Is Self-Employment Right for You?
Are You Ready?
So, you are considering going into business for yourself, great but first let me ask you why. Why do you want your own business? There are a number of advantages to running the show; however, they can be offset by the disadvantage. Two major disadvantages are working alone with no one to talk with about your work and the second, but no less important, the lack of a real income, a paycheque for example, on a regular basis.
If you are determined that you are going to set off on your own, then before you develop a business plan and it is a very sound idea to do so, especially a market study, take some time to see if you are mentally prepared for the venture.
Do you have the discipline to do what needs doing without anyone else setting deadlines, asking how the job is going or in any other way supervising your work? Can you make a schedule and stick to it, or do you just keep it all in your head and do what you feel like doing, often, what is easiest to do.
If you business does not earn any money for the first six months do you have the resources to pay your regular bills rent, mortgage, car payments, food, heat and so on? What will happen if you do not generate a profit in the first year?
Do you need to make any purchases before you can launch your enterprise? A computer, cell phone, paper, or desk, may all be needed. How much will that cost?
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Are you working from home or do you have an office or a storefront? If it is necessary to acquire a work space away from home, what is your budget for that space?
Working from home, do you have an area set aside where you can work? A home office that is away from the main traffic areas of your house, kitchen, living room, family rooms, make poor offices because of the volume of traffic they experience.
Now an office that is devoted entirely to your work may give you a tax deduction on any equipment you purchase for the business. However, if your earnings are low and that is a distinct possibility your business could be considered more a hobby than actual work. Research the tax laws that apply to home based businesses before you buy anything.
If your business is a home-based one, be prepared for interruptions from family and friends, who because you are at home and not at the office seem to feel they can drop by and chat or ask you to run an errand or three. No, I can’t because I am working is a good sentence to remember.
Can you work alone? You may be the only employee, can you lunch alone, visit the break room alone and generally have little social interaction during your working hours. This brings us to another important point, when working for yourself, the hours can be long and 10-12 hour days not unusual, are you ready?
Take your time and assess your preparedness to be your own boss before you take the step.
- The Business Plan
The failure rate of many small businesses is high. There are a number of reasons for this and this hub will focus on one of them, the business plan, or all too often the lack of a business plan. A...