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Working for yourself and running your own business is one of the most rewarding experiences you can have. Self employment isn't for everyone though. Some don't enjoy the risks and challenges, while others thrive in it. If you think you're capable of standing on your own and doing better than where you're working now, why not make working for yourself part of your life plan? Before jumping into the pool of the self-employed, take a step back and ponder on the following points.
Are you running away from your old job? Issues with your current employer are better solved while you're still connected with the company. If stress at work is triggering your flight reflex, then you will be kicking off your path to self-employment for the wrong reasons. Confront the concerns that are triggering your need to escape from your current job. Once you resolve these issues, you'll have a clearer grasp of your next steps.
Can you handle unpredictable cash flow? Once you enter self-employment, you will have no regular pay check for the first few months, even up to a year sometimes. How much do you need to invest? How much do you need to live on for the next months? Do you have enough savings?
Do you have a solid support system? While it's your own career path, your decision can also affect those around you. An unpredictable cash flow, for example, will highly impact your household budget. Putting up your own business will also entail a lot of your time. This requires a lot of sacrifice not only on your end, but on your family's end. Perhaps you'll need to downgrade on some purchases during the first erratic months. Is your family behind you? Do they understand what trade-offs have to be made?
What makes you happy? What have you always wanted to pursue? Do you want to take a step further with a favourite hobby? If you're working for yourself, you should enjoy what you're doing!
Is there a demand for what you want to do? You may what to make a business out of your passion, but it won't make you money if nobody is interested in it. Before committing yourself to your business, test the market first. Determine what your product offering is and how it's different from competition. Then have a chat with your potential target market. Gauge their interest in the product and work from there. There's no sense putting up a business nobody wants to have a part of.
Working for yourself is a lot of fun but it also is a big risk. Make sure you're jumping into it for the right reasons and think about it thoroughly! It's a decision that not only affects your life path, but the lives of those you support as well.
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