Considering Becoming Self Employed? November 10, 2015Featured, My BusinessOff

Does the idea of being your own boss excite you? If the answer is yes, then self-employment might just be for you. Whether you are making a product or hiring out your expertise, there are many avenues you can explore when becoming your own boss. It can be a very exhilarating and freeing experience. But, building a successful and reputable business can take time and a lot of effort. Here are some vital things you need to consider before making this life changing decision.

Is it really what you want?

Leaving the stability and protection of your current job needs to be for the right reasons. Don’t rush into becoming self-employed, if you are just running away from an existing problem, you have at work. Has your career not progressed as quickly as you hoped? Have you had enough of working unsociable hours? Before taking the leap to becoming self-employed, have a talk with your manager to see if your problems can be resolved. Maybe they could alter the rota or give you additional training to help your develop. If these problems cannot be resolved is it worth looking for alternative employment. Being your own boss most likely won’t provide you with a pension scheme or holiday and sick pay. You may not get a steady flow of business to begin with so money might be tight. You aren’t guaranteed a paycheck at the end of the month either. It’s good to ask this question early on before making any rash decisions.
Do you have a good idea?

You can’t start a business without a great idea to start with. Sit yourself down and evaluate your experience and skills. You might have a hobby you are particularly passionate about that you would love to do full time. It’s unwise to leave your employer before coming up with an idea you are happy to pursue. There are companies who provide ready made business and franchise opportunities but do your research. You don’t want to choose a business which overall doesn’t suit you. You might also need additional training and education to make your business succeed. This will take time and money, so it might be best to do this whilst you are still working.

Are you prepared to work?

Freelancing or being self-employed may seem an exciting prospect. Deciding when you work and how long for is a huge benefit of working for yourself. But it also entails a lot of hard work anytime, anywhere. How much effort you put into all aspects will determine how much profit you make. It’s naive to think that self-employment is a walk in the park, especially in the beginning stages. You will need to find the right balance, so you can keep all aspects of your business are working efficiently. For example, if you run a jewelry business you will need to make time to visit piercing jewelry wholesale suppliers. On top of that you will also need to maintain social media sites, keep your books balanced and plan for new ranges and promotions. You need to be prepared to work your socks off to build a reputation and customer base, which can be a difficult and frustrating task.

This guide will have either talked you out of handing in your notice or made you want to hand it in even more. If you decide to take the leap, I congratulate you on your first step to a new life. Just make sure you choose something you are passionate about, you will hopefully be doing it for a very long time!

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