B.Y.O.B - Be Your Own Boss

The COVID-19 outbreak has not only bruised the economy but with the number of industries and sectors stagnant, millions of jobs are at stake. The impact not only crippled the migrated labours, but the automobile, hospitality and IT sectors have been hit hard as well. While companies like Uber, Swiggy, WeWork, Airbnb etc have laid off their employees , other IT sectors have resolved to salary cuts to stay afloat.

In these times of crisis, whether one would have a job or not is entirely in our control but to manage finances with whatever we have is up to us. Be it now or a few months down the line, losing a job can turn your world upside down. But if you have been meaning to quit your 9-5 job to start and start your entrepreneurial journey, there is no time better than now to Be Your Own Boss (BYOB)

Have you ever gone through that phase where you have a business idea but not enough money to start it up? Having no money is not an excuse to procrastinate on your new venture. It is true, money does buy happiness, but freedom of not working under someone and doing something you love, gives greater joy.

Don’t wait for the right time to start something new. Here are a few things to keep in mind that can come handy while kick starting a new business.

Type of Business is an important factor based on which another decision falls in line. Find your passion that caters to a specific industry. Perhaps you want to be an artist? writer? designer? work for the NGOs? Starting a new restaurant? Consultancy services? A lot of ideas may come up , but only few have the potential to be something big. Be practical and consider your experience, and knowledge when selecting a concept .Whatever it may be, ensure that time and energy is spent well for doing what you love.

Knowledge is power. Spending some time doing market research of your chosen business helps to identify how you can bridge the gap in the existing society. Would it be catering to a certain set of audience or everyone in the country would be buying it? Information is free and available at your fingertips in today’s world. So keep reading, stay up-to-date with the current affairs of the world learn from other's mistakes.

Business Planning is an important blueprint for your enterprise. You don’t need to have business experience to start something new and grow it into a successful business, but strong plan to keep it going A business plan will not only would it give you a bird’s eye view of your goals and strategies, but also helps you understand your expenditure budget, financial goals, and even marketing strategies. It acts as a guideline to help you make decisions before it’s too late. Ensure that you spend as little as possible at the initial stages, like only on the things that are essential for the business to grow and be a success. Once the business picks then add in the luxuries.

Branding and Marketing play a key role in today’s world. Social media enables us to find the right target audience and potential customers. Creating an online presence of the brand, especially at the start of the business, promote your business to customers local and even worldwide. Digital Marketing also encourages clients to directly interact with your brand.

Testing and Tweaking is a part of learning and growing. It is alright even if your business doesn’t pick up you can get there eventually. Failing is part of the process so learning to adapt and made new plans is always essential. Rome wasn’t built in a day. The bumps on the road help us think out of the box and come up with something better . Established ventures take time to flourish. If this isn’t enough to motivate you, just remember that Airbnb, Uber, WhatsApp all were founded during the Great recession of 2009.

In the time of global crisis, it is hard enough on our lives, getting laid off from the firm can prove to be devastating as well. But it’s in your hands to take up the challenge and prove to the world that you have what it takes to Be Your Own Boss!