Business Strategy

4 Ways to Become Your Own Boss

4 Ways to Become Your Own Boss

A person who is good at their job has the ability to make a fortune at their post. Unfortunately, more often than not, they are making someone else rich. Apart from that, it isn’t that uncommon for even the most irreplaceable person at the office to get underappreciated by their superiors, which is never a pleasant feeling. Luckily, in 2017, there is not a single reason why you should put up with that. When things get out of hand, state your ultimatum to the owners of the company and if it gets declined, look for a way to become your own boss. Here are a few ideas.

1.    Freelancing

If the skill that you have is something you don’t need a team for, it is often for the best to go for freelancing. Today, there is a myriad of amazing platforms that can offer help in finding this kind of work. However, you will need to put in a lot of effort until you get to where you want to be. You see, every one of these platforms will require you to create an online persona and start from the bottom. This means that for your first few months, you will receive only the bare minimum. Still, as your reputation grows and positive reviews start coming in, your pay will skyrocket. Nonetheless, seeing how this market is quite volatile and it takes a lot of work for you to get anywhere, it is not as popular as some of the other choices on the list.

2.    Management Buyout

If you have helped to get a company where it is today, it might be hard to just let go. After all, why should you be the one to leave? This leads us to the idea of management buyout (MBO). Here, the senior management of a company gathers enough funds to buy the company from its previous owners. This is usually the best solution to a problem, seeing how you are already familiar with the job and all its features. On the other hand, there is the problem of gathering funds for such an endeavor. Luckily, there are more than a few private equity firms in Australia willing to offer their services to help you with this project.

3.    Look for a Partnership

Earlier on, we wrote about the ultimatums you can put to the company’s ownership. Well, this usually consists of requesting a partnership in the company that has previously employed you. Nevertheless, this is not a simple thing to do. First, you need to become so irreplaceable that the very thought of losing you causes them to agree to all your terms. Still, you shouldn’t push it too far in your requests, since everyone has a line they won’t cross, no matter what’s at stake.

4.    Start Your Own Company

Finally, the most common (yet the most difficult) way of becoming your own boss is starting your own company. First, you need to have an idea and an outline of your long term goals. Then, you need to make a sound business plan you can offer to your creditors, investors and potential partners. After this, you have some budgeting to do and if necessary, think of other means of gathering funds, like personal loans and crowdfunding. Once you have all of this covered comes the hard part, which consists of actually leading the company. All in all, this is a lot of effort, but the end result is usually more than worth it.

Conclusion

When it comes to the old saying ‘lead, follow or get out of the way’, leading is definitely the most difficult option. However, it is also the most rewarding one. Once you find yourself at the helm, you can rest assured that you are not underestimated, underappreciated or underpaid. In other words, you finally get to reap the full benefits of your labor. This alone is a notion that is truly hard to top.

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Business Strategy

Dan Radak is a marketing professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.

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