be your own boss

How to Become Your Own Boss

Anyone who excels at their job is a valuable asset for the company. Unfortunately, such productive individuals are usually working for a salary, making somebody else rich in the process. On the other hand, it isn’t rare that even the most talented professionals in the office are underpaid, or even skipped for promotion. That bitter taste is hard or even impossible to wash down. Luckily, resourceful workers have options. Once you feel that your expertise is not appreciated enough, confront your superiors with a list of demands. If they’re declined, bid your boss farewell and set out to becoming your own boss.

Become a Freelancer

own boss

This option is perfect for people with skills that don’t require a lot of teamwork. Whatever your skills are, there is a number of popular platforms that connect freelancers and clients. However, bear in mind that no one will be waiting only for you. Like with every other type of employment, you need to work hard to get anywhere. No matter which platform you choose, you’re starting from the bottom and working your way up, as you develop your professional profile. Still, as your reputation grows, your pay will take a fast track from the bare minimum to much more than you expected.

Offer a Partnership

After you have worked hard to help a company become what it is today, letting everything go might be just too hard. If you would rather stay in the company, one of the above-mentioned demands can be a request of a partnership. Even so, becoming a partner is not easy. In order for them to even consider your terms, you need to become irreplaceable to such an extent that losing you would shift the whole operation two gears down. Yet, you shouldn’t be too bold in your requests as everyone eventually draws a line they won’t cross.

Management Buy-out

Instead of you leaving, why don’t you offer your boss to leave? If you hold a managerial position, you can bring up the idea of a management buyout (MBO). Unlike a management buy-in, where an outside management team acquires the company and replaces the existing leadership, in an MBO, the senior management gathers enough funds to buy the company from the previous owners. Gathering funds for such a venture can be challenging if you don’t include one of reputable equity funding companies.  Aside from you becoming your own boss, an MBO benefits the company because you are familiar with the job and there is no learning curve that can slow down the operation.

Start your own business

Start your own business

If nothing else takes root, and you still have the courage, maybe the best way is to start from the beginning. Although this method of becoming your own boss carries the highest degree of uncertainty, the potential reward is the greatest. Before you start, you need a general idea and a list of long-term goals. Then, you need a solid business plan that will attract creditors, investors and potential partners. Set up your budget and if needed, consider other means of gathering funds, like personal loans and crowdfunding. When you have arranged all the details, then you can do what you wanted from the very beginning – lead the company.

Read here: 5  tips for small business. 

Although many people dream of owning a company, not everyone is carved to lead. Along the benefits come responsibilities – to the company, to your employees and to the stakeholders. However, once you overcome all the hurdles and put a “because I’m the boss” plaque on your table, one thing becomes certain – you will never be underestimated, underappreciated or underpaid again.

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