Running your own business can be a great way to make your living. But self employment isn’t for everyone. Here are some important points to consider if you’re thinking about self employment.
Is Self-Employment For You?
Are you self motivated? Being your own boss literally means being your own boss… and telling yourself what to do and when!
Would having to decide what to do each day and then seeing it through to completion – without anyone checking up on you – suit you?
Do you like working by yourself? As a small self-employed business chances are you won’t have many (or any) staff, so you’ll be working by yourself much of the time. Will that suit you or not?
Unlike being an employee, being self employed is one situation where being a team player often isn’t an advantage.
Are you multi-talented? Being self employed calls for you to wear lots of different hats at different times. You’ll need to be good at… marketing, dealing with people, product sourcing and buying, selling, doing the books, meeting deadlines, solving problems, doing market research and dealing with all the inevitable red tape on top.
If you don’t currently have these skills, then take a look at training courses that could help you learn them.
Are you good with money? A basic principle in business is that profit = selling price minus costs. If you don’t bear that in mind you could lose money without realising it. So you’ll need to have at least a basic understanding of business finances.
If you don’t have these skills be prepared to learn… or seek advice from someone who does, such as an accountant.
Are you well organised? This is one of the most important self employment skills – much more important than a string of qualifications
When you run your own business you’ll need to be able to divide your time up, to do all the different jobs your business needs. You’ll need to be able to give your business a regular commitment, and be able to meet targets and deadlines.
When you’re running your own business you might think you can take a day off when you like… but it doesn’t always work out like that!
Do you hate the 9-5 routine? Are you one of those people who’s willing, or who even prefers, working in the evenings or even at weekends? Are you one of those people who actually hates having to stop what they’re doing at 5/6 O’clock, because they enjoy it so much?
If so – congratulations – self employment could be perfect for you! Flexibility and a real love for what you do is one of the most important qualities for successful self employment.
Here’s a good idea. If you’re not sure if self employment is for you how about starting some kind of part time business opportunity? That way, you can try it out and see if it’s for you …. but still keep the security of your regular job.
More information. You’ll find plenty of ideas for self employment in our Business Opportunities Library.