A veritable cornucopia of self-employment opportunities exists today, and for the unwary and unprepared, an equal number of pitfalls exist. There is so much hype about going solo, and there are also get-rich-quick schemes, pyramid schemes, scams, get-paid-to-surf or take surveys etc. to be avoided!
My advice, don't quit your day job without doing your homework. Before considering any drastic moves, realize that it is going to require hard work and commitment. There is no such thing as easy money. Plan properly in the first place. Accept that you are going to make mistakes - nobody is perfect and nobody knows everything there is to know up front. Be prepared to learn from your mistakes and move forward. Don't expect instant results, instant fame, or instant fortune. There is nothing instant about starting your own business. This means making sure you have money to fall back on during the lean or quiet times and having enough to start up with in the first place. If in doubt, get financial advice first - see a financial planner who can help you get things right, from the beginning! Set goals and make sure they are realistic. Keep your focus on your goals and maintain a positive, "can do" attitude.
When you have done your research and settled on a business, make sure you know the regulations governing your home based business. Do you need any approvals? A business license? Do you need a special permit to work out of your home? Check with your local authorities. Do you need to inform the IRS of your change in circumstances?
Do you need to register your business? This will generally involve your first expense - the registration fee. The rules and regulations vary from place to place. Getting advice through a networking e-group from somebody based on the other side of the country may not be appropriate advice for you.
Do some market research - is there a market for your product/service? Will it be profitable for you? What about the competition? How do you plan to stack up against the competition? Can you compete?
How are your skill levels and knowledge or work-experience? Do you know enough to start your own business and be successful? Your skills and abilities will also determine what type of business would be most suitable for you. Doing something you love is the ideal, because you are more likely to work harder but still enjoy yourself so it doesn't really seem like work.
Financing your business - know what you need to cover to start up - fees, registrations, insurance, equipment, marketing costs...make sure you have these covered, and something to fall back on if necessary.
Prepare a Business Plan. This will help you not only get started, but keep you on track. Know what your business will be and a timetable for your action plan.
Have you got the necessary equipment and supplies? Don't overdo it... just get enough to suit your needs, and make sure your insurance covers your new home office. Consider buying second hand - you can always upgrade or buy new when your business takes off.
Work/Life Balance - the reason you wanted to work from home in the first place! Surveys have found that the self-employed actually tend to work longer hours than their counterparts in permanent employment!! It doesn't have to be that way. Before you fall into a workaholic trap, set the rules beforehand. Let your family and friends know what your working hours are. Get family agreement on this so disturbances won't disrupt your workday, necessitating you working even longer into the evenings or on weekends to catch up. If you have very young children, accept that your working life at home in the first few years may very well require this kind of time juggle act. Do you have the stamina for this? Will your partner support you?
If you have this covered, the only other thing to consider is...YOU! Do you have what it takes to be self-employed? Are you the entrepreneurial type? Do you enjoy risk taking? Does it bother you that you don't know how much money you will have month to month? Do you realize that self-employed people often have a more difficult time trying to arrange bank finance? Remember you will also have to cover your own healthcare costs. And you will be working alone - if you're a real people person who MUST be around other people, you may go stir crazy working home alone! If these aspects and leaps into the unknown bother you, you may not be suited to the lifestyle of the self-employed entrepreneur.
Finally, are you self-motivated? Can you make yourself stay in your home office and work even though the sun is shining and there's a great movie on TV you haven't seen? Remember, you will be your own boss now and your own employee.
Various, independent surveys have found that the skills most lacking in new self-employed businesses involve sales, marketing, financial management, and record keeping (book-keeping). How will you cover these things? Can you afford to pay somebody else to look after these? Do you know enough about these areas to handle them yourself, or are you prepared to learn?
Perhaps the most important assets are self-confidence and ambition. Without these, you may be doomed from the start, but with them, you will be able to overcome your obstacles, climb your mountains, and enjoy the view from the top!
Terri Levine
http://www.coachinstitute.com
http://www.terrilevine.com
No comments:
Post a Comment