You may have thought about the possibility of starting a business and working for yourself but were just not sure if you were meant for that type of work. You see people all around you taking the risk and some are doing great, some are not earning enough for it to make sense and others have failed. So you may think it is better to just keep dreaming about the possibilities and stick with your job and the financial stability it brings. Fair enough. Starting a business and becoming self-employed is not for the faint of heart.
Having worked with over 200 Entrepreneurs now, I know there are some clear signs that indicate you should explore self employment and working for yourself. Here are 5 of them:
1. Your workplace is physically sickening you.
If you are waking up with a sick feeling in your stomach, headache or something like that, at the thought of going to work, this is a clear sign that you should explore other options. These physical symptoms are going to effect your mental well-being, your relationships and other parts of your life in an unhealthy way. The solution could simply require changes to your work-space or a new job but if you are going to explore a new job it is worth it to evaluate the benefits on your health of working for yourself potentially as an independent contractor.
2. You are sought out or referred to.
If you have a particular skill, talent, idea or knowledge that folks refer to you for, this is sign that you could make money from your specialized ability. The talent could be anything like: babysitting, graphic design, cooking, coding, first aid, travelling etc. When people approach you for this service or knowledge or talent that is affirmation that there is interest in what you do and is a good indication that you could investigate the idea further as a business or another source of income.
3. You pay almost 20% of your salary on child care.
Parents grapple with this all the time. They ask themselves “does it make sense to go back to work to pay for someone else to take of the child?” The answer may be an obvious ‘yes, we need money’ but there will be a cut in income either way. For a two-parent family, if one parent stays home to care for the child, there is less money monthly. If both parents return to work and hire a nanny or use a daycare service, there is less money monthly. You have to see which option leaves you with more. If you do chose to reduce your living expenses and live off of one income, the other parent could seek opportunities to earn income from home while taking care of the child. On a side note a great time to explore work at home opportunities is on maternity or parental leave.
4. You’re unemployed and can’t find work.
Are you panicking now at the reality of not having enough money to cover your expenses? Looking for programs that offer financial support while providing self employment training is a good idea. These programs are usually offered by local government or community service agencies. You can take the skills you are trained in and learn how to become an independent contractor to create work for yourself instead of waiting on others and attending interview after interview.
5. You can afford it!
Have you always dreamed of working for yourself and starting a business and you have the money to do it? Do it! You may have been working and saving to get to this point, then it is time to create a solid business plan that will help you manage your money and direct your actions to get your business started. Taking part in an entrepreneurship or self employment training program will benefit you as will a good advisors.
A revolutionary as Entrepreneurship and Self Employment may seem, it is not a new concept. It is a valid work option for anyone. The concept may take some time to get used to but it is happening all around us. Small business ownership really is the backbone of our economies. It allows us to take some control of our lives and contribute productively to our communities. Think about it!
Lead Business Advisor, www.MarketStart.ca
Helping Everyday People like you start and grow the business of their dreams.
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