There are certain questions every professional should ask themselves before going solo and starting their own business. Self-employment allows you to be the boss and pursue your professional passions. Risks are inherent to any start-up venture, so ask yourself these probing questions before taking the leap.
1. Are You Passionate & Motivated? The beginning stages of self-employment are full of uncertainty and hard work. In order to stabilize your business, you must be both incredibly passionate and highly motivated to get past early difficulties and move toward success.
2. Do You Enjoy Change? When you are self-employed, you are constantly presented with new challenges, personalities and situations on a daily basis. If change scares you, self-employment may not be for you.
3. Do You Love What You Do? You have to make sure you are in love with the business you are about to get involved in. A drive to make money and be successful is not enough; you have to love the day to day workings of the industry. The love and passion you feel for the work you are doing will be evident to potential clients.
4. Can You Manage Yourself? Without a boss setting hours and tracking productivity, some people find it hard to maintain professional discipline. Prior to going solo on a self-employed business venture, ask yourself if you can be strict on your own behavior and stick to a rigorous work schedule.
5. How Are Your Finances? Once you become self-employed there may be a large gap between paychecks. Your financial situation should be stable enough to withstand an extended period of time without any money coming to your bank account. Take a look at your savings before quitting a paying job.
6. Can You Sell Yourself? No matter which industry you are entering, you have to be able to sell yourself. The quality of your products or services will only be noticed if you develop strong sales strategies for networking and advertising. Ensure you are comfortable securing investments and winning over clients.
7. How Will You Handle Instability? In addition to the financial uncertainty and variable schedule, the instability of self-employment will affect all aspects of your life. If your personal and professional lives are not stable and secure, you may not be able to handle the instability of starting your own business.
Before going solo and starting a business, ask yourself the questions that will let you know whether or not you’re ready for the change.
Danny often writes articles for future and current entrepreneurs. He currently works for Factor Funding Co, which is a small business lending firm.