Home Library Translate
A A A
Share »
Follow us on Facebook Follow us on Twitter Follow us on LinkedIn
Connect »

Blog: Career Management

Menu

  • This Blog's Home
  • Guest Writer Submissions
  • Policies
  • To Subscribe to a Blog
  • About
  • Feedback

Ready to Take the Plunge into Self-Employment?

By Marcia Zidle on June 12, 2012

Have you ever thought of starting your own business or becoming self-employed? Almost everyone has wanted to be his or her own boss at some point in a career. But what does it actually take to make a success of it? And is it really the route that you should  take?

If you’re seriously considering taking the plunge, here are three things to consider before making this very important decision:

1. What’s your motivation? Is it because:

  • You’ve had a brainwave about a new product or service idea, and you’re certain it will take the market by storm.
  • You’ve acquired certain skills, know-how and contacts in your current area of operation that make for a winning combination if you strike out on your own.
  • The industry has some untapped potential you can exploit, given your special talents.
  • You’re not satisfied with the way your career has been shaping up so far.

Whatever the reasons, make sure you make the change for positive rather than for negative reasons: The grass is not always greener on the other side, and you need to make sure that this isn’t just a way of “running away” from situations you really should deal with.

2. What assumptions are you making?

When you decide to move from a regular office-going career to full-time self-employment, it’s easy to gloss over the reality of what that entails. Here are a few insights into the world of self-employment that you may have overlooked in your enthusiasm.

  • I’m not accountable to anyone but myself. When you run your own business, you still are answerable to a number of people – your customers, suppliers, employees and other stakeholders, like bankers or government authorities. As an owner, you have much greater responsibility thrust on you.
  • I’ll have more control over my time. Many people who work from home or have a start-up business find that they work much longer hours than their office-going counterparts.  You’ll spend time with both details and major issues  that crop up. Be prepared to work very hard!
  • It’s easier to run your own business than to work for a company. Working in an organization usually means that you’re responsible for just one of the functions of the business,  whether in sales, marketing, accounts or production. But when you’re on your own, you have to manage the whole show down to some of the smallest details (until you can hire others.)

3. Do you have what it takes to succeed?
There are certain key personal qualities for success that you, as the owner of the enterprise, must possess. They are:

  • Self-motivation. If you work alone, you can  drift aimlessly without a boss or a team motivating you.   Therefore you need both drive and discipline to stay on track and not get side-tracked.
  • Business acumen. You must understand everything about your business – the products or services their applications, the realities of the market, the finanacials, etc. You need facts and figures plus good instincts to make wise decisions.
  • Manage multiple priorities. You’ll be wearing many hats and will need to know how to plan, organize your work,  manage your time and deal with the unexpected.  You also will need to let go of certain things by delegating or by outsourcing.
  • Risk taking. When you give up your existing job, you run the risk of not being able to get it back if you need it later. You also may lose the capital you’ve invested to get your business off the ground. How much of a risk taker are you?

Career Success Tip:

Weigh the pros and cons of your business idea and the realities of self-employment before jumping onto the bandwagon. Make your decisions and preparations wisely, and if self-employment is really for you, work hard and enjoy the success you deserve. Also see Career Change: Don’t Jump From the Frying Pan into the Fire.

Do you want to develop Career Smarts?

  • For more resources, see the Library topic Career Management.
  • Start with the  Career Success System.
  • Sign up for Career Power: 101 success tips.
  • Fast track your career. Be part of a Success Team.
  • Need a speaker? Get the Edge Keynotes-webinars-workshops.
  • Find career and leadership boosters in the Smart Moves Blog.
  • Copyright © 2012 Marcia Zidle career and leadership coach.
« Previous Next »

Search Our Site

Meet This Blog’s Host

Marcia Zidle, a certified career strategist and business coach, works with high potential, high impact executives, managers and professionals to advance their careers and grow their leadership capabilities.
[Read more ...]

Recent Blog Posts

  • Watch Out For These Bad Habits: They Can Stop Your Career
  • Getting the Recognition You Deserve
  • Your Career Goals: Are You On Track or Side-Tracked?
  • Communication: Make Small Talk Big Talk
  • New Job and New Boss: Get Off On The Right Foot
  • What Are Your Career Goals For 2013?
  • What’s Important to an Employer?
  • Career Advice For Young Professionals and Leaders
  • The First Six Months On the Job: What You Need to Do!
  • Asking For Help Can Help Your Career

Categories of Posts

  • Basics and Overviews
  • Career Advancement
  • Career Planning
  • Career Resilience
  • Career Transition
  • Change Management
  • General Resources
  • Job Satisfaction
  • Job Search
  • Leading Others
  • Professional Development
  • Success Tips
  • Uncategorized

Related Library Links

  • Changing Your Behavior
  • Personal Development
  • Emotional Intelligence
  • Management Development

Library's Blogs

  • Boards of Directors
  • Building a Business
  • Business Communications
  • Business Ethics, Culture and Performance
  • Business Planning
  • Career Management
  • Coaching and Action Learning
  • Consulting and Organizational Development
  • Crisis Management
  • Customer Service
  • Facilitation
  • Free Management Library Blogs
  • Fundraising for Nonprofits
  • Human Resources
  • Leadership
  • Marketing and Social Media
  • Nonprofit Capacity Building
  • Project Management
  • Quality Management
  • Social Enterprise
  • Spirituality
  • Strategic Planning
  • Supervision
  • Team Building and Performance
  • Training and Development
About Feedback Legal Privacy Policy Contact Us
Free Management Library, © Copyright Authenticity Consulting, LLC ®; All rights reserved.
  • Graphics by Wylde Hare LLC
  • Website maintained by Caitlin Cahill

By continuing to use this site, you agree to our Privacy Policy.X