Ready to take the leap and quit your day job? There’s no time like the present!
Starting a new business is an exciting decision, but it requires time, patience, and effort. You need to consider several factors that can impact your decision before you take the plunge into self-employment.
Do you want to become your own boss, choose your hours, and escape the rat race? The following guide will help you get started as a self-employed professional.
Understand your reasons for choosing self-employment. This will impact the relationship that you build with your venture.
Ask yourself the following questions before you begin:
Are you not satisfied working in an organization over which you do not have control?
Have you lost interest and connection in your current field of work? If yes, then which area do you want to work in instead?
Do you like the field you work in, but feel that the nature of the job does not match your working style?
Do you feel you are not making enough in your current job and would like to own a business to earn a better living?
Do you believe that being self-employed will give you more growth than working for someone else?
Understanding the 'why' is critical because it will affect the 'how'. Once you realize the reasons that motivate you, you will be able to set goals for your work efficiently.
Self-employment requires certain monetary expenses to spend. Before getting down to the business plan, you need to figure out the costs.
Self-employment requires a significant time commitment. Some business owners struggle with time management. But some others have trouble finding free time because they’re working too much. Here are some tips to balance this based on your priorities:
To better manage your time, understand when you work best. Is it early morning or late night? Is it before your 9-5 job, or after? Plan your most challenging tasks during these golden hours.
Do you often have time to kill while traveling to and from work? Use this time to check some lighter tasks off your list.
As a new business owner, you will have a lot on your plate. Organize all that needs to be done, and prioritize the important and urgent tasks first. You can even try to cluster similar tasks together and take them all up at once to enhance productivity.
To be your most productive self, you must scale back on what takes your mind off work. Reduce social media usage and work offline. If you are working with a lot of background noise, use noise-canceling headphones. You can even try certain apps that block your phone usage during particular times of the day.
It’s important to get work done, but it’s also necessary to give yourself some downtime. A burnt-out mind will do you no good in completing tasks. Even a 5-10 min break every hour can help you refresh and reset your mind.
Investing time in a new venture often comes at the cost of family time. It might be difficult, in the beginning, to strike the perfect work-life balance.
It’s essential to talk through this decision as a family. The time commitment may make it harder for you to take part in your family’s activities, events, reunions, and vacations. If you have to miss your pay cut to become self-employed, your family should be aware of changes in income.
Setting clear, achievable objectives helps you plan for success. Your business goals help determine where your company and career are moving towards. For example, imagine you set a goal of a certain number of sales or conversions in a month. You will need to increase your marketing target from two months before it.
So how do you begin?
It is important to set practical goals and plan them ahead of time. If your goals aren’t understood, they will be much more difficult to reach. Write them down to hold yourself accountable to them, and make sure they’re SMART.
SMART goals are:
When picking a niche, choose the industry you want to work in with great care. Research on the market and current business trends. Do not forget to account for the digital turn that most industries have taken in the post-pandemic world.
Here are some industries or fields that you can consider:
There are just a few of the options to get you started. Check out our blog to learn more about the best side gig ideas and small businesses that can launch your entrepreneurial dream.
After knowing your industry, you’ll want to determine the kind of business you’d like to run.
Do you want to be a freelancer or gig worker? Would you like to run a franchise or a startup? A franchise needs startup fees and deducts large royalties from your bottom line. Freelancing, however, requires lower startup costs but receives more competition in the market.
You have to put in long hours and a lot of hard work for your business to become successful. A business plan can help you streamline these efforts.
The type of business plan you need depends on the kind of business structure you choose. For example, a freelancer may find potential clients using crowdsourcing or job sites. An independent contractor may work with large companies directly. So they may market at industry conventions or through in-person meetings with executives.
To make a good business plan, you should incorporate the following -
Here's a step-by-step guide on creating an effective business plan.
With all the initial steps in place, you need to cover all the starting bases of your business. This includes licensing, legal formalities, and other procedures to launch and run your venture.
When you work in a company, you work with colleagues and leaders who are a part of that company. But, when you are self-employed, you work with connections that you create.
To let people know of your presence in the market, you need to meet new people regularly. This is called networking. It helps you connect with potential clients and businesses you can collaborate with.
The income of a self-employed individual is not predictable in the same way as a salaried one. Enhancing your network of reach ensures that you have a steady clientele.
Keep the following points in your mind while networking with new individuals -
Do you have what it takes to market yourself as a trustworthy business owner? For your business to thrive, you need to know how to promote your company and find potential clients.
Most of your clients are already online. So it's beneficial to learn how to market your company using digital platforms.
Diversifying your marketing avenues increases your chances of building a strong customer base.
Being your own boss is an exciting career path, but it takes hard work - lots of it! While the process might seem hard, the important thing is to start. Start small, set a strategy, experiment, fail (sometimes it's inevitable), and bounce back stronger.
By now, you even have a list of factors that you did not have before. Follow and trust the process to get where you want to be. We hope this list helps you take the leap from planning to doing. And remember, you can always ask for support. It helps to have expert professionals who can guide you through the process.
If you are looking for that guidance, our team at Hoist is here to help! We help you reach your goals, especially if you want to explore the profitable world of painting.
The best part is that you do not have to pay hefty franchise fees to partner with us. You can get all this and more for just $667 a month. If you have the dedication to grow your own business, Hoist is the ultimate resource to help you get started.
Talk to our team today to learn more about our features and get started with building your brand!
We're Hoist. We help entrepreneurs successfully run and grow painting businesses. Learn about how to build your company by following along on Instagram and Linkedin.
From creating a business plan to estimating your first project, we’ll walk you through the essentials of starting a painting company.
Say goodbye to the 9-5 hustle. Here is a curated list of some of the easiest businesses you can start to become your own boss.
The essential guide to the type of licenses or permits your business needs.