Thinking about self-employment? Here are 6 things you need to consider

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Entering self-employment for the first time can be daunting, so if you’re thinking about doing exactly that, there are some things you’ll need to consider and plan for. Running your own small business and being self-reliant comes with huge benefits and massive changes to the way in which you’re used to working. Everything that goes wrong, as well as everything that goes right, will be on your shoulders.

But don’t be put off your plans to become self-employed because it might be just what you need in order to fulfil your goals in life. Many people feel held back and constrained when they’re simply working for someone else day after day. If that’s not for you, then maybe self-employment is. Here are 6 of the things you’ll need to give some thought to before you make this change though.

1. Consider Your Online Base

First of all, you should understand that for small business owners just starting out on their own, the internet is their friend. You will need to have a good website that will act as your online base. It should be the place that you attract new customers to and the place where you sell to people. It should be designed in a modern style, it should load fast and it should be easy to navigate. Without all this, your plans of starting a modern business will already be in jeopardy.

2. Research and Learn

It’s worth learning more about how solo entrepreneurs start businesses and they make successes of them. If you don’t know what it takes to succeed in the modern marketplace, you’re going to be left behind sooner or later. So do some reading, carry out research and learn about this life you’re entering into in whatever way you can. It might even be a good idea to speak to people who’ve been in your position before and became self-employed. They’ll be able to teach you a lot.

3. Plan Financially

It’s important to have your finances under control before going self-employed because good financial planning will be a big part of what decides whether your business succeeds or fails. If you don’t have the money to get your business off the ground, you will need an investor or some other way of financing. It’s just about having the money either; you also need to have a clear plan in place for what exactly you’re going to do with it once you have it. That plan should be prepared before you start the business.

4. Learn How to Run a Small Business in the Day to Day Sense

The day to day running of a small business when you’re the only one running it can be hard. You will probably end up working long hours and feeling pretty exhausted by the end of the working day. So learn what you can about the day to day running of a small business like the one you want to start right now. You should think about where it will be based. Creating an office in your home is probably the most sensible plan to begin with.

5. Think About How You’ll Get Your Message Out There and Your Voice Heard

When the world is full of competitors that your company is having to overtake, it can be tricky. As a small business owner that no one knows much about just yet, you will have to work hard to get your message out there and get your voice heard. Attending industry events, trade shows and networking with the right people will help you to make contacts and have people get to know your brand, so be sure to do all that.

6. Put a Long-Term Plan in Place for Where You Want to Be

Finally, you should be thinking about what your long-term plans are for the business. Where do you want to be in 5 years’ time? 10 years’ time? These things matter because they will dictate the way in which you go about running your business and what you aim to get right early on. It will give you something to work towards and you can compare your progress against those early plans for the growth of your business.

Self-employment might not be for everyone, but there are many good reasons to give a try. The freedom that comes with being your own boss is certainly very liberating, and you shouldn’t underestimate the importance of that factor. Just make sure that you consider the 6 things above before you become self-employed.

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