Is Self Employment for You?
So what has suddenly changed in your life to make you consider self-employment?
- Uncertain job prospects?
- The sack?
- Can't get on with the boss?
- Can't handle the job?
- Personal upset in your life (emotional or physical)?
- Mid-life crisis?
- Someone you know is selling their business?
- Jealous of your self-employed friends?
These are all negative reasons for a complete change in your life and if they apply to you, think very hard before proceeding. For some people the move is a planned one, almost a natural progression. The obvious conclusion, therefore, is take some time, sit down and take a cold, honest look at yourself and your motives. If you can truly say 'for the most part my incentive is financial as well as job satisfaction' you are on the right road. You have cracked it. Now let's see if you are made of the right stuff.
Self Discipline
Do you recognise the difference between takings and profit? If takings make you feel rich and successful, that you have 'arrived', beware; failure is imminent! Profit is the balance you are left with after all your expenses have been paid. Plan and budget: it is the only way to keep your head out of the clouds and focused on the future.
Total Commitment to Hard Work
You don't have to be a workaholic but you do need to understand that the working day of the average civil servant bears no relation to the working day of a self employed business person, neither does the relative stress level. On average the self-employed person works 35% longer. The plus side is that the self-employed person has no ceiling on their earnings.
Health
It's easy to overlook the importance of your health. Minor ailments sometimes go unnoticed, regular check-ups get cancelled or at the best postponed. If you want your car to give optimum performance you have to have it serviced. Your health is perhaps your most valuable asset - take care of it!
Determination
You'll need 'true grit'. Expect an abundance of crises. Set your goals but be ready to throw them to the wind. Self employment is not for the faint hearted; forget the path of least resistance. Follow your plan but build in a degree of flexibility.
Enthusiasm
If you have employees, inject them with your enthusiasm - you will be amazed at the result.
Judgement
Can you make a decision? Or do you drag your feet? Do you have the ability to sum up a situation, make a decision and stick to it? You can and should consult others, but at the end of the day, it's down to you. Don't be a fence-sitter. Make a decision. It may be the wrong one but next time you will be speaking from experience.
Integrity
Customers must believe your word is your bond: suppliers must believe the same. How many times have you personally experienced someone cancelling an appointment, or worse, not showing up? Do you reorder? Of course not. Don't make the same mistake in your business; your clientele will grow if you keep your word.
Asking for Help
Don't be afraid to ask for advice. If the man in your favourite coffee shop keeps his staff and you don't, ask him how he does it. He will be flattered, you will be wiser.
