Should You Work For Yourself? [Infographic]

Gisele Navarro http://www.neomam.com 3m 864 #workforyourself

The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.

In Business For Yourself

Business culture has changed more than ever over the past couple of decades, and there are countless new tools to help individuals and small start-ups to build success upon success. Chances are, when you look around you, you see your peers variously struggling and flourishing with their new businesses, and you admire their courage, perhaps even with a little healthy jealousy. If you, too, are full of ideas, then jumping the boat of your current employment to start your own concern is a tempting possibility – but regardless of your talent, it’s a move that requires some deep soul-searching before you go ahead.

Even if you have your sights set on a leadership position, it doesn’t mean that it has to be within your own company. Plenty of great leaders have worked their way up existing structures, learning the business from the inside, and always with the security to take chances when allowed. But if you’re of the nature where you can’t wait for permission and you’re willing to fly by the seat of your pants when taking risks, you’ll end up understandably frustrated in such a position.

Unfortunately, it’s not all about our preferences and ambitions, but also our abilities. If you go it alone, you’re going to need to be adaptable. You may need to learn aspects of web design, accounting, and management in addition to those skills you’re already using in your current position. Of course, once you’re established you can take on more employees to apply their expertise to different aspects of your business, but even then you will need to be curious enough to maintain a working knowledge of every area if you are to guide your idea to enduring success.

So before you make any big decisions, take a look at this new infographic, which outlines some of the skills and dispositions you’ll need to foster if you do decide it’s the entrepreneurship route for you – and how to go about making that transition once you’re ready.

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Text-Friendly Version

SHOULD YOU WORK FOR YOURSELF?

Ever thought about working for yourself?

Setting up shop on your own is a big decision with lots of considerations, but the first step is finding out whether it’s the right move for you.

DO YOU HAVE A BUSINESS IDEA?

• Totally
  • Are you worried about job uncertainty?
    • No, I’m in a position to take risks
      • Are you able to work well without an established routine?
        • Yes, I can set my own work patterns
          • Thinking about learning lots of new things makes me feel…
            • Excited!
              • Do you have finances to fall back on?
                • Yes
                  • WORK FOR YOURSELF
                • No
                  • Can you be a sales person if needed?
                    • Yes
                      • TRY FREELANCING WHILST WORKING
  • Yes, I need stability
    • Are you a strong self motivator?
      • Yes
        • Do you find it easy to pick yourself up when something goes wrong?
          • Most of the time
            • Can you be a sales person if needed?
              • Yes
                • TRY FREELANCING WHILST WORKING
              • No, I’d hate it
                • WORK FOR SOMEONE ELSE
  • It’s a work in progress
    • Are you a strong self motivator?
      • Not really
        • Do you prefer a predictable workload?
          • Yes
            • Are you happy to sacrifice leisure time for work when needed?
              • Of course
                • Do you have a grasp on business finance?
                  • Sure
                    • Can you be a sales person if needed?
                      • TRY FREELANCING WHILST WORKING
                  • No, it’s boring
                    • WORK FOR SOMEONE ELSE
          • Don’t care
            • TRY FREELANCING WHILST WORKING
• Not really
  • Do you prefer just one job, or are you happy to put on a number of hats?
    • I’ll give anything a go to get the job done
      • TRY FREELANCING WHILST WORKING
    • I’d prefer to stick to what I am good at
      • WORK FOR SOMEONE ELSE

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THINGS TO CONSIDER BEFORE WORKING FOR YOURSELF

Assuming you have a strong idea and you’re ready to go for it, remember the following:

1. RESIGN WITHOUT BURNING BRIDGES
   • Working relationships go way beyond your job, and previous employers can offer recommendations or even send business your way.
2. ENSURE YOU HAVE SAVINGS TO FALL BACK ON
   • You will likely need to front costs, whether it’s paying freelancers or covering travel costs to meet potential clients.
3. FOCUS ON CASH FROM DAY ONE
   • Make sure your payment terms work for you; take a deposit or full payment up front to stay afloat.
4. START SELLING AS A PRIORITY
   • Target existing contacts in your network that already trust you.
5. SET A GOAL WITH A DEADLINE TO ACHIEVE
   • It could be a percentage net profit target in 12 months. Make time to evaluate where you are against this on a regular basis.
6. PREPARE FOR THE LIFESTYLE CHANGES
   • You will need to define a daily structure that works for you. Find a space where you can work well, such as a home office or a shared space.

Whