7 Things to Think About Before Becoming Self-Employed

Few people want to stay at the same job forever, and if you’ve been thinking about moving on, becoming self-employed may seem like a dream come true. There are plenty of reasons to consider it. Likely the most appealing is the fact that you can be your own boss. Work when you want, (work from home), and enjoy the satisfaction of knowing that you made it on your own.

You shouldn’t just hand in your resignation tomorrow and jump in without a well-thought-out plan, though. Becoming self-employed is a difficult undertaking, and without a proper plan, it likely won’t go well. These are some of the main things you’ll need to consider before making the leap.

Prepare While You’re Still Working

Being self-employed can certainly feel empowering, and if you have a good idea it may be tempting to go ahead and put in your notice. Beforehand, though, you should stop and plan how you’ll cover the financial requirements, whether you’re planning a startup or whether you’ll need a bit of money to rely on while you look for work. Saving up while you still have your current job can save you some stress.

Does working alone suit you?

Embarking on a self-employment journey is often lonely, which may not be a great fit for those who have trouble with isolation. If you know other self-employed workers, you’ll likely experience camaraderie with them, but otherwise, you might have to work harder than usual to be social. You’ll also need to be able to motivate yourself since there’s no boss looking over your shoulder.

Failure Is an Opportunity

If you’re afraid of failing, then becoming self-employed likely isn’t the best fit for you. Starting your own business venture can be overwhelming, and many don’t succeed on the first attempt. Starting a business is a long, often frustrating process, and you’ll have to constantly evolve your strategies to stay ahead. As the old saying goes, however, failure is the first step to success as long as you learn from your experiences.

Everything Rides on You

Speaking of success and failure, it’s intimidating to know that you’re responsible for both. You’ll be doing everything from conceptualizing a product or service to marketing and selling it. You’ll have to own up to and fix any mistakes that are made, and this may be especially stressful if you aren’t used to leadership roles. Even if you aren’t actually starting your own business, you’ll still be responsible for finding your own work.

You Have to Network

Despite being responsible for everything when becoming self-employed, you’ll still need a great deal of support from friends, clients, and other connections. Give other freelancers or business owners some leads or help when you can, and they’ll likely return the favor. Reach out in your social circle, and let everyone know what you’re doing. You never know who might have a contact who could use your services. It’s also worthwhile to look for networking events.

You Have to Market Yourself

This ties into your networking, but you always need to remember that you’re solely responsible for marketing your products and services. For freelancers, this will likely mean checking recruiting boards constantly to take on additional work. For new business owners, you’ll either need to be well versed in marketing strategies or enlist help as you expand. StraticsNetworks can be helpful for this with their ringless voicemail solutions. You can save loads of your valuable time by clicking to drop voicemails directly on contacts’ voicemail servers instead of having to call and read a script each time.

Find the Right Insurance

If you’re serious about getting a business off the ground, you’ll need insurance to protect you from things like property damage and lawsuits. Depending on your area, you may even be legally required to have insurance before you can start working. You can also protect yourself in case of personal injury, illnesses, or other events that might prevent you from working. Find Cheap income protection insurance with iSelect to make sure you’re covered.  

There are countless success stories of the self-employed out there, and you’ll need to approach your situation with great care to become one of them.

Ruby Guzman

Style Editor

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