When you can’t find a job, self-employment becomes an option. The big question is what kind of a business should you start? There are lots of choices so you need to really do your homework. One of the big factors is to find something that you truly have a passion for rather than chasing money.
Having your own business gives you an opportunity to do what you have always dreamed about. I have made this journey and it isn’t easy. The first step is to take time and really think about what you would like to do and where you would like to do it. Taking time to do research possibilities and doing the necessary due diligence is critical.
There are lots of books and internet resources to guide you. One of the first steps is to carefully evaluate and assess your skills and abilities. This will reveal the possible business options that you could follow. When performing this step you should document all your thought processes. Think about what might be possibilities. This is essential because it gives you a good road map of potential opportunities. Let yourself go and explore all the things that enter your mind without limitations. Noodle, take notes, and create a road map.
The above analysis should include some of the self assessment steps mentioned in my most recent blog post. Take your transferable skills inventory and link them to potential self-employment opportunities.
After you start to get some ideas about what businesses are possible, list them down on paper. This is when you really need to dig in and do your homework. Some things to consider include:
- Am I qualified to do this work?
- What is the cost to start this business?
- What resources do I have to commit to the business?
- What is the competition?
- How successful is the competition?
- Will I need help to run the business and can I get the help I need?
- Can I run the business from my home?
- Who can I talk to about starting this business?
- Do I need a business coach or advisor?
These questions represent only the surface of things you need to know about your new potential enterprise.
Before you actually launch your new business, take time to develop a good business plan together with appropriate projections and an estimate of cash flows. Just doing a spread sheet isn’t good enough. The business plan should contain a detail written statement of your vision and business mission. You’ll need to set objectives and craft a strategy to achieve them. In line with all of these plans include the type of structure for your business. Should you incorporate, create a LLC, a partnership, or operate as a sole proprietor? What business systems will you need including accounting systems? Don’t try to do all this stuff yourself. Spend the time and money to get a trusted advisor to assist you. This can save you a lot time in the long run.
One of the big questions to answer is can I pull this off and do I have enough money, time, and the skills to do it? This is where an advisor to help guide you through the process can really payoff. Objective advice here can save you invaluable time and money.
Lots of people have done it and done it successfully. This blog post won’t answer all your questions, but will give you things to think about. There are many possibilities and you need to explore to find what can work best for you.
