The idea of self-employment can sound very attractive when you are not enjoying your regular employment, but are you really ready to make the move. Here are some things that you need to ask yourself before you make the decision to become self-employed.
Can I Make It Work?
Before you make the move and give up the day job you have to be confident that self-employment will provide you with a sufficient income. You need to do some research to establish that there is a demand for the services or goods that you want to offer.
Will this Make Me Happy?
Many people go into self-employment without thinking it through very well. Think carefully about your motivation for wanting to run your own business. Is it because you are passionate about the area of work that you want to do? Self-employment can be tough, particularly when you are first establishing your business. Do you enjoy your work enough to sustain you through the times when you may be doubting your decision?
Are You Prepared to Work Long Hours?
If you are looking at venturing into the world of self-employment and thinking that this is a good way to work less, you really should rethink your plan. Self-employment can be tough and it requires a great deal of commitment. The hours can be very long and it can often be difficult to switch off from work. Are you prepared to put in a lot of hours to get your business off the ground? There may be times that you have to sacrifice your social life and time off because you need to be accessible to your business clients. Are you really prepared for this?
Can You Afford It?
Self-employment can be very lucrative, but it often takes a long time to get to that point. It may be months before you can break even with a new business. Do you have enough savings to get you through the difficult times? Adding financial worries onto the stress of starting a new business is never a good idea. Make sure that you have some savings to get you through times when cash flow is not as good as you would like it to be.
Do You Have Enough Support?
When you announce that you are thinking of starting your own business you are likely to get a mixed reaction from family and friends. Some will think it is the best idea they have ever heard, whilst others will think that you have lost your mind. The support of your immediate family is crucial. They will be affected by the change financially and practically.
If you work from home, you have to be sure that you establish some ground rules which will help all of you make a smooth transition. Working from home can be a great option, but not if you have your family distracting you every five minutes. Make sure that everyone is on board with the boundaries that you need to set between your home life and your work life.
wbaiv Photo credit