A lot of people have dreams of doing different things on their own. For instance; to be in charge of their career, to open and manage their own businesses, organize their own schedules and come up with their own decisions regarding many things in their life. But with the ever changing economic conditions in these days, creating your own business doesn’t seem to be more risky than a 9-5 job in the office. Self employment might seem to look like a very lucrative career path, but not everyone can become successful through selecting this path as a source of income.
A few people might juggle their way through sole entrepreneurship to have a successful and very promising solo career, while on the other hand some might be equally talented colleagues who give a try to the self-employed kind of life only to be attracted and convinced to undertake a job with an organization that is more established. Are you considering becoming a sole entrepreneur? Here are seven questions that you should ask yourself before commencing:
The above question might sound very simple enough, but it shouldn’t be taken very lightly. Most of the people who decide to become self employed are those who are frustrated and feel they no longer love the job that they are currently undertaking. The question that everyone should ask themselves before deciding to go solo is “Are you trying to run away from something else or is it business that you’ve decided to undertake?” Know what’s your stand on whether you’re very determined in accomplishing your business idea or just mad about your employer and trying to run away from them in the form of starting your own business.
Working for yourself is not easy as you need to be motivated in order to pursue your goals without giving up. This is more evident when you are just starting up and you lack a customer base with demands to accomplish. You are required to spend very long hours so that you can build your own website, blog, e-mail and marketing among other activities. As a solo entrepreneur, you have to put in all your efforts as you are on your own with no one or boss to supervise you to perform better.
The people that succeed in self employment get bored of doing the same things. Thus, they love working with new people and learning new skills all the time. A person who operates a small business is required to perform several functions in order to get their business going. Such functions include: administration, sales, IT, and customer support among others. For instance, small business owners should not be frustrated when they have to correct printer problems without the aid of an IT manager until they are in a position to hire one.
One of the key reasons of starting up a business is to make profits and grow. And sales are an integral part of that growth in a business. It doesn’t matter whether you’re a graphic designer, accountant, PR Pro, Landscaper or auditor, but while working for yourself requires more than just that. Here, you’ll be required to handle all the financial aspects of the business with negotiations and contracts included. You will also have to know how to ask for money and push for the sale of your products or services through several channels.
When starting up a business, ensure that you’ve got enough capital to run the business until it is stable. Lack of capital has led to failure of many business start ups in the past. When financing your business, be very realistic so that you don’t go beyond your means. It is advisable to have funds that can support your business for 6 months and beyond, whether it is through your savings, part-time job, a partner’s income, and cash from relatives or friends among other avenues. This should be done as long as it sustains the business.
Before starting your own business, ask yourself how important some activities are in your life such as: vacations, a steady source of income or health insurance catered for by the employer? Many entrepreneurs will have to forego such benefits or kind of life during the early years of their business until they are stable. An entrepreneur will have to take care of both the challenging and good times financially and mentally for the successful running of the business.
It’s very hard to start a business from scratch, but also for a person to run a business it requires a lot of hard work and dedication. With this saying, “love what you do and you’ll never work a day in your life” is very true. Put in all your efforts and skills as the market is not concerned whether you are fulfilling your lifetime goal or not. Customers will tend to spend cash on products and services that accomplish their own needs and desires at that particular time. For you as an entrepreneur in order to make a profit, pay attention on how your passion can bring a change to other people.
To sum up, before deciding whether self-employment is what you need, be certain to refer to both your heart and head and then proceed on. After knowing what you want to pursue, be ready for all kinds of challenges and rewards that await you as you pursue your own goals.
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