Going down the self-employed route is a bold decision to make. After all, there’s a plethora of risks and worries that come with branching out solo.
From chasing clients for payment, to landing new business in the first place, becoming self employed removes most of the safety nets enjoyed with regular employment while throwing up many of its own challenges.
Still, people are increasingly deciding to work for themselves, with 15% of the working population now being their own boss.
Whether it’s the lack of having to blend in within a stiff corporate culture, or the flexible hours, the appeal of self-employment is becoming stronger and stronger. This is especially true given our current digital age, where working from home – or a luscious tropical island, is totally feasible.
If you’re toying with the idea of being your own boss, here are three things to consider before you start.
#1 – Use Your Passion
Everyone touts “passion” as the biggest requirement when starting a new venture, and those people are 1000% right. That’s because self-motivation is a big part of making any self-employed arrangement work.
Without a boss breathing down your neck or corporate rules to abide by, you’re going to need to find your own reasons (and lots of them) for waking up each day and working hard.
While “following your passion” might sound a little airy fairy on the face of it, it’s your passion that will see you through the inevitable ups and downs along your journey. Therefore, any self-employment venture should definitely be fuelled by something that you have a burning interest in!
Do you love fashion? Is architecture your forte? Aim to take your most cherished hobby and turn it into work. You won’t lose your love for your talents when you’re being paid for them, so make sure that your business is centred around something that you’re truly drawn to. Plus, it means that going to “work” mightn’t feel like work at all.
#2 – Tackle Paperwork Early
When things are going well, and those dollars are coming in, it can be easy to lose sight of what can make or break you; the paperwork. Unfortunately, overlooking critical components of administration can throw even the best business to the kerb.
There are taxes to pay, insurances to acquire, cash flow to manage, and expansion plans to finance. In the end, there’re many boxes to tick as part of the day to day requirements of running a business, so make sure you leave none of them blank.
Whether it means outsourcing some of the administrative tasks to to experts, such as hiring a great book-keeper or a virtual assistant, it pays to put those mechanisms in place to tackle admin early and thoroughly, which will help you reach success.
#3 – Factor in some travel
The majority of jobs have an element of travel involved, even if it’s as simple as heading to and from the work place. Transiting breaks up the day, helps you to better separate work life from home life, and it generally prevents you from getting cabin fever.
Consequently, you should try to implement the odd element of travel into your self-employment, even if it’s just to work at a local coffee shop instead of your home office for a day.
In the end, you can pick up an affordable and practical used car from FOW and head off to meet clients, work elsewhere, or scope out new opportunities. And if your new venture takes off, then you can look to upgrade your car or develop a fleet which serves as additional advertising for your business.
At the end of the day, launching a new business and being your own boss can be seriously rewarding. Just focus on what you love, add a commercial mindset, and never ever give up!