A: i) Questions about being Self Employed
Deciding whether you are suited to being self-employed
There are a number of things needed for running a successful business. Some of these things are essential if you plan to launch a new business by yourself. You need to answer the following questions honestly:
1. Do I have the ability/skills/experience to sell the service/product/idea to my potential customers? This can be an opportunity to allow you to reap the benefits, of your skills/knowledge/abilities, through hard work, to give you the freedom you want. You can often choose whom you will be working with, the hours you will work, and the direction the business will grow.
2. What is your vision or aim, your principle goal, for your business? I want to be the best producer of ***, the first to sell***, I want to help the underprivileged through employment, I want to retire at***. You need to know the direction that you are aiming for before you start.
3. What are your long term objectives for the next four to five years? It is important to have targets to aim for, and to review them regularly.
4. What are your short term objectives? These are the things that you need to launch your business career, and need to be regularly reviewed in the light of your trading experience in order to maintain your longer term objectives.
5. Have I the finance (or the security to borrow the finance) to start/purchase a business and keep it running in its early stages, and afford to pay my living costs/mortgage etc., until the business can be profitable?
6. Have I the skills, training and determination to succeed? Running any business has inherent risks, particularly for business start ups, and these can be minimised with careful planning. The more experience/knowledge you have in your chosen area will minimise the potential risks.
7. Do I have family/friends who can support and assist me, especially in the early stages?
8. Running your own business can be very satisfying and rewarding, but equally can also be extremely lonely and frustrating. You have the opportunity to decide how your business will run, to make a difference in your chosen field, to excel through your own effort, to be independent, to have the freedom to make a difference. Your social life, sport etc may have to be put on hold, whilst you build up your business. You may well have to be, depending on your chosen business, “all things to all people”, the sole decision maker, the purchaser, the supplier, the administrator, the cleaner, the delivery person, the maintenance person, the sales person,. You can become respected and able to assist others/your community/your area and so on. You can also gain the satisfaction of knowing that you can be what you want to be, and make a difference.