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Things To Consider Before Becoming Self-Employed

As a self-employed person, i thought it worth revisiting the decision many go through in going from working for a company to working for themselves. Many will be wondering if they are making the right decision when taking the leap. So for those that are thinking of making a change in life, here are things to consider before becoming self-employed.

Be Passionate About What You Do

Many of us will have spent plenty of our lives in humdrum jobs, often based in an office. The jobs were an end to a means, a way to pay for life’s necessities. Accommodation, bills and the like. But you cannot survive in a self-employed role doing something you do not like, unless it is such an obvious money-maker you can tolerate the boredom. No, working for yourself requires a passion for what you do. You must believe in your business, and a passion in your work will make it more likely you are successful. 

Things To Consider Before Becoming Self-Employed – Be Confident Of Success

After all, if your self-employed gamble does not pay off, there will still be bills to pay off. You need to take the leap safe in the knowledge that you will succeed at whatever you decide to do. This is why a huge amount of planning is necessary before you even think about leaving your current role. You need to sit down, research the role and work out the competition. Do the figures, source suppliers, the entire process. Run the business in your head before doing it for real.

Ease Your Way In?

For this reason, some people ease their way to self-employment. I know an old colleague who set up a bike repair business. He ran it alongside his full-time job for a couple of years. Once the repair business had grown to a huge extent, he took the plunge and quit his old job. That was a sensible approach, even if it did mean a heavy workload for a couple of years. It reduced the risk though, and kept him financially secure. He only became fully self-employed once he already knew his venture would be a success.

 

Things To Consider Before Becoming Self-Employed – Financial Security

Without financial security, things can spiral very quickly. The pressure to succeed can become overwhelming, and the debts will pile, up, affecting your health. Both physical and mental. So be sure of what you are doing before you begin your journey. Believe in yourself, and leave wiggle room financially should you hit the odd bump in the road.

Things To Consider Before Becoming Self-Employed – Income protection?

Do you know how income protection works? Well, in a nutshell income protection pays out a percentage of your salary if you’re signed off of work through illness or injury. This is something you must consider. Especially if you work for yourself and are a one-man band. You cannot guarantee avoiding illness in the future, so must cover for any periods you cannot work. Or when a global pandemic hits! Having insurance should reduce the stress involved in starting your own business.

Marketing On Point

There’s little point being the best plumber in the world if no one knows you exist. So get your marketing sorted before you even begin work. Use friends and family to get the word out. Use social media platforms too, and be very proactive online. Use offers, merchandise and marketing material to get the word out on what you offer. And perhaps reward loyalty too. Get a reputation started the moment you begin. It can take you a very long way. Many professions’ success rely on word of mouth, especially from friends, family or perhaps on local Facebook sites.

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