Is 2022 shaping up to be a big year in terms of your career? Have you decided to transition from in-house to self-employed? It’s a big move, but it could be exactly what you need to take control of your career and allow you to realize your goals.
The life of an entrepreneur is something many people dream of, but there’s risk involved, and that can hold you back. Although dedication and a drive to succeed will fuel you, those elements alone won’t ensure success.
Here’s a look at some practical tips you can use that will help make the transition easier and smoother.
Flush Out Your Business Idea
A good place to start is by formulating your business idea and then creating a business plan. What will your business be? What will it offer? How does it fill a need or want in the market? Who is your target customer? When writing your business plan, it is helpful to conduct market, consumer, and competitor research. You need to know everything possible about the industry so that your business has the best chance of success.
If you’ve never written a business plan before, think of it as a blueprint or a map for your company. It should lay out the goals and milestones, then the steps necessary to reach each of those points. A business plan also covers such details as the finances (start-up and operating costs).
Will You Be Hiring Staff?
Just because you’ll be self-employed doesn’t mean you can do it all on your own. You may need to hire staff, even if it’s just a small crew to start with. The hiring process should also be well thought out so that you find employees that bring something to the table. Employees who have relevant skills, knowledge, and experience will ensure you can meet your goals.
Get the Proper Type of Business Insurance
You’ll also want to look into the various types of insurance available for businesses. It needs to comply with whatever the requirements are in your state in terms of workers’ compensation coverage. This may require a little research into insurance for self-employed people.
Be Open to Change and Learning
It’s easy to think you know everything about your chosen industry or market space, but the fact is that no one can know everything. This is why you need to be open to learning and changing with the times and trends – it’s the only way to stay relevant and competitive.
Secure a Workspace
Another important thing to consider is where you will be working. If it’s just you, then it may be okay to work from home, at least in the beginning. If you have staff, and are producing or packing items, then you need a workspace.
A few questions to ask when looking for a workspace or even a retail storefront include:
- How accessible and convenient is it for your employees?
- How accessible and convenient is it for your target customer?
- Does it allow for ease of shipping (products coming in and going out)?
- What are the rental/lease fees in that particular area?
- Do you have a lot of competition in that area?
Prepare Yourself Mentally for the Challenge Ahead
The final tip is to prepare yourself mentally for all the obstacles and challenges your business will face. This is inevitable, as all new businesses have growing pains. Rather than focus on the fact you are facing challenges, focus on what you can do to get past those issues, learn from them, and better the business moving forward.
As a business owner, you also need to be prepared mentally to put in a lot of hours of work. There is no such thing as a 40-hour workweek for self-employed individuals just launching their company. Instead, expect there to be plenty of after-hours and even weekend word, at least in the beginning.
You’re Prepared for the Transition to Self-Employment
Using all these tips and being realistic about what your future career looks like will allow you to transition to self-employment in a smoother and less stressful manner. It’s all about setting yourself up for success.