Saturday, July 31, 2010

Beat The Credit Crunch - Be Your Own Boss - To Sum Up

The next few years are going to be very financially tight for most people. Jobs will be lost, wages kept at an all time low and prices will rise. Already we are beginning to feel the bite but it is going to get much worse. So what are you going to do? Hang in there waiting for the axe to fall or get your finger out and do something about it?

Don't wait until the crunch really hits home. Join the people who can't be sacked. Be Your Own Boss.

So how will being your own boss will give you financial freedom?
Look at it this way. When you are employed by someone else all the money you make has to go towards supporting the boss, his family and the business. The harder you work, the more the money you make will benefit him. You might get a bonus if you're lucky.

Being your own boss means that all those benefits go to you, not the someone else. That's where the freedom comes in. You are also free because you can choose when you work, how you work and where you work.

There are other advantages. Firstly, you can't be sacked. When you work for someone else in times of economic crisis you can't guarantee that if the boss has to cut costs you won't be the first to go.

Most people are terrified at the thought of taking on that responsibility. Others think it is a brilliant idea to be their own boss but feel that they wouldn't know where to start. That's where I come in. Having been a successful entrepreneur for longer than I care to remember I have developed a series of steps which will help budding entrepreneurs to find the skills, experience and information which will help them climb the ladder of success. It’s called ‘Prospecting For Gold’.

Anyone can use it to either start a new business or, if you are already a successful entrepreneur, to give you new ideas and new roads to travel.
What about the risks of being your own boss?

Of course they exist but they needn't be inevitable. Let's look at why people can fail.

Firstly the most obvious is that they haven't produced a long term business plan for their new venture.

Secondly, they can sometimes be tempted to start off at full tilt instead of building up gradually and continually monitoring the progress of the venture.

Thirdly, they are entering a market about which they know nothing but which they have been told will make them millionaires in no time with very little effort. Probably they have answered one of the get rich quick schemes on offer. Most of these 'businesses' are not scams, they're just not as simple or free to operate as they suggest.

Fourthly, while being optimistic is a good thing, over-optimism without very good cause is the place where fools go but angels fear to tread. You might miss a vital sign that there is a weakness which, if not dealt with immediately, may prove fatal to your business aspirations.

To really enjoy being your own boss and building up your own financial freedom you should start from the point of something you like and know about. Remember everyone has a skill, knowledge, experience or time that people will pay for. To help you discover how to utilize what you have a look at ‘Prospecting For Gold’ at

Theodora has produced a programme to help new entrepreneurs find a business that suits them. It also will give existing entrepreneurs the opportunity to extend their businesses or find new financial mountains to climb Show Me Financial Freedom

1 comment:

Chris Helms, MBA said...

I love this topic. Being my own boss is a dream of mine that will become a reality. I wrote a business book and write a business blog: I'm also reading ProBlogger and it tells me that I need to start getting familiar with others who write about similar topics as mine. So, I want to follow your blog. I like it so far. Thanks.

Chris Helms, MBA