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Author Topic: A Few Tips for Those Wanting to Start a Business or Self-Employment  (Read 3008 times)
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CathyinMIUSA
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« on: September 22, 2011, 01:02:37 PM »

I too thought that self-employment or a business would be the way to go. Rationally, it makes sense because we can manage our energy levels without interference from the boss! Smiley

However, these are a few of the things I found out and hopefully it will help others. I crashed anyway for two months from the amount of energy it takes to start a business and run it. It's difficult to put it mildly.

I've tried both. Whether self-employed or starting a business, there are things you have to know before getting started.

To conserve your energy and make sure you're not just chasing a dream, do your homework first.

You have to know who your competitors are, what services they offer, what they charge and how you will be different. A competitive analysis is the way to answer these questions. Many websites offer instruction in how to conduct one.

A business plan - even for self-employment - is essential. You have to know your business environment in order to make this work and also to know where your energy is best spent. There are many sites on the internet with sample business plans that you can tailor to your circumstances through appropriate research.

There will be record keeping, marketing, and planning on the back end of this venture and on top of that, you have to actually run the day to day operations. Sounds easy enough, doesn't it? In actuality, there are regulations to follow in record keeping, markets to target for advertising, and planning for the future requires knowledge and all that requires research.

I'm on the other side of the pond but I'm sure you also have taxes to pay, licenses to get - all the legal necessities.

Working for ourselves is the logical choice but keep in mind that the sheer amount of work and time that is required is more than if you were working for someone else, especially in the beginning. From what I've found, the first few years can be exhausting to an already exhausted person.

It can be done with careful planning but success involves more than just running forward with an idea. You could be chasing the wind unless you are prepared and do your homework first.
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NaughtyComposer.
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« Reply #1 on: December 17, 2011, 09:29:16 AM »

Hi,

I agree with everything you wrote. The most important thing is to make sure that you are not just going to do or sell something that no one cares about, and to do some market research. Self-employment can also be stressful, but as for exaustion....

I can choose when to work, when to start, when to finish, or if that day I am going to work at all.

I don't have to put up with a boss I don't like (a common occurrence)

I feel a lot more  empowered and excited.

This is only from my own experience, so someone else's might be different. But the book keeping etc, I certainly don't do it everyday, I actually do it every couple of months (but then again, it is because I only sell a few expensive items a month, about 6 or 7, rather than dozens of lower value ones, so for me it's easy to keep track).

It has it's cons, though....one thing I def don't like is that self-employment isolates you from other people more, which right now it's not really what I want, so I am taking evening classes and the like, and trying to build a circle of friends, as I have posted elsewhere.

But one thing is for sure....I would never go back to state benefits. My self-esteem and confidence sky-rocketed since I have started my self-employment journey. Another thing I like is that I have learned to deal with stressful situations in a much, much calmer way. Occasionally I find annoying tyre-kickers or even abusive people, but I learned to deal with both, which feels very good. I am a bit of a self-development nutter (not the New Age stuff about white lights, though) so to me self-employment is exactly what I needed.  Wink 
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Anne56
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« Reply #2 on: August 21, 2015, 02:51:50 PM »

I would definitely struggle with being self-employed. I can't tell from one day to the next how I'm going to feel so how could I put plans in place. Also, if you are running a business you are making a commitment to your customers so you have to 'deliver the goods's so to speak. I couldn't make that commitment.
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Wits_End
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« Reply #3 on: March 01, 2017, 01:08:26 AM »

Yes, as a highly-stressed carer I'm finding it difficult to make that commitment at the moment, too.  I'm probably only working half-time at the moment, but in a demanding job with tight deadlines it's all I can manage until the situation reverts to normal, if it ever does.
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