Making the decision to leave the workforce and become your own boss can be an extremely nerve-racking process. The uncertainty of where your next paycheck will come from, the stress of having to come up with your own agenda and keep yourself motivated, and overall, the craziness that is being self-employed. Is it for you? Luckily, this article will show you how to know if you need to be self-employed and work for yourself or if you're better to just stay in the general workforce.
How To Know If You Need To Be Self-Employed
1) You Hate Being Given Orders
This is kind of the first step in becoming your own boss. If you enjoy being told to do things, you don't need to be your own boss. This even includes being given general projects you have to figure out how to complete. When you're working for yourself, you have to come up with the idea, the execution, and the final product. There isn't anyone giving you ANY direction or orders. If this makes you uncomfortable or uneasy, I wouldn't recommend you start your own business and work on it full time.
2) You Consider Yourself A Self-Starter
Continuing on with the point made above, you need to be a self-starter if you want to be self-employed. As you'll no longer have a boss, you won't be able to rely on having someone else making you or even expecting you to do something. You just have to decide it's worth doing no matter how uncomfortable it makes you, and you have to do it. Otherwise, your business won't move forward, and you won't have any money to pay the bills next month. Speaking of paying the bills next week, that leads us on to our next point.
3) You Have Some ‘Run-Away' To Live On
If you plan on quitting the workforce and become your own boss, you need to have ALL of your living expenses covered for at least 6 months. If you can have a year saved up, that is even better. It will take you a long time, especially if you are starting from scratch, to start generating a profit from a business. Because of this, you need to make sure you can continue to live during this period of no income. If you have zero savings, I wouldn't recommend quitting the workforce to be a self-employed entrepreneur, business owner, etc. You need some ‘run-away' savings to keep a roof over your head, food in your body, and your stress at a manageable level.
4) You Already Have A ‘Side Hustle'
This one isn't necessarily a requirement, but it will help you a ton. If at all possible, leave your full-time job with a side-business already in place and generating some income. It could only be one forth of your current living expenses, but it will be something that you can build on and grow. Whether it's an online business or a small brick-and-mortar shop, you can guarantee the journey to self-employment will be much easier if you start out with a side hustle already up and running.
5) You Are Constantly Learning
One thing that sets those who are self-employed apart from those that are not is their want and need to constantly be learning. If you're working for yourself, there will be no point that you can't learn more and expand your business and income. This is unique to those who own their own business. You are the only limit to your income potential. There is no employer, boss, etc. involved in deciding how much you earn; you're the lynchpin in your own income level. In order to keep it increasing and even maintained, you've got to keep learning and growing your knowledge.
6) You Aren't Afraid To Ask For Help
You most likely hate your boss, but the truth is you don't know everything. (See point number 5.) Because you don't know everything, there are times that you have to reach out and ask for assistance and help in building your business. There will be so may problems you didn't foresee or expect, and for these problems, you'll need to ask someone for help. This could be your spouse, brother, accountant, lawyer, or even your old boss. No matter what though, you will have to ask for some help. You can't be scared of doing this.
7) You Know It's Going To Be Extremely Difficult
Starting your business and heading out on your own path is going to be one of the hardest things you've ever done. I promise. It will be extremely stressful, extremely overwhelming, and overall extremely difficult. There will be so many days where you wonder if it is all worth it. You'll want to go back to the security of your old job, but if you keep pushing, you'll be able to have one of the most rewarding ‘jobs' available on this planet – one you built yourself.
And there you have it! Hopefully, you now know whether or not you should take the jump to self-employment. You may not meet all 7 of the things mentioned above. That is okay. You'll need to learn some of them and grow overtime. That is the joy of running your own business. You'll take it and grow with it overtime becoming a better business owner in the process.
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