How to be your own boss

Most Americans dream of being their own boss. This is true for many reasons. First, America has that kind of promise. If you play by the rules, you can accomplish virtually anything; just ask any number of Korean and Vietnamese immigrants who fled their countries to come here and start up their own businesses. They are truly a late 20th century success story in this country.

Second, its usually not very fun working for someone else. There are plenty of rules to follow. There are specific hours to be in the office. There are specific sales goals that must be met. And on and on. Your own business isnt going to be a vacation, but when you go in early and stay late, youre doing it for you; not for the person who signs your paycheck.

Third, the control of running your own business is both exciting and, at times, overwhelming. Responsibility is at your feet. There is no one to pass the blame off to, but small business owners wouldnt have it any other way. They take a chance every day by running their own shop. Yet most wouldnt trade it for working for someone else again if they can possibly help it. The risks are great, but the rewards can be greater.

There are many sad stories around this country about people who dreamed big, who had a good idea, but who couldnt summon up the courage to take it any further than their own thoughts. Afraid to take a chance, they passed up the risks and the rewards of striking out on their own. At the end of their lives there is always that doubt, always that wonder, always that speculation, about what their lives would have been like if theyd only taken that one chance.

The independence that comes with being your own boss also calls for rigid discipline on your part. Because you are the one setting your own hours, there is no one to tell you what time to start, what time to knock off, what time to take lunch or how much work must be accomplished each and every day. This is the drill you must teach yourself. You have to set your own goals and objectives, financial and otherwise. Youll have to analyze your market, what you will produce, how much it will cost to produce, who you will distribute the product to and how much you will charge.

You must know what your profit margin will be on each unit. Knowing the profit margin and how long it takes to produce one unit, will help you to set up your work schedule. It might be ten to twelve hours a day to start, much longer than you worked for someone else. But instead of a paycheck equal to a small portion of the profit, youll keep the entire profit margin for yourself. Its a whole new world!