strategically designed for an interested and qualified public.
• Prioritize digital business
Online business ideas, without a doubt, are the easiest to undertake as the investment is low.
Depending on the area in which you want to undertake, you will only need a computer, a lot of desire to study and learn to do good dissemination to attract your audience with organic traffic.
This type of business is very lucrative and profitable, and scalable.
• Do market research
Market research is an important step in creating new businesses.
With it, you can identify what works, define your target audience, discover what they like, and detect spaces to innovate.
This is a fundamental step to understand the scenario in which you are going to start and avoid big mistakes.
• Plan your business with a focus on innovation
With the results of market research, it is easier to recognize the spaces in your area of action to create an innovative business.
Innovating may seem like a difficult thing to do, but it is easier than it sounds. There are many possibilities, mainly related to technology.
Your company can be much better with services that break with traditional models and provide beneficial solutions for people.
• Start working from home
Before thinking about having a physical office or store with a super infrastructure, start with the simple. Offer your service working at home, prioritizing service and quality of delivery.
As you gain customer trust and grow with your business, your profits will increase, and you can think of something more structured to develop yourself further.
• Have a presence on social media
Social media is a channel that many people can access for free. Nowadays, a company of any segment must have its commercial profile in at least one of the most used social networks.
Analyze your audience and create your commercial profile and make constant publications with quality content to sell more using social networks.
• Create a blog
Another way to organically enhance and increase your online presence, get customers and make sales without spending anything is by creating a blog.
The idea is to write interesting content that has to do with your business and offer real solutions for people. Thus, in addition to consuming it, they will know your brand and, consequently, they will buy your product or service.
Having a very good and reliable network of contacts is important for those who undertake. Therefore, our last tip is to network and make alliances to strengthen your business.
If you don’t have enough money to invest at first, someone can give you the support you need to get started.
So, go to events, talk to strategic people, look for other companies in your niche, and offer something of good and great value in exchange for a good partnership.
ADVANTAGES OF BEING YOUR OWN BOSS
Create your business and be your own boss It is clear that deciding to open your own business can be very difficult for some, especially for those who have become accustomed to having their own boss.
Still, the truth is that opening your own company can have a large number of advantages such as:
• Dedicate yourself to what you like best:
One of the main advantages why people usually open this type of business is that they can do what they do best, without anyone putting them in any kind of problem. If you have a special ability and cannot find work on your own, you can always open a company that has said work and start offering your skills to the people around you.
• Greater flexibility of schedules:
Although you have to be responsible and systematic when working in your own company, being your own boss also allows you to work and rest when you think it is necessary. This freedom so that you feel much more comfortable with your work and can work more optimally.
• You work where you want:
Many jobs allow you to do it from your own home, so you will not need to spend money on rent or travel to your workplace every day.
REQUIREMENTS TO OPEN A BUSINESS
Not all are benefits or advantages when it comes to being your own boss since many requirements must be met when opening a business. Among them are the following:
• Have a good idea:
You must choose a line of original work that allows you to distinguish yourself from the competition you have in the market since you can increase the probability of having an economically viable company. To be sure that you are going to do things well in your new business, you must study the type of clientele you want to have, the need for the product you want to market, and the competing companies. This information will be very viable and valuable to you.
• Have the necessary capital:
To open businesses; you need to have enough money to be able to face the different expenses that any business has. You should have it in mind that even if you have the necessary capital to open your business, during the course of your working life, you may end up having some small expenses that you did not expect and which cannot be missed, so if you do not have an amount of money available and you know that you will be able to return it, you can request one of the quick credits.
• Have all the documentation in order:
For any company, it is very important that all the documents and details are in order and that you have complied with all the requirements that the law requires for the coverage of a Business legally.
Have the information in order so that you avoid having any type of fine that can accuse the closure of your company.
As you can see with the naked eye, it is possible to stop being a worker for someone else. Still, it takes a lot on your part since the current economy means that only those who are very determined and clear about what they want and study all the factors can affect how you will get ahead with your business. If you see that you have tried everything by sending resumes to the different companies in your sector and you think you can succeed on your own, don’t let it go further. Start studying the different ways you have to create your business and become your own boss.
HOW TO INCREASE YOUR PROFIT MARGIN
Profit margins are the main indicator of whether your business will survive and grow or end up sinking.
Compared to the other variants, there is no other metric that directly affects the financial health of your business.
