Do You Want to be Self-Employed?

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Many people dream about quitting their jobs and starting their own companies. The lure of being your own boss, controlling your own destiny is often hard to resist. Being self-employed is a common dream, but is it really for everyone?

Consider the reality that statistically the self-employed work twice as many hours per week as those with traditional jobs. Owning your own business means that you will be eating, sleeping and breathing your business, it becomes your life. Remember, your income depends upon the amount of time and effort you put in, this means you will need to work longer and harder than if you were just putting in 8-5 and collecting a paycheck.

Being self-employed requires determination and self discipline. If you like working independently, are motivated and are able to follow through on tasks that must be completed, you may be a great candidate for self-employment. However, if you need someone directing you, explaining tasks, pushing you to complete assignments and would rather sleep in than get out and hit the street, maybe you should re-think this decision!

Obviously in order to be self-employed one must either have a business idea or skills that can be used in order to be an independent contractor. If you have a product or a service to sell and want to start your own business, you will need to do some serious research before just diving in full time. You will need to find out if there is a demand for your idea. Check your local area to see if someone else is already selling the product or service, how are they doing? Is this a viable service or product? Can you imagine yourself selling this product or service every day from now on?

If you want to be an independent contractor, list the skills you currently have. Go through them individually and ask yourself, is this something others would pay me to do? Are there other people performing these skills already? How much demand is there for your particular skillset?

You will want to really take some serious time to think this through. Not everyone is cut out to be self-employed and those that are find success is difficult at best. It takes extensive research and preparation. Even after you have gone solo, you will work every day to find new customers, satisfy current customers and continue to build your business.

Don’t be fooled into thinking that being self-employed is easy or an escape from the typical work grind. Being self-employed means you have no one else to blame, no one else to take over and no one else to write your pay check. Being self-employed puts you in charge of your destiny, but with that freedom comes major responsibility.

When you are self-employed there will be no such thing as sick days. You can’t call in sick or take a personal day, because that could seriously impact the amount of income you will make that week or month. Your actions will dictate your salary. Being self-employed isn’t for everyone, but if it is for you, make sure to do your research and go into it fully prepared!