Working for Yourself
We’ve all thought about working for ourselves once in a while, managing our own hours and being our own boss. These top tips will help you understand the reality and whether you should pursue working for yourself!
BE CLEAR OF YOUR IDEA OR OFFERING
You may think you have an idea that is unique, but it doesn’t necessarily mean you can make money from it. Be clear what you are offering as a service or product and why people would buy it.
UNDERSTAND YOUR COMPETITION
You might not think you have competition, but the chances are someone out there is doing something similar to you. You need to research any possible competitor and work out why your offering is different to theirs.
DON’T MAKE IT ABOUT YOUR EGO
Setting up your own business can become about feeding your ego. Make sure that you question yourself and your motives, and admit it when you are wrong!
CONSIDER POTENTIAL BUSINESS PARTNERS CAREFULLY
It might feel tempting to go into business with a best friend or partner. But the stresses of starting a business can be huge, and you may not want to weigh down your existing relationship with that kind of pressure.
HAVE A PLAN
Pull together a business plan. It doesn’t have to be ‘corporate’ or lengthy, but it should show how you can make money doing what you plan to do.
PREPARE FOR THE WORST
Things will go wrong so you need to be as ready for them as you can be. This could mean having a financial buffer in the bank, or some other kind of backup, but don’t assume there will be no setbacks.
UNDERSTAND THE FINANCES
Your business needs to make financial sense. Understand the hours you are putting into it and what financial reward you are getting. Ask yourself if it is worth it?
ARE YOU SUITED TO WORKING FOR YOURSELF?
Not everyone is suited to working for themselves. It can be a lonely life, and you need to be self-motivated. There will be groups of like-minded people you can join, but ultimately, you and only you will be responsible for the success of your business.
BE PREPARED TO MARKET YOUR BUSINESS
Even if selling and marketing aren’t your key skill, you will need to get out there and tell the world about your product or offering. Have business cards ready wherever you are and be alert to opportunities.