Intro
Self-employment as a full time job may just seem like a pipe dream for many. That goal that is always just out of reach, even though every day you dream about breaking free from the corporate grind and gig economy. Well, it may not be as hard to achieve as you might think to have your own private practice business structure and become your own sole proprietor. In this article, we’re giving you 10 tips for turning this self-employment dream into reality!
Self-Employment
The great thing about becoming self-employed these days is that there are more ways than ever to make it happen. Whether you want to be a new business owner, offer your services to prospective clients, be a freelancer, or anything in between, there are so many ways to become self-employed. This is especially true with the Internet, as your potential client base is no longer limited to people in your area.
But before you can enter the world of self-employment, you have to have realistic expectations about work, money, and your business plan. Not every business is the same, and there are very specific tips that you need to adhere to in each area of business. However, there are also a lot of similarities. So in this article, we’re giving you 10 tips that every potential entrepreneur should adhere to in getting started.
How to Get Started
First: Make Sure It’s the Right Time
Our first tip is that you simply need to know that it’s the right time for you to start a business. Sometimes, it is simply not the right time in your life to become an independent contractor or small business owner. If you really need the security and reliability of a full-time paycheck, then you may need to stick with your career a while longer. But if you are in a financial position to take the plunge, then read on!
Know Yourself
First, it’s important to know your strengths, and your weaknesses! A self-evaluation is a vital first step in knowing what type of business you would like to start. You may already have some ideas, but they really need to be well-aligned with what you know how to do. Whether it’s an area you’re professionally trained in, or an area you are very adept at, you really need to know what you are best at in order to enter that area as an entrepreneur.
Compare Niches
Next up, you need to compare niches of self-employment, and pick a direction that works for you. You need to survey the markets, and pick a niche that aligns with your strengths and weaknesses that you decided above.
Research Niches and Decide
Once you settle on a few top contenders for your preferred niche, you need to do extensive research. Research into your top competition, the industry trends, your target consumers, and more. You need to know everything there is to know about a niche before you decide to pursue it. Successful business owners are experts in their fields.
Outline Your Business – Be SPECIFIC
Next up, we’re starting to get into your business and what you are going to offer. Take your strengths, and your desired niche, and settle on your business idea and your unique offering. It can be as simple as offering your Accounting services because you are a trained Accountant. It really has to match up with your skills, and your knowledge of the market.
Establish SYSTEMS for Your Business
Any successful business will run on successful systems and habits. Before you start a business, you need to have an idea of how it is going to run. You need to establish systems for the day-to-day tasks you are going to need to handle. This includes financial, customer service, payroll, and everything in between. You need to outline your business, and outline how it will run smoothly.
Getting Started – Initial Steps
Of course, once your planning is complete, you need to actually start your business! Starting a business is all in the follow through. You need to follow through on your plans for starting and running your business. Implement the systems you designed and adapt them as you see fit. Sometimes, the only way to do something is to hit the ground running.
Marketing
Of course, marketing is hugely important to any new business. This is one of the primary ways you will attract customers and grow your resource base. Marketing should be based on the depth of knowledge you acquired while researching this niche comprehensively. Direct your efforts toward your target market, and appeal to their needs and wants. You need to know where they are, and also how to reach them.
Day-to-Day
The day-to-day operation of the business is key. Stay consistent to the systems you developed above, and make them into habits. Everything becomes easier the more you do it, and the key is to make your business into a well-oiled machine. You need to have a system for almost everything you do as a business in order to track, account for, plan, and react to any event that occurs.
ADAPT as You Go
Continued success in running a business requires constant adaptation. You need to keep researching the market, and keep paying attention to what is working and what isn’t. This way, you can react to unpredictable events, and handle them. There always will be unforeseen events in business, and what makes or breaks a business is how you react to them. The reason this list was so heavily focused on planning and research is because it gives you the proper tools to react to unforeseen events as they come up.
Other Options?
One potential option for those who are looking into starting a small business is a turnkey solution. Turnkey solutions are essentially businesses which are “ready to go”. A turnkey business can come in many forms, but is often a website which is pre-built and ready to accept customers and start generating revenue. A turnkey business is a great first business, as it allows you to truly learn the ropes, and see what works for you.
We hope you have enjoyed our top tips for becoming self employed! Best of luck in your business journey!