Is Self Employment Right for You?

Self employment is becoming an increasingly popular career choice in a world with fewer secure jobs. It can provide an extra income for individuals and families or replace a job lost through redundancy or unemployment. It can also provide a welcome source of revenue for those who have retired with insufficient pensions. Young people are also setting up online businesses to fund their college education.

How can you decide if self-employment is right for you?

There are a number of factors to consider:

Are you self-motivated?

In other words, will you get out of bed early and be at your desk on time without a boss to notice your arrival time? And will you get on with work, rather than phoning friends, surfing the internet or watching daytime TV?

Are you prepared to do whatever it takes?

When you start up in business, you’ll have to do everything for yourself, unless you have the funds to pay someone else. This means doing everything from the accounts, to buying stationery, answering the phone and emails, as well as getting on with providing the goods and/or services which form the basis of your business.

Are you persistent?

It can take time to get a business off the ground, especially if you are starting on a shoestring budget and you may have some initial setbacks. However, it’s important to keep going despite this.

Can you cope with isolation?

In the initial stages of a one-person business, you’ll spend many hours alone. Some people find that they crave the company of others and long to go back to work for the social aspects which come with employment.

Can you focus?

It’s important to be able to focus on your projects to see them through to completion. If you jump from one idea to the next, without completing anything, you’ll not see any profits.

Are you a risk taker?

Entrepreneurs have to be able to take risks and although you don’t want to do anything rash like re-mortgaging your home, you have to be prepared to take certain risks or your business will never move forward.

Do you have a good business idea?

The internet is making it possible for thousands of people to start a business with very limited financial resources. And of course there are thousands of opportunities for offline businesses. But do you have an idea which will succeed?

If you are seriously considering setting up a business, but undecided as to which one, you will find some solid ideas in the books “20 Ways to Make $100 per Day Online”.

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