How To Go Self Employed

Self employment is no foreign concept in today’s walk of life; many people would like to be in charge of their earnings, time and destiny, but the major concern is How to go self employed. There are several issues that must be addressed when considering self employment:

Are you a person who likes to take the lead and expand on new concepts? Are you someone who will take an idea and run with it, letting nothing stop you?

If your answer is yes, then you might have what it takes to build your own self employed business.

If your answer is no, then you should maybe consider that working for someone is a lot less stressful than having to work for yourself and taking all the risks upon yourself.

Can you deal with disappointments well? Can you honestly say that you will not give up if your first attempt at establishing self employed opportunities for other job seekers does not work out?

If you cannot deal with disappointments then you should first consult a good friend or a consultant at your bank that can give you advice and look through your idea with you.

Self employed jobs need a lot more attention from you “the employer” than any job where you are an employee as opposed to an employer. You must realize that when going self employed, you are the main provider for the job you offer and you are responsible for any and all equipment and stock you may use in the business.

When you are self employed you need to keep stock of all supplies, everything that comes in or goes out of the business must be recorded and kept track of. You will be the “boss” in the business so you are solely responsible for any loss or profits.

When asking someone how to go self employed, most will answer that having the capital to do it is most important. Other people might say that yes, the funds are important but even more important is a business plan where you explain your “self employment idea” and how this business will one day be self sufficient.

Any self employed business must become self sufficient – otherwise you will run out of funds and the business will fail to make a profit.

Taking out a loan at the bank is not easy and is impossible without a business plan. The bank will not provide a loan to anyone who does not have a decent business plan in place and cannot prove to them that their self employment ideas are profitable.

When you consider all the facts of how to go self employed and you know that you have the will to do it, the passion to make this a reality for yourself, then you are truly someone who should build a business from the ground up and prove to others that being self employed is something you can achieve with hard work and dedication. So now you know how to go self employed, it is time to take action.

Cons of Quitting Your Job To Go Self Employed Full Time

Feeling like quitting your job to launch straight into a self employed job full time? Think very carefully before you make that decision. Going self employed full time is something most people should only do once they have tested their venture part time to ensure that their self employed venture is viable. Here are 3 good reasons why you would not want to immediately quit your full time employed job to jump straight into a new business venture.

  1. Loss of Income
    Unless your self employed venture is successful from the get-go, you will not earn any money, you may end up running at a significant loss or into debt, and you may not know how long it will take to earn money. And if you are able to earn money, will it be enough? If not, when will it be? How confident are you that things will improve? The bottom line is can you afford to start a self employed business while having no secure income, incurring expenses, and lacking proof that your self employed venture will be a success?
  2. Poor Time Management / Poor Productivity
    While you may complain of too little time if you try to work on a self employed job while working on a full time employed job, a lot of people find that they are actually less organised or outright wasteful of their time when they simply move to going full time employed to full time self employed without any kind of transition period from their full time employed job.

    Suddenly having all the time to do whatever you want does not necessarily equate to running a business full time, which means you may fail at your business simply because you never dedicated yourself enough by putting in the same time and effort that was expected of you in your full time job. Yes, eventually you may be able to work less hours, but in the beginning, time and effort is required, you have to start off your business working full time, not fool time.

    Ironically, if you can discipline to put in the extra hours part time around a full time employed job, then you will be ready to make the transition after you have significantly built up your part time self employment.

  3. Risk of Losing Employability Status
    Should your business not take off, not only may your bank account be a lot lighter, it may also be harder for you to get back into employment. The longer you are out of work, the less attractive you appear to potential employers. Especially if you specialised in a constantly evolving area such as a number of technology based roles. Even worse if you have to go through an agency in a competitive market – they will simply ignore you unless they need to “scrape the bottom of the barrel.”

    At least if you stay in a job that you do not like very much you could move. And do not forget looking for part time work as an alternative. You would still be earning and you will still be seen as employable by being employed. If you really must quit your job to launch into a self employed venture, then you might want to set a specific deadline after which if your self employment income has failed to grow to a desired level, then you will start looking to work for an employer again.