Finance What Decisions Should Be Taken to Be Your Own Boss?

Starting a business was difficult a few decades ago. The major problem that people faced was that of funding, as the lending channels that were available were confined to banks, and they had a very low-risk appetite. However, with finance getting categorized, there are instruments such as corporate bonds, and online funding platforms specifically created to fund businesses. Along with development of new funding channels, the governments have also made provisions to ease the regulations that were mandatory to start a business. Hence, it is much easier to start a business; therefore, people today are willing to take risk and start a business on their own.People today are not driven by the idea of forty-hour work a week. We often come across people who are: fatigued with their job, constantly cursing their boss for being a jerk, looking for a way out of their current job and willing to start a venture of their own. On the other hand, there are examples of students with business ideas aspiring to become entrepreneurs. However, starting up a business and becoming your own boss requires the right planning and implementation. There are certain prerequisites that must be taken into account by working professionals as well as students before setting up their business.

Important decisions for students:1) Have the right plan: Having the right plan is the first step. You should have a clear vision of your goal and a brief idea of the resources that are to be deployed right from the initial stage of the project till its completion.
2) Research: Carrying out market research is vital as it gives you the idea of the consumption patterns of consumers, market competition, and standards that must be adhered. With a proper understanding of the market dynamics, you can optimize your resources by making suitable changes in the existing business plan or can carve out a new plan.
3) Consult an expert: Starting a business involves rules and regulations that need to be followed. However, managing the entire process taking into account all the legalities that are mandatory can be a tedious task. Therefore, it is advisable to consult an expert who can help you in getting things done so that you can carry out other important tasks. Also, there are agencies that help in setting up a business and offer services to execute idea, adopt the right strategy, and assist in acquiring the right talent.
4) Make provisions to fund the idea: Receiving fund for starting your own business is the most critical and difficult part of implementing your idea. In order to receive credit, you must have the right business plan and analysis of risks associated with it. Having the right plan is the first step. But it is important that you convince the investors to fund the idea, and that is only possible if you can guarantee them growth and a good ROI.Important decisions for working professionals:1) Have the right purpose: The first question you should ask yourself is ‘why’. You should be clear about the reason for this paradigm shift. If you don’t have the right vision and purpose before making that decision, and you are willing to quit just because you fantasize the idea of being a boss and running a company, or just because you are not happy with your current job; then perhaps you should give a second thought before taking such a life-changing decision.
2) Assess your financial situation: Before starting a business, take a note of your financial situation because quitting a job would end your regular income, and it will take a significant amount of time before your business kicks off. Running out of money can increase difficulties for you and your family. Therefore, you should be financially prudent. Along with your personal finances, you must also make a pertinent assessment of the projected financing that your business would require, and how would you manage to get your business the requisite funding.
3) Acquire the right skills: Starting up a business would initially require you to work single-handedly. Therefore, it is imperative that you have the right skills and knowledge about the business that you wish to start. Learn how to prepare a business plan, cost estimation techniques, and develop business proposals to present them before the investors.

Starting a business and becoming their own boss is what all yearn for. However, in order to be successful in implementing business idea and plan, there are certain prerequisites that must be adhered by the aspirants.