Do you have a dream to run your own business? An idea that you’re passionate about developing? Are you ready to take a risk and be your own boss? If you answered “yes” to any of these questions, maybe it’s time to look at a jump into entrepreneurship. Here are some other signs that self-employment is right for you.
1. You want to make your own schedule
Yes, everyone wants more flexibility, but flexibility doesn’t mean a shorter work week. In fact, it could mean longer days and week. It may be hard to take a long vacation but if you have a nice afternoon with no deadlines, you could decide to take it off. Becoming self-employed allows you to make the rules or your schedule, but you have to remember that time not working is time that is not paid. This trade-off is one to think about and decide if you would be able to adjust.
2. You want more control over your work
If you feel frustrated because your ideas or projects are being shut down by upper management, self-employment allows you to be the ultimate decision maker. You can do what you feel is best. If you don’t need the opinions of others or are confident in your own decisions, this career move would allow you the control you desire. If you prefer to work independently or can turn bossy and controlling during a group project, quitting your job to start your own business might be a good decision.
3. You have a passion that's being overlooked
A passion for what you want to do is important so you can avoid burning out or getting discouraged. It’s not easy to start your own business, so you need the passion for why you started to be able to get through the tough days. You’ll also need to make sure you can translate that passion to your customers so they’re excited as well.
4. You have a support system
Working alone, and often from home, can be isolating and feel lonely. You don’t have co-workers to vent with at lunch or any celebrations for holidays or birthdays. Becoming self-employed can be a hard adjustment and really make you second-guess your decision. Having friends and family who are totally on-board with your new adventure and understand your need for socialization can help. They’re there even on the bad days when you need encouragement or a reminder of why you started.
5. You have discipline and take initiative
Part of becoming an entrepreneur means you’ve got to keep yourself on track. You’ll have to be proactive and be able to effectively manage your time. Becoming self-employed doesn’t mean you get to hang out all day and occasionally work, you have to work intensely during work hours, sometimes in the evenings and on weekends. If you don’t work, you don’t get paid.
6. You are okay being alone
This can be the hardest part for people. It’s easier to blend in with a group of people, but when you become self-employed, you have to put yourself out on a limb and walk into a room of strangers. You’ll want to attend conferences, workshops, seminars, fundraisers and other networking events by yourself. If you commit to really network at these events, you’ll start to see familiar faces and build relationships which can be beneficial to your business.
7. You can separate work and private life
This is another hard one, especially if you plan on working from home. You have the ability to set your own hours, but you need to truly set work hours and set personal hours. It’s hard when you want to be available to customers 24/7, but you need to stop and make time for yourself, family and friends. You’ll need to try to be as fully present as possible whether you’re working or enjoying personal time. This separation will also help you avoid burn out.
8. You are resourceful
With your own business you’re in charge of sales, financials, taxes, legal issues, accounting, marketing, technology problems and everything in between. The ability to juggle all of these demands alone is key. Before going off on your own, it is a good idea to do some research on the costs and demands so you know what you’ll be dealing with.
9. You can let things go
When you become self-employed, you can’t take things personally and you can’t dwell on things you can’t change. It’s easy to take criticism personally, especially when it’s your “baby” and your own work. You’ll have to be able to let those things go, and start each day fresh. Remember if you can’t change the outcome, you have to just keep going.
10. You go with the flow
Every business is different, and it’s hard to anticipate the ebb and flow of busy and slow periods of time. Some days you’ll be super busy while the next could drag on. You have to be able to adapt and have the ability to balance the different times.
If you’re ready to go out and start your own business and become self-employed, contact your Farm Bureau agent to discuss what business insurance you may need.