Regarding employment we really have only two choices either work for somebody or work for your self.
Due to the ever changing realities of today’s job and economic market, more and more people are exploring the work for yourself or self employment opportunity option either by choice or by circumstance on a full or part-time basis.
The purpose of this blog is to help you explore in more depth those self employment opportunities in an objective way. Having worked for others as well as having started, built and sold three businesses myself, I can honestly say I don’t have all the answers but I do have a few which I hope can help you better assess YOUR self employment opportunities.
Here are some thoughts to ponder as you explore your self employment options:
• “Choose a job you love, and you will never have to work a day in your life.”
A quote from Confucius, the great Chinese philosopher, which is as true today as it was when Confucius walked the earth around 500 BC.
• Self employment is NOT for everyone.
Being self employed is being self dependent. The upside is you are your own boss and manager of your own time and resources; the downside is you are your own boss. As your own boss, you are responsible for everything. One of the things one quickly learns in being self employed is there are things you are good at and enjoy doing while there are things that you are not only not good at but hate to do. But again, you are responsible! It’s being able to manage, balance and outsource those responsibilities that will determine your ultimate success or failure.
• Test yourself first before entering into self employment
The idea of “try before you buy” concept works well here. This is particularly true, if in addition to your time, financial investments are involved. I remember an associate who loved to both cook and entertain. She decided to invest her time and money as well as a substantial amount of her friend’s and family’s money in opening a restaurant. In retrospect, the only real restaurant experience she had prior to her starting her own was to be a restaurant customer. Regrettably, she failed miserably. In addition to losing all her investment money, she accrued a wrath of bad feelings among her investors and family members. I am a big advocate of following one’s passion but it does need to be tempered with research, preparation, planning and a clear sense of execution.
• Suggestion..Start small..if you can
You should try to start small. This approach will allow you to minimize your cash outlay, maximize your flexibility while providing you with the opportunity to make any necessary adjustments to your product and or concept quickly before a full scale launch. Ideally, you should start your business from home. By “working from home”, there are some significant tax benefits you can take advantage of.