This is especially obvious in the e-commerce sector. So, fattening up margins in order to achieve solid financial health is an ongoing and constant challenge for online stores.
Thus, increasing profit margins should be the main objective for all e-commerce companies. To reach this goal, pricing strategies play a vital role and must be structured seriously.
This is the exact question that occupies the minds of founders/managers! What can e-commerce companies do to improve their profit margins?
It is a fact that competing with giant rivals like Amazon or Walmart is extremely complicated.
These companies are always offering lower prices by using their own dynamic and advanced pricing algorithms.
So, expecting to achieve high-profit margins in the context of e-commerce is somewhat too optimistic an approach, as prices are the main decision factor for an online shopper. But there are still many opportunities and tactics to be adopted to achieve better profitability.
First, identify the margins for each of your products. It is essential to be sure of the individual financial performance of each product. When I talk about “financial performance,” I mean knowing which products generate the highest and lowest profit margins.
This will help you understand your business’ sustainability and capacity for growth. It will also help you decide which product deserves your focus and which ones to cut costs, then invest the time and money saved in high potential areas for your business.
Second, use these tips to increase your profitability.
1. Use dynamic prices
As I mentioned above, defining an adjusted pricing strategy is vital when increasing your profit margins.
Among all the different strategies, dynamic pricing fits perfectly into e-commerce and meets almost all requirements in this world.
Keep in mind that 60% of online shoppers set price as their main criterion when shopping and, due to the wide variety of products and price comparison engines, consumers can find any product with the best prices.
Don’t forget about external factors too – special days, competitors’ prices, promotions, discount. As you can see, in a market as dynamic as this, it is not effective to set fixed or rarely malleable prices.
By choosing dynamic prices, online stores have enormous flexibility to decrease and increase prices and increase the speed of response to various market scenarios.
It is also possible to update and increase dynamic price performance by using price information from competitors rather than manually in order to have 24/7 automatic monitoring of the market. This dynamic, real-time strategy helps you gain a competitive advantage over your competition and increase your profit margins.
Let’s look at a very simple and common scenario; your competitor is selling the same product as you for $150.00 while you are priced at $100.00. You can still get the lowest price if you set it to $140.00.
The critical part is that you need to be aware if you don’t have superhero-worthy senses to detect prices and increase your response speed in order to get the maximum benefit from this opportunity. So, in that case, you can increase your profit margin and still have the lowest price.
• Customer service is vital
We are not living in a utopian context where prices are low, high-quality products, and excellent customer service. According to surveys, 86% of customers are willing to pay 25% more just to get a better customer experience.
So providing superior customer service and setting higher prices to increase profit margins is a smart approach. With this strategy, you can keep customers coming back with an opportunity to sell top products.
In addition to the ongoing value of these customers, your online business will receive valuable referral marketing and recommendations that are impossible to acquire.
Allow me to offer some quick advice; try to improve your returns and refund policy, respond to customers as quickly and kindly as possible, be accessible 24/7, don’t just focus on post-purchase processes – try to support customers in a variety of ways, for example using live chat live or a personalized approach during all stages of the shopping journey. In short, provide a great and complete customer experience.
Building this kind of customer service may cost a little in the short term, but it will lead to a very healthy base of loyal, opinionated customers in the long run.
• Manage inventory
We already mentioned that you must be present and accessible. But what about the availability of your products? All online retailers must have correctly delineated inventory management. 81% of online shoppers tend to leave your store to buy from your competitor.
Not only have you lost an opportunity, but you may have also lost a potential lifetime customer. This can cause a very huge loss of income, also affecting your profitability.
Another destructive action is not predicting your future sales, ending up buying too much inventory.
Not correcting this problem could increase your costs and decrease your profit margins.
• Reduce costs
If you have low costs, you have the power in your hands! This means that there is an opportunity to set flexible profit margins. Try talking to your suppliers and asking for any discounts or special offers.
Costs are not simply equal to the price you agreed with your suppliers.
In addition, there are also operational costs (shipping, inventory). Try to minimize them.
In the e-commerce world, you must use tools/software to automate your business processes. As owner/manager of an e-commerce business, you have several functional tools on the market with different functions. Double-check the tools/software you are using, and don’t miss out on promotions.
You have to reduce your costs if you want to increase your average profit margin. And one of the main costs of selling a product is marketing expenses. If you increase the up-sell/cross-sell price, you will also increase your average profit margin as you will sell more than one product to the same person.
