The idea of starting your own business and being your own boss has become more popular in recent years.

In many industries, like the trade industry, those who take the plunge are often looking for more control, more profits, and more free time.

However, many technicians find that they lack the right knowledge and systems to ensure their venture’s a success. If this sounds like you, here are five tips to help you succeed.

1. Price is right

One of the hardest things about being your own boss is setting your price. This might seem easy at first, but the truth is that many first-timers have a hard time gauging their skill. It would be a good idea to see what other contractors charge for the service you provide, and stay around that number.

Remember to be firm and do not sell yourself short, even if you are desperate or a friend or family member is thinking of hiring you. Some attempt to drop their price, but the problem is that the person that got this special price will expect it from now on. In essence, you now seem like the kind of contractor that can be nudged a little, which is not the kind of reputation you want.

2. Know your market

Many independent contractors, especially general contractors, go after homeowners, but you should not limit your market so much. A survey shows that around 20 percent of small businesses are interested in hiring independent contractors over big companies.

Small businesses are looking to save money, so make sure that you pay attention to how much a large contractor might charge to do a job, and see if you can offer a better solution. You can highlight some of the special touches that you can offer as an independent contractor that larger companies cannot.

3. Revenue sources

Being your own boss means that you have to fund yourself and your projects. You are just starting off, and you’ll probably not be paid until the job is complete. This means that you have to find a way to fund the project on your own.  

Some have a second job to supplement themselves, but that could be difficult since you still have to meet deadlines. What you want to do is try to use an option that ensures you have the money quickly to complete the project. Some borrow from friends, but mixing money with friendship is not advisable, which brings many contractors to use a direct lender that specifies in your field. Of course, these are just a few options though there are probably others.

4. Get tech-familiar

Everything is becoming digital nowadays. Most smartphones have smart technology, which is why it is imperative that you pay attention to this new technology. For example, there are applications that help independent contractors manage a job or several to ensure everything is complete in a timely manner.

Another >helpful application is one that helps independent contractors search for safety regulations to ensure that they are being compliant. This is for your safety and any person you choose to hire.

5. Promote your business

The internet has opened up a lot of ways to advertise your services. You can use social media or set up your own website. Some independent contractors, especially newbies, tend to stick to one way of advertising, but that can be a mistake. What you want to do is use several platforms to reach as many people as possible.

Try to find niche social media sites where you can find people looking for services like yours. You should also find active job forums to post in to let people know you’re available.

It’s important to note that starting your own business is a risk, and it does not always work. You need to be sure this is what you want, which should propel your business forward.