So You Think You Want To Be Self-employed?

It was some time ago now that I chucked my job and became self-employed. Why do I become self-employed? Is it for better money? Is it because I wanted to escape the stress of climbing the corporate ladder? Well, it’s certainly not because of the money for many who are employed earn much better. I often say it’s because I hated to be told what to do by someone else...:)

You probably have a good reason why you wanted to consider self-employment. But like any career move, it’s good to take the time to think deep and wide for this one. Unlike employment in which you can give up by handing a resignation letter, the stakes are higher when running your own business.

Well, besides having to slog it out during the initial period (ranges from months to even years) learning and doing things that perhaps not your strengths such as handling financial figures and going out making contacts with strangers, I felt there are some primary stuff that you need to consider before you take the plunge - stuff that will determine whether you have the package to make it or not.

1. What is the world you want to create? It simply means a vision and without a clear picture of what you want to achieve, you won’t last very long. When things did not turn out as expected, you would simply give up. Well, not everyone wants to make a million and going into self-employment may simply means you get to do what you love. Yet, you still need to visualize the world you wish to create.

2. Do you have some reserves? You can plan and budget well but sometimes things just don’t fit nicely according to your schedule. A hint: most of the times they don’t anyway. So, do you have enough reserves that you can rely on? Are you ready to go without pay for a few months?

3. Can you handle uncertainties well? In other words, do you have the mental strength? The uncertainties can be daunting. The market is changing all the time and you need to change and adjust that includes getting your hands dirty, charting into unfamiliar territory and taking risks. When the money is not coming in, what do you do? Sit and sulk? Mental strength is so crucial for there might be a lot of naysayers telling you that you won’t make it.

How do you stay positive and focused all the time? Speaking from experience, it’s easy said than done. I certainly experienced times when I have my doubts and to tell you that I can always perk myself up is a lie. I felt one of the things that had helped me is to surround myself with positive people. You need that as it takes a lot to stay motivated so that in turn, you can motivate and inspire your team. In this case, I’m thankful to my spouse. The fact he is also running his own business helps much. His empathy, support and encouragement during the tough times mean a lot.

Laughter, humor and other positive elements such as an inspiring book help too. You need to learn to stop and think, evaluate and restrategize and above all, not to take yourself too seriously. When things failed, you can basically say, "ok, it's a mistake. Learn from it and let's move on..." I must say experiencing failure is part and parcel of the whole deal and it's not a bad thing anyway. You get the opportunity to stretch your creativity and to know you are capable of doing so can be a very fulfilling experience.

I cannot stress enough the uncertainties you might face. So, if you are employed and happened to rank stability as one of the most important things in career or life, I can tell you right way that self-employment is not cut for you. I have friends that started with much excitement but the unpredictability stressed them out so much that they have to call it quits within a short span of time.

If you are unsure whether self-employment is your thing but seriously thinking about it, perhaps going part-time may help you to test the water. Guess what, some businesses continue to stay as part-time businesses and that might be the better option and probably what you are looking for.

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