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Self Employed Work - Are You Ready For Self Employment
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Self Employed Work  -   Are You Ready For Self Employment

Are You Prepared For Self Employed Work?

When you speak to people about their self employed work, they will generally speak highly of self employment. It is for this reason that lots of you are seeking this type of lifestyle. Before you decide to take this course of action, it is recommended that you think carefully as the road is not always as smooth as it sounds.

The real questions is how do you determine that self employed work is right for you, at this precise moment.

How well do you know your chosen business venture?

If you are going to enjoy self employed work, you need to have all the facts to hand before you start. There are plenty of people out there to guide and assist, but the fact remains that the initial research has to be done by yourself. Most people breaking away from employment to self employed work overestimate what they are going to achieve. Take your sales estimates and add another 6 months before your receive any income and see how the picture changes! How well do you know the market? It's unwise to assume that customers will follow you if you are in a similar industry at this time. There may be contractual reason or your customers may prefer to stay with a more established supplier. It is estimated that you need to be trading for at least 2 years before you can be considered established.

Let's assume your do land some business. When will you be paid? It's not unusual for companies to wait months before paying. If you are employing other, they may need paying before you do. This creates what is known as a cash flow problem. Yes, you have business, but not necessarily the cash. Managing the cash when self employed can be difficult.

What do you need to get started?

What resources will you need to start? Is it expensive equipment or specialist services? At the minimum, you will almost certainly need a computer and a place to work. Will you need stationery at the start? Some of these things may seem minor at first, however if you are out pitching for work and you suddenly receive your first order, you need to have things in place very quickly or you could end up losing this order. Ideally, you will have a special customers who is willing to wait, but this may come with a sting – late payments or discounted pricing.

Talking of pricing – have you sorted out how much you want to charge? Too cheap and you will go out of business very quickly: too expensive and you will have few, if any customers. The ideal situation is to charge more than your immediate competitor and offer a better service. Don't be surprised to find that customers will pay more if they perceive that they are getting more. It is a better solutions for your self employed work to think of ways that put you above the crowd. Ask around, friends or existing customers. “What's missing from the service we give you” Then pay attention and if it's something you can deliver, you have a differential. And with a differential you can charge more.

What are the financial implication of your self employed work?

When you are starting out you need to ask yourself one basic question – can I make enough money at this type of self employed work to live? Other questions are also important i.e. How long can I survive without an income or can I start to generate an income part time whilst still employed? How much money do I need to start up? As mentioned previously, specialist equipment and services can cost lots. This type of information is absolutely necessary when doing your business plan.

Everything comes down to research - do the research and do it well. Time spent on your business now before you start your new venture will serve you well in the future. And finally don't forget the dream, that your own business can generate a residual income for you now and in the future.


Street Talk

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