Name: Self-Made Boss
Rating: 4.4 (157 reviews)
Author: Jackie Reses and Lauren Weinberg

What’s in it for me? Kick-start your journey to self-employment.

Small businesses do so much more than contribute to the economy. They’re a big part of our social fabric: they give neighborhoods character, and they’re part of the lifeblood that holds communities together.

The United States has a lot of small business owners – approximately 30 million, in fact. If you’re looking to join their number and want to set up a small business of your own, then these Blinks are for you. If you’ve already struck out on your own and you’re seeking advice and inspiration from other small business owners, they’re for you, too.

You can find a lot of inspirational business books from Fortune 500 CEOs – but what if you own a neighborhood pizza joint and you’re looking to source the best Buffalo mozzarella? Or you just opened a bookstore and you need to build your social media presence? You need practical business advice that’s tailored to your situation.

The authors call this book a starter kit. That means that in these Blinks, we won’t be getting into the weeds with many of the topics that might be relevant at various stages in starting a business, like tax strategy or how exactly you set up a profit-and-loss statement. (When it comes to that sort of thing, the details vary a lot based on industry and location anyway.) Instead, we’ll outline the basics of what it takes to become a self-made boss and point you in the right direction for getting started.

In these blinks, you’ll learn

what a mom-and-pop ice cream shop has to teach all business owners;
the two things you can do to weather most business setbacks; and
how to create buzz for your business by word-of-mouth.

Get connected with free business resources.

No matter where you are in the world, there are probably free small business resources that you’re not using.

If you’re in the United States, then by all means get in contact with your local branch of the Small Business Administration, or SBA. It just might be the federal government’s best-kept secret!

The SBA is a treasure trove of free resources that far too few entrepreneurs utilize. Don’t make that mistake yourself, and definitely don’t pay expensive consultants for information the SBA gives out for free!

The SBA will help you workshop an idea from the ground up, get a loan, and draw up initial contacts, as well as connect you with the right mentors. Its staff members have probably seen all of your problems before and will help you avoid common pitfalls. So if you haven’t already, find the SBA resources in your state.

Even if you’re not in the US, chances are there are nonprofits, free public resources, and networks in your area that will support you. Your first step should be to get in contact with them.

There are people out there who want to help you. Go and find them!

Outline your vision and articulate your goals by writing a solid business plan.

Let’s not sugarcoat it: starting a small business is risky. You have about a fifty-fifty chance of surviving the first five years; in fact, one small business in five will fold within its first year. To prevent this, it’s absolutely critical to think through your venture systematically. And that’s what a business plan is for.

Take care of your incorporation paperwork and other licensing requirements from the outset.

Unless you’re opening a law firm, chances are, you’re not starting a business in order to do legal paperwork – that isn’t most people’s idea of fun! But if you want your business to be aboveboard, it can’t be avoided. Given that, you might as well knock it out as quickly as possible so you can focus on running your business. It’ll also help you avoid fines or even your business getting shut down later on down the line.

Key ideas in Self-Made Boss

About the Author

Jackie Reses is CEO of fintech company Luna Financial Group. She has been named one of Forbes’s “Self-Made Women” and Fast Company’s “Most Creative People in Business.” Lauren Weinberg is chief marketing officer of Square, a business toolkit provider. She advises several startups and The Women’s Startup Lab, an accelerator for female founders.