Business,  Entrepreneur

Steps To Take To Be Self Employed

Many (many) years ago a friend of mine lost her job.  Like so many things in life – that which we fear may bring about great fortune.  It turns out it was the best thing that ever happened to her.

She had dreams that had been forever put on hold.  There was never a right time to pursue them, never enough money, and never enough gumption to just go all hands in.  Once she lost her job though, what did she have to lose?  There was no better time, there will never be enough money.   Sometimes you just have to take that leap.

I am fortunate to have learned so many life lessons through other people and their experiences.  I did not have to lose my job to know that a world of opportunities awaits.

So how does someone become self employed? 

Find a niche

It really isn’t that hard – you start with finding a niche.  What are you passionate about?  What do you feel like you can do day in and day out and not hate it?  What do you feel you could give up vacations for?  For many the answer may lie in what they already do for a career – they would just rather be their own boss.  Others may be tired of the career they have and want to do something entirely different.

Are you sure this is right for you?

No one wants to talk you out of it – but being self employed often means not having a reliable steady source of income.  For example blogging – January and February are dry as can be.  I know when slow periods will be and I need to plan for them.  This lack of stability may be an issue for someone who is responsible for a family.  There are many benefits but also many things to plan for such as health insurance, retirement, slow periods etc…

Employment of others

When you are self employed it is often the case where you end up needing to hire others.  Sometimes you can partner with independent contractors while other times you need to employ them.  How do you know which is correct?  By reaching out to an employment lawyer in Coral Gables.

Secure a self employed loan

Do you need capital?  Equipment?  Property?  How will you fund all of that?  Loans are most likely how you will fund your new venture but you need to make sure you have enough collateral to get what you need as well as the level of credit to get what you need.  The bank will want to see a business plan – why should they invest in you!  What makes you different?  What makes this a possible success model? Your business plan should include market research, how you will market your product or services, future forecast etc… Organizations such as The Associates Home Loan of Florida can help.

Name your business

So your business needs a name.  By now you may already have something in mind but it is time to move forward and make it official.  We live in a day and age of technology.  Make sure you can get the website for your name (.com) as well as all major associated social media – Facebook, Twitter, Instagram, Pinterest, Youtube etc…  The last thing you want is to get so far in this process and find out you can’t have social media pages with your name.  You want people to find you everywhere they look.  Insure your business and get a separate bank account for it.  You’ll thank me later…

Reputation

You are now responsible for your own marketing and reputation.  You can’t blame the organization – you are the organization and if something isn’t working, it is your responsibility to fix it and make it complete.  Develop a set of standards and best practices based on honesty and integrity and treating all clients as though they are special.

Now you are well on your way to success!

 

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