“…I’m thinking about becoming a self employed computer skills teacher and trouble shooter. I have the technical skills and my personal relationship skills have always been one of my strengths. I’ve got a lot more work to do to identify the market etc but I think it is a realistic proposition……. I wondered whether you had any advice to offer for those thinking about self employment.” Letter from Dave Haddock
This new series of posts will be about becoming self employed and starting a new business.
Even in times of economic uncertainty starting a new business can be both exciting and rewarding. But it will be very challenging and you need to approach it understanding the downside. You shouldn’t underestimate the energy, time and commitment that it will take to make it a success! Starting out as “one man band” means everything will depend on your knowledge and your personal qualities.
You need a good business idea and, particularly in a volatile financial climate, this will need to be well targeted.
Starting a business is a life-changing event and will require hard work and long hours, especially in the early stages. You will need commitment, drive and perseverance!
If you have support from family and friends, you have even more chance of success. This will go a long way towards helping you transform your business idea into reality and will be especially important during the early days.
It will help, if you have some financial resources behind you and you will need financial status if you are going to look for a loan to help you start up!
Remember, if you invest personal savings or use your family home as security, in the worst case scenario, you risk losing your investment or even your home.
Setting up your own business means that you will no longer be able to take advantage of the usual benefits associated with a permanent job. This includes the loss of ‘safety net’ benefits such as pension rights, sick pay, paid holiday and other company perks.
Shouldering all the responsibility for the success of the business can prove lonely. Unless you develop a network of contacts, there will be no one there to bounce ideas off.
Having said all that, I believe being your own boss is great. I made the move and I wouldn’t want to go back to working for someone else.
My next post here will be about finding the right kind of business for you. But I am not a financial adviser and on the financial elements of your new venture, you really should consult your bank or another independent financial adviser.
As a coach, I work with all kinds of people going through many different kinds of personal and career change, particularly those;
- looking for work
- looking for promotion or newly promoted
- moving between Public and Private Sectors
- facing redundancy
- moving into retirement
I am very good at helping you sort out what you want, overcome obstacles and handle change. Email me at firstname.lastname@example.org for more information