Can You Be Your Own Boss? Self Employment Tips

It’s a question many ponder but few have the courage to ask. It is, for many of us, our ultimate dream but so very few are successful at it. It’s equivalent to jumping in the deep end when you haven’t learned to swim, and there’s no lifeguard in site. Sure self-employment is something that everyone wishes to obtain, but very few do, and in fact, very few even try. However, if becoming your own boss means granting you autonomy and living in sanctuary then I say make the jump.

Entrepreneurship isn’t something you just do. It’s something you plan- like plotting revenge on the kid who stole your fifth-grade girlfriend. Not the kind of planning you made when you told your parents you had a “plan” after high school that doesn’t include college. No, a real plan; a plan that takes calculations and strategy. Small businesses are the pulse of our economy, and it’s important that a new wave of them come to the forefront. Here are some tips to being self-employed and becoming your own boss.

First and foremost, do something that you love. I often stress this to college students majoring in a degree when the job market is less than ideal. Do something your passionate about and your work will shine through. If you have a passion for food and want to open a restaurant, chances are you’re going to be more successful than the person that is opening a restaurant just to open one. Let’s face it, when you do something you love, you just do it better.

If possible, start your small business while you are still working. It can take years for small businesses to get off the ground. It could be awhile before you break even and start seeing your own capital. In a perfect world, having money saved would allow you to focus on your business entirely, but if you can’t then having some kind of income is necessary.

Research, research, research. Market research is obviously vital to any business. So why do many people overlook it? It’s amazing how many people think their idea is good, while the rest of the world thinks it’s horrible. Find out who’s going to be your customers, how are you going to attract them to your product and how are you going to see profit from that. All of this must be figured out by research. It’s amazing what ideas lenders will give money to these days, so just because the bank gives you a large sum of money for your business, doesn’t necessarily mean it’s a profitable idea.

Despite the recession and the current economic state, starting your own business today seems dangerous. Some say that if your capital is right, now is a great time to start a new business. People now more than ever are willing to try something new, since the latest ideas are failing. This is a perfect opportunity for new business owners to make their mark on a society open for new ideas.

SOURCE: Small Business Yahoo!
IMAGE: Courtesy of Daily Economics and Econometrics