6 Areas to Consider When Going Into Business for Yourself

I can empathize with anyone daring enough to go into business for themselves and no longer having to spend a majority of their precious time working for someone else as that person's business grows, but your earning potential (as an employee) is limited by both an hourly wage and placing you in a dolling time commitment day after day without much variation. I have been there. Although working for someone else can feel more secure and consistent, you are also at the mercy of your company's decisions. You may be terminated at any time for any reason, and if the company goes under then you are out of a job. There is a measurable risk between both working for yourself and working for someone else.

Going into business for yourself allows you the freedom to expand your resources, connect with your chosen customer base, and do what you enjoy for a living. You are not solely bound by an hourly wage, and you do not have to 'clock in'. However, going into business for yourself is not meant for everyone and to help you determine whether becoming an Entrepreneur would be the right direction for you I decided to go over the different areas you should consider before making the move.

Here are the 6 areas I will go over in this article:

1. Understand and Measure your Reason
2. Startup Capital/Income Stability
3. Education/Research on Business
4. Plan of Action
5. Partner up/Support System/Networking
6. Persistence/Drive/Flexibility

Behind every action, every life change, every endeavor, there is always a reason. Why are you contemplating going into business for yourself? People decide to go into business for themselves for many different reasons. The people that choose to go into business for a cause, or reason they believe in are the ones that put their heart and soul into their goal and see a higher success rate. The people that choose to go into business solely for monetary reasons or do not have a clear concept of their direction or how they can help others are the businesses that ultimately crash and burn. Even if these businesses catch a break and make a little money at first. Staying honest with yourself, being true to your purpose, and choosing a business that will benefit others is the best way to go.

Your reason will not only justify your cause, but help you determine if this is something you can stick with till the end. I write because I enjoy writing, but what I CHOOSE to write about will determine if my writing will be beneficial to others and allow me to make a living as a writer. This concept comes full circle. If you enjoy helping others, connecting with others, entertaining others, or educating others, then going into business for yourself just might be right for you.

All business's require some startup capital. This money can either be a product of money saved or borrowed. This money is a meant to be used for the beginning setup, marketing, learning process and time that will be attributed towards the business before the first initial sale or service is paid for. Life continues on as usual and as such so do life's expenses. Running a business takes time, money to cover that time, effort and focus.
Borrowing money to start a business isn't always an option because that money must be repaid (with interest) and must be repaid on a monthly basis. The type of business you choose to begin whether it be brick and mortar style such as car repair, office services, dental office, car rental business or an online business will contribute to supply & demand which directly affects how fast you see profit compared to other business ventures.

It is a good idea to organize your time accordingly between earning and saving an income that will help you pay for your business expenses as well as cover your living expenses, and spending time with your business to build your brand and reach your target audience. Building a trusted customer base takes time and you will need a stable income during that time. If you are blessed with a financially stable (and understanding) partner that can help you through this process then you are even better because this will allow you to fill those financial gaps while you place more focus on your business; expediting your time.

A successful and profitable business cannot and should not begin without acquiring the necessary knowledge and/or skills for that business.

For example:

If you chose to become a graphic designer you would need to know the following:

• What type of software and equipment you will need.
• How to use the correct software efficiently
• Where and who you can market your services to
• How much money you will need to invest up front
• How to build a portfolio to show your customers
• What competitive prices are for specific design services
• Whether or not you should purchase, and manage your own website or you can make do with a sub-domain
• How to start and manage your own website, (if you choose this option) or if you will outsource this portion of your business

The list is extensive, and in the beginning phases of your business, in order to save yourself cost, you will need to do a majority of the detail work for your business. After you have gained a customer base and your time becomes more valuable then you can begin outsourcing tasks that do not necessarily need your personal touch.

If you were working in construction, managed a team of people, and were about to start a building project, it would essential to have a plan of action, the proper tools for the job, and start with a great foundation before putting up the walls of the building. Much like the building analogy, a business will not hold strong without first setting your plan and foundation.

When you begin writing out your plan these are the questions you ask yourself:

1. How much time do I realistically have to build my business each week?
2. What are my financial goals?
3. How soon will I start working on my business?
4. If I become discouraged by life events, negative criticism, or lower sales weeks how will I respond?
5. How will I reach my target Audience?
6. Am I willing to be flexible and adjust my business needs where it's needed?
7. If my business does well, how will I expand and grow my business?
   
   

Your plan of action should go more in depth for your personal goals, how it will affect your family, and how you will grow your business. Not all plans are set in stone, but they serve for a stable foundation on the direction you would like your business to go. You need to remain flexible with your plan if something you are doing does not seem to gain or retain clients.
Often times, when a marketing campaign wields undesired results, making adjustments such as changing verbiage, featured photos, or adjusting the target audience will give more desired results.

When people talk about 'partnering up' in business they are referring to networking, connecting with like minded individuals, sharing ideas, and helping each other through either trade, support, or monetary kick backs. Partnering with the right people and networks increases your visibility, connects you with a wider audience, and helps give you that drive for success. Like I stated earlier in this article; "Business isn't for everyone." With that being said, you will have your share of nay-sayers who's 'helpful advice' from family and friends will harm your progress more than constructive and experienced criticism from others like yourself who have taken that leap into Entrepreneurship. You will need a mental support system to help you on your journey. The people that will understand your struggle and unbound creativity are generally, but sadly, not related to you.

The last item on my list is about staying focused and persistent. You know who you are. If you are building a business that is close to your heart, allows you some semblance of freedom, allows you to control your schedule, or you feel your business can help others...remember that. Remember your 'Why'. There are things you can do if you find yourself in a rut or begin doubting yourself. Do not ever knock yourself down or tell yourself that you are incapable of making a successful business part of your reality. Here are a couple tips to help you stay focused:

• Read and recite positive affirmations daily.
• Reading success stories of other Entrepreneurs
• Watch Youtube vlogs of other entrepreneurs like yourself that document their successes, failures, methods and programs that they use.
• Make a list of all the pros that would occur as a direct result of you running your own business
• Join and contribute to social networks focused on your niche

Remember, you are in charge of your own success. Your success can only be measured by you and the goals you have set for yourself. Do not let temporary failures or ignorant people hold you back.

Persist. Keep going. Learn, work, build, connect, adapt, adjust and readjust as necessary. Thank you for reading. I wish you much success!