Getting yourself to be self-employed through creating your own business is a highly creative and successful idea. One that can allow you to escape the 9 to 5 working routine which is something dreadfully inescapable for millions of people.
Because of this frustrating way of life, a phenomenal number of people have begun working directly from home. Creating your own business will allow you to work at your own comfort and at the time of your own liking.
Ultimately, you get to have some quality time with your family and friends or just a simple plain “you” time. Being a freelancer allows you to get rid of the hectic traveling routine as you have your office right where you live.
You can focus on the saved time in your business and in return, earn some extra well-deserved money. Softly put, you have the ultimate freedom to run your business according to your liking.
You will not be held back by any limitations and boundaries. Moreover, you will have a free hand to try any ideas you think feasible to improve your business. Also, you will be able to follow through with your business exactly the way you wish to.
As a result, you can exclude your disliked tasks and services from your business. You can do all that. The most important and biggest advantage of creating your own business is that you will be the master in your own business empire.
It will be you who will decide what should be priced higher and what should be lower priced. You will decide the pace of your business.
It will be you who can take all the responsibility and the fruits of making a wise choice for your future career. You will answer only to yourself and not to anyone else. Literally, no one else will ask for any explanation.
Choosing the type of self-employment before creating your own business
When you are creating your own business, you will need to choose one of the obvious two paths.
The first case – risk it all
You will either leave your current financial source (job) and start your new self-employment business with a very limited budget and time (time before the budget runs out).
Let us call this option “risk it all”. It will demand of you to plan everything before you take the big and final step of creating your own business.
The reason is once you leave your existing financial source you will be in a race against the clock. When the time runs out, your finances will deplete. At that point, you will be facing a catastrophe.
So, put everything into perspective. You will either be very brave and completely confident about your decision while creating your own business. Or, you will be totally exhausted in your existing job.
Then, you have reached your snapping point resulting in quitting your job. You will be taking the risk of racing against the clock. You might hear different stories where people left their jobs, started their own business and reached very high-profit figures.
However, these stories are true for the lucky ones. For instance, just like a fellow worker of mine who had planned his exit from his job very thoroughly. Luckily, things turned out to be in his favor.
He had many clients in his former company that he developed personal relations with them. When he quit his job to start creating his own business, the same clients were ready to join hands with him.
Again, I will say that this is something that happens to the lucky ones. Not everyone wants to start the same kind of business where they are currently employed.
So, no matter what, if you are choosing this type of self-employment, the risks will always be there. However, this is usually the case where one is not having a very profitable or financially stable background.
The second case – manage your resources
Most people who are not comfortable in their existing jobs and want to be self-employed are forced to start from scratch. They have limited time, limited resources and limited relationships with people who can be potential clients for their future business.
Therefore, the second type of self-employment is mostly encouraged. It allows you to put your ideas through the tests of time and money.
Then, assess your options for improvements, all while staying connected with your existing job. Having undesired results from your ideas can allow you to assess your mistakes as well.
You can solve problems that will allow you to get your business idea an ideal step closer. One that is perfect before taking the final step of creating your own business.
The normal mistakes or unwanted results are that the idea they come up with in their mind is not realistic enough to be implemented on a large scale. Or, the market is not suitable or ready yet for their product.
Sometimes, the profit figures are not promising and people backtrack to rethink planning again later with a clearer perspective.
What should you sell?
You should pay extra and extensive attention to what services or products you are introducing to the market while creating your own business.
No matter which kind of self-employment you choose, you should be very careful while investing your time and money in selecting and working on a product and service.
You should check the product or the service under the microscope while keeping the following things in mind.
a. Is it already available in the market?
b. What are the profit figures for it?
c. What is the public feedback about the offered commodity?
d. Are there any hidden charges in terms of taxes or franchise fees?
e. Are the product owners provided with company-support for customers?
There are many other aspects that you should look into while selecting your product. For example, like an affiliate scheme or even an MLM while you plan creating your own business.
You will need to put immense thoughts into your product as every successful entrepreneur does. There are some products out there that are placed in the market to lure new investors looking to invest all their money.
Then, they end up with very little and no profit. So, it is important to say here that selecting your business product and self-employment type are the most crucial steps you will ever take.
Making a mistake in any one of them when creating your own business will have unwanted consequences and it will take a long time to get things right again. Plan carefully and wisely!