Starting a business can be intimidating but opportunity may knock at a most unanticipated time. Despite the changes being brought on by the current pandemic, there are still opportunities for enterprising businesses to thrive. If you are thinking of starting a sustainable business during this time of change, consider these tips before committing your time, energy and money.
Do you have the right stuff? Consider the top personality traits of a successful small business owner:
Self-motivated; goal-oriented; budget-minded; resilient; self-reliant; solid practical knowledge of their business; proactive; a ‘risk taker’; well-organized; open-minded to different perspectives
Why Self-Employment?
Flexible work hours; a need for self-expression; greater control over your life; work/life balance; growing a hobby into a business; supplemental income; the best available alternative to unemployment or a cycle of continual layoffs.
The best reasons are:
- You believe you have the knowledge, skill and experience to turn your enterprise into a job for yourself and possibly, others.
- You have identified that there is a need for your product or service.
- You have seriously thought about the idea and considered all aspects of the venture.
- You have strong family/friend support to assist you through the tough start-up phase.
The worst reasons are:
- The desperation in not being able to find a job
- You don’t want anyone else telling you what to do!
- You want total freedom of your time
- You want financial freedom and to make millions ASAP
- You love doing this, are already doing this for free but you’re not sure how it can make you money
Challenges to being self-employed
Long hours; no health benefits; loss of structure; isolation; additional paperwork and administrative responsibilities; unpredictable income; constant pressure for sales; lack of money to invest/potential for loss.
In closing, before you jump headlong into a new business adventure, ask yourself these important questions:
- Is my business idea clearly defined and viable?
- Do I have the skills, certification, background?
- Do I have the financial resources to start and sustain the business for a minimum of 3 to 6 months?
- Have I considered the lifestyle impact of self-employment?
- Do I have the ability and/or willingness to promote and sell?
- Am I prepared to set goals and build my business gradually?
- Can I commit to managing the administrative requirements?
When you create your destiny, you prevent others from creating it for you.
If you have considered these tips and want to move ahead with solid business guidance and support, Job Skills has the programs and supports needed to assist you on the path to success!
As a way to help Job Skills has online workshops that will assist you in your current job search situation. Watch for the dates and times to register for our online workshops as well as lots of great links and resources to assist you!
If you haven’t connected with an Employment Consultant at Job Skills NOW is the time to get that one-on-one support you need as you move through the new way of working. Call Job Skills toll free at 1-866-592-6278 to connect to one of Job Skill’s experts.