When the shopper is researching a low-margin item, try applying an expanded sale to high-margin products, or bundle high-margin and low-margin items into one package that makes sense.
Invite customers to cross-sell by offering complementary or subsidiary products to them. Focus on these strategies, and several personalization tactics can be applied to your cross-sell/up-sell.
I have tried to show you some tips to increase your average profit margins. For an online store, it is essential to have a healthy financial state.
Analyze your business, what you sell, competitors, market, people behavior, and try to implement the right tactic.
WAYS TO BE YOUR OWN BOSS AND LEAVE YOUR UNSECURE JOB
Do you have what it takes to leave that job where you work hard and earn little and be able to start being your own boss?
Every day, many men and women who aspire to be entrepreneurs ask me in my classes and lectures, “should I take the leap and pursue my dreams?”
The truth is that not everyone has an entrepreneurial spirit to be able to start their own business.
But despite this, many people want to leave their current job, to be able to work on their own conditions, with their own hours, and earning the salary that they propose.
If you are in the category of those who have ever wondered if you have enough skills and knowledge to start a project, but your answer has been no, here are ways to be free and be your own boss without starting a business.
• As an agent or representative
If you feel that your strength is sales and you are willing to take care of your customers, you should consider becoming an agent or representative of a brand.
In this way, you can build a good business without having to manage it in its entirety.
In most cases, you won’t need a lot of money to invest in the starter products, and your income can grow quickly if you have good power of conviction.
There are all kinds of agents you can become: insurance agent, real estate agent, pharmaceutical representative, representative of a cosmetics firm.
The ideal of these positions is that you will decide the hours you want to work, and you can consider it a business but without the inconvenience of being the owner.
You will not have to worry about creating the buy Levitra online product or making a marketing plan to promote yourself. You just have to focus on sales and your customers.
The only thing you should take into account before becoming an agent of a brand is to research the company well, what benefits its representatives obtain, and if their products enjoy a good reputation, quality and prices.
• Being a consultant or contractor
If you were born a creative person and have marketing skills, becoming a consultant is a good start to creating your own business.
What’s more: this business model is relatively good at increasing your income quickly if you do it at the right time.
To do this, it is acclaim and recommended that you give consultancy on a specific subject in which you are an expert or have already acquired knowledge; at the end of the day, you will be advising other people who need your advice.
Having contacts, or making them, will help you a lot to get clients and that they recommend you to other contacts they have.
Make sure you participate in your industry associations and business groups in your city or department so you can talk to other professionals like you and follow their advice to be successful.
Best of all, you can open your own consultancy by renting a small office or, if you don’t have many budgets, creating a website where you offer your services at home or online.
• Creating a small business
Do you already have your own business idea, and were you born willing to work and strive to achieve your goals? If so, do not hesitate and create your own business.
Without a doubt, with this way of being your own boss, you will have complete freedom and great potential to grow at the rate you want and the independence and satisfaction of getting something that is completely yours forward.
The best thing is that today with a very small budget, you can start a great project.
For instance, if you want to create a clothing store, but you do not have money to rent a place, you can create your own virtual store without spending a penny on the Internet.
Or promote yourself and reach many people thanks to social networks, blogs, and YouTube.
• Becoming a freelance worker
Do you hate your job, having to get up early every day to go to work, and not earn the salary you want? Become a freelance worker.
In this way, you can employ yourself from your own home, work online the hours you want, and generate income based on the tasks you do or the time you spend doing them.
This is a way of working that is gaining strength every day thanks to new technologies such as the Internet.
With it, you can work with clients from anywhere in the world, and you can also choose those you want to work with instead of having to put up with a boss that you have not chosen.
• Being a professional blogger
Starting a blog and writing about something that you are passionate about is no longer just entertainment. Today it has become one more profession that will give you freedom, bring out your most creative part, and with which you can earn money while having fun.
It is true that at the beginning, you will have to dedicate a lot of time to your blog until it takes off; But once you get a good audience that follows you, you will start generating income as you want, and you will be able to create your own professional brand.
• Buying a franchise
This method is ideal to be your own boss in case you want to start a business, but without the worries of becoming an entrepreneur.
With a franchise, you will not have to worry about creating a product or service, researching how to advertise yourself, or looking for suppliers that provide you with items to sell.
In this business model, the brand or company you become a franchisee will give you everything:
• The system to start selling.
• The products or services.
• The popularity that the acquired brand already has.
It is ideal if you want to start a business but have no idea how to do it.