You may have heard the saying “Some people dream of success, others stay awake to achieve it”. But before you ditch the 9 to 5, with the micro-managing boss and the regular pay cheque, take a minute to think about what it is you’re stepping into.
Self-Employment Can Be Boring
You might be a passionate Electrician, or an empathetic Psychologist, but are you an engaged Administrative person, or an energised Bookkeeper? Well if you run your own business, you will need to be!
Going out on your own means that in the beginning, you will need to do all parts of the business to keep it going and to grow it. That means the fun stuff like what you’re trained to do and the not so fun stuff.
It Takes More Than Just Hard Work
Hard work is a key ingredient, but hard work won’t guarantee you profits, growth and success.
You also need a business plan, funds to get you through the tough times, business support and a point of difference.
Can You Afford to be Poor?
What most people forget about their boring 9 to 5 is that it gives them a set, regular income, which self-employment does not.
Running your own business needs a good product, or service and consistent clients wanting to buy. Without them, there is no income and any savings you had in the bank that weren’t spent on the start up of the business, will quickly be eaten by your overheads and living expenses.
Consider keeping your boring 9-5 and growing the new business in the background. Or alternatively, maintain a part time job, until the business is established enough to stand on its own.
Are You Recreating the Wheel, or a New Invention?
Business is so much harder when you’re competing in a crowded space. A good example of this is opening a hairdressing salon on the same strip of road that already has 20 salons … I won’t name the road, or the suburb! Instead, find a highly populated area that is in need of a hairdressing salon.
The most successful business’s solve problems.
A good way to do your research is to Google similar businesses, or business services in particular locations. You want the customers coming to you, and not having a choice of options. The less competition the better.
Can you Say No, or Are You Willing to Grow?
Generally new business owners don’t know how to say no, and in their excitement, they take on all the work that comes their way. Besides, who knows what’s around the corner right? That positive attitude can only carry so much work, before timelines start to stretch, quality begins to wain and stress levels start to peak.
At this point, you have two options. The first is to start turning clients away … saying no to work … or to take on staff to help with the load.
Potential growth needs to be considered in the business plan, so that you don’t make reactive decisions when it happens.
Being a business owner can be both the most rewarding career path you ever take, or the hardest job that you ever do. Before taking the leap, make sure you do your research, inform yourself and have a clear plan of action.