Stepping out on my own
SO you have been in your current job for over 20 years, you have learned all there is to learn about that particular business so much so that people call you an expert. They encourage you to stop working for others and be your own boss. They strongly believe that with your vast experience and knowledge in the business you stand to benefit more financially if you were to launch out. Although you believe them you are still timid and terrified about the prospects of stepping out on your own.
What are some of the considerations one has to bear in mind as one contemplates the transition from being an employee to being self-employed?
* Understand that not everyone is cut out to set up and run a business. Alongside the required skills and the knowledge, attitude is very important. If you are lazy and undisciplined, forget the idea of going into business, unless you plan to fail.
* Be very competent at what you do. Have both the “papers” (knowledge) as well as the “know-how” (skills) to show. Potential customers will gravitate to you if a good track record precedes you.
* Do a feasibility study. Find out the likelihood of having customers that will keep your business afloat. Identify a niche market and seek to service that group.
* It may not be wise to resign your
job before you at least partially establish the business as you will need money to maintain your financial commitments. JPS and NWC bills will have to be paid regardless of your employment status.
* If you are going into a business that conflicts with your present employers, then do terminate your service. To do otherwise is unethical.
* Expect the business to take some time to get off the ground. It is unlikely that you will make super profits in the first year.
* Get help. Identify a small group of persons who can help you to establish the business: some may be business partners while others will be contracted to carry out specific assignments. Marketing and accounting services are activities that could be outsourced.
* Decide where you will source the funding for the business. A good business plan will certainly help in that regard.
* Decide on the location for business. There are some innovative business operations that are virtual in model. This will save you substantial overhead expenses.
* Research the legal and tax obligations which will impact your business. Failure to comply with the requirements may prove to be detrimental to the business.
* Think and behave professionally. Print business cards, set up business e-mail
and cellphones. Create a simple but effective website.
* Keep abreast of the latest trends in the business and attend seminars/workshops.
Wayne Powell is a human resource professional of more than 10 years.
He may be contacted at crisscounsellor@yahoo.com.
