Self Employed
For many people, opening a brand new business and no longer answering to a boss are lifelong dreams that may not seem attainable. Fortunately, if you're a visionary person with self-discipline and a well-laid plan, you can achieve remarkable success in your business endeavors.
If you've been wondering how to become self-employed and start your own business, here are a few steps you should follow.
Figure out your passion
When choosing the type of business you want to open, be careful. Don't make your decision based solely on what seems popular at the moment. Instead, make sure you choose something that stirs your enthusiasm.
While passion and success don't always go hand-in-hand, you're much more likely to fight through stressful times with your own business if you're voracious about the work you do.
Assess your skills
Passion alone isn't enough to put food on the table. In addition to loving what you do, you need to be good at it. You might get incredibly excited about art, but if you can't draw or paint, you probably won't be able to make a living as an artist. Similarly, if you're passionate about music, but you can't carry a tune, you'll probably never become a successful recording artist.
However, there may be less obvious ways to make a good living doing what you love. For example, you could use your love of art to create a successful art shop where they sell high-end paintings. Or, you could use your love of music to become a composer or talent scout.
Before deciding to become an independent contractor, it's important to assess your skills honestly. Do you have the raw talent and abilities to make your business succeed? If not, consider whether further education can give you the skills you need.
Build a plan
Starting an enterprise without a detailed business plan is like going on a road trip without a destination in mind. You need to know what your long and short-term goals are, followed by a detailed plan that will help you achieve them. Here are a few things you should include in your endeavor:
- General business description (the type of business, what you sell or produce, etc.)
- Business location
- Permits and licenses
- Employees and management structure
- Target market
- Marketing plan
- Financial documents (balance sheet, startup cost info, monthly budget, etc.)
- Operating plan
Once you have built a detailed plan, you'll spend less time floundering and more time actively working toward your end goals. Think of your project as your roadmap to success.
