Over the years of being self-employed both in my previous legal business and in my accounting business I have been asked if I promoted self-employment, in my industry. I am going to try to answer this question generally here tonight.
Self-employment success is not so much about the industry as about the individual so I can not answer your question without knowing you. What I will do is tell you what makes someone a good candidate and explain different self-employment scenarios.
What makes someone a good candidate?
- The first quality an individual must have is drive and self-discipline. Without that nothing will get done as you have no boss looking over your shoulder
- The second quality is organization. Unless you have good financial resources to hire an assistant or office manager full-time at the Startup, time management is a be all and end all to make things get done, get customers and make them happy. Your business is sunk without it
- The third is negotiable, you either need to have a basic legal and accounting background, close family members who will help your pro-bono or a bit of resources to outsource. If you want to teach yourself be prepared to invest time energy and a bit of money for consultations.
- The fourth is a life skill as well as a business one. knowing how to ask for hep, outsource cheaply and not try to be a “one man/woman show”. (this lesson I learned the hard way).
- If you are going to work from home, look for other ways to get your social time in even if it is just business meetups, especially if you are extroverted.
- Last but VERY big, you need either marketing skills, a close friend or family member with good marketing skills, good resources to hire a marketer (at least at first), or learn yourself and just outsource intermittently, this is actually the biggest cause of failure in business.
Now to scenarios
1) The most common for start-ups and service based (especially in big cities with heavy rent) is home based the second is an office, usually shared with other professionals which also helps combat number five above and can be sought for minimal cost The third which is mostly seen in retail is having a storefront, the down side to this is cost The fourth is renting an office for meetings and working from home, which can minimize daily cost and is only needed when you have definite income. But also makes you look good to the client while giving you the convenience of working in your pajamas
If you choose to work from home and keep costs down here are several tips
Schedule yourself to the T work time domestic time. Set yourself hours and be firm with yourself and your business management, client work and family/household duties.
Make sure you learn to wear blinkers, so you don’t get distracted by your domestic and potentially parental duties.
If you have young children, either work during nap time or try to get part time childcare of some sort so you can focus on your kids.
If you live with other adults or have teens in the house explain that when you are at your desk you are off limits.
If possible, assign a separate room to your business so you are identifiably out of bounds to others and less likely to distract yourself.
If you start off with any employees or private contractors on site, just make sure to give them their won work space and limited access to the house (a washroom) keep the rest of the house locked at least until you trust them 100%.
And if you need any help contact Sheva at 6474064833 ellie@shevas-services.com for a business consultation, and other services as needed. I’ve been there twice!