Many of us consider self-employment at some stage in our lives. Being your own boss, enjoying the financial rewards and job satisfaction sounds very appealing. But it’s a big leap, so it’s important to think carefully first.
You may have spotted a gap in the market. You might have found the perfect solution to an everyday problem, or you might simply want to turn your hobby into a business.
The advantages of working for yourself
- If successful you can earn a lot of money, you reap the rewards of your own hard work
- You can work when it suits you to fit around other commitments
- It can give you independence and job satisfaction
- You choose what type of work to do and, as you are your own boss
- You make your own decisions (and mistakes!), without company hierarchy or office politics
- You will lack the support and safety of having a large organisation behind you
- Your business is likely to be vulnerable in the early stages and in the early days you might not make much money and will have an irregular income
- You will no longer have employer benefits such as paid holidays, sick pay, pension scheme
- Your working day will probably be just as long, if not longer, than when you were an employee
Can you handle it?
It’s important to consider the risks and challenges ahead, however, don’t let these put you off. If you strongly believe that you have got a good product or service and the skills to run a successful business, there’s no reason why running your own business shouldn’t be the best move you’ve ever made.
Our top 10 tips to succeed in running your own business:
- Remember to be self-disciplined and self-motivated!
- It is important to have drive and determination
- Have extensive knowledge and passion about your product or service
- Always be innovative, imaginative and creative
- Ensure you have sound business sense
- You need to be persuasive and good at selling
- Be flexible to adapt to changing market needs
- Be prepared to take calculated risks
- Believe in yourself so you can take responsibility for your own decisions
- Important: have good organisational skills!
Remember, before starting your own business you will need to research your target market and identify who your competitors are. You will also need to get up to speed with the latest legislation and regulatory requirements.
You will also need to ensure you have the correct amount of training and experience of your business area. The more you know about your market and product/service, the greater your chances of success will be.
We can help
Here at Opportunities Workshop we offer training courses in:
- Business Start Up
- Enterprise Development
- Innovation & Growth
- Leadership & Management
- Sales & Marketing
Sound good? You can read more about this on our career development page on our website.