Are You Prepared for Self-Employment?

There must be many people around you who speak about self employment in glowing terms. No wonder you might be looking at jumping into the self employment bus too. But it might be too soon for you. Pause and think. Are you ready for self employment yet?
A difficult question to answer, right? But wait, here are some of the things that can help you to assess whether you are prepared or not.

1. How informed are you about the business you are planning to enter?
If you are going to employ yourself, one of the biggest drawbacks you would face will be that there will be no one to guide you in there. That is the reason why you yourself should be informed as much as possible. The barest knowledge you would require is to see how the production of your business goes, how strong the market is, what kind of strategies are adopted for selling, what the prices of the products are, and how many skilled and unskilled services will be needed for accomplishing the task. Now, you have to make sure you know the answers of at least these many things, and if you don’t it is better that you work for someone else for a little more time till you get the information.

2. Are there resources at your disposal?
You just cannot enter into a self employment business if you do not have the resources to begin. You will probably need a workspace, a computer, some stationery, some kinds of specialized equipment, packaging materials, and there are so many other things that are specific to the business you are planning to enter. You have to make certain you have access to these things before you take the big step of quitting your day job and entering into a self employment venture.

3. What are the financial aspects of your self employment opportunity?
Money will always be a prime concern, and you have to make sure you have the right kind of money before you begin. Make a calculation about the kind of money you will want. For self employment, at a minimum, you will need to have rolling money for at least the first three months, and some money kept aside for contingencies. Many financial institutions give money for self employment ventures. If you do not have your money, you should be at least equipped with the knowledge of where and how to get it.

4. How much of the work will you do, and how much will you delegate to others?
Even if it is a self employment thing, you must know that you will not be able to do everything yourself. There might be some specific points of the affair that you will have to give to someone else. Make a rethink on how many people you will be able to afford for your business, and how you will get these people.

These are the basic things on which you must be prepared when you are planning to be self employed. If you do not have all these things ready at your disposal, you are taking a very big risk quitting your safe job and starting your own business.