Are you about to become self-employed? Taking the plunge and starting your own business is exciting and terrifying at the same time. One of the hardest aspects of your new lifestyle to adapt to may be no longer assuming the role of an employee and instead being your own boss. There is definitely an art to being self-employed and one which you’ll need master if you want to succeed. So what exactly do you need to be prepared for when it comes to being a business owner?
Firstly, being your own boss is something which many people aspire to be but a talent some simply aren’t up for. Whilst employees are given tasks, deadlines and schedules, when you’re self-employed, all of that structure falls away and suddenly you’re the person who is responsible not only for doing the work but also deciding what work needs to be done. Self-motivation is a fundamental requirement of any business owner. It is something you can learn however and, in fact, when it comes to your own business, you may find even those usually boring tasks are less mundane because they serve a purpose for your own business.
Secondly, you need to be aware of your business finances and how to deal with them. It’s unlikely you’re going to be able to hire a full-time accountant at the beginning but it is important to keep good, careful records of all the money going in and out. As a business owner, you are responsible for doing this and it may be wise to take a training course before setting off on your new venture. Additionally, remember to register with the government as a self-employed individual to adjust your tax status. As a business owner you’re subjected to different rules and regulations and it’s important as soon as you start your company, you are paying the correct amount of taxation.
Thirdly, consider your strengths and weaknesses and then play to them. This applies both when deciding the field of business you wish to enter but also what you choose to do in-house and which tasks it may be best to sub-contract out. If you’re a people person but struggle to express yourself clearly in writing, hire a copy and content writer. If you’re an excellent sales person but don’t know the first thing about digital marketing, consult with a firm which specialises in creating an online presence for small businesses. Play to your strengths as a business owner but don’t allow your weaknesses to limit you.
Finally, you will need to be aware that your pay checks may become rather irregular, especially when you first begin. This takes some adjustment and is simply a part of being a business owner and one you have to get used to. Your lifestyle and your family may initially need to adapt for the first few months or years before your business takes off. Hopefully, over time, these pay checks will become larger and regular but being your own boss does mean you have to absorb the hard times as well as the good.
At the end of the day, everyone would love to be a business owner. Being your own boss is a luxury but also a challenge. Yes, you get to set your own schedule but you are also entirely responsible for the success of your business. Taking the step into being self-employed is a scary yet exciting prospect and we wish everyone looking to begin this venture the best of luck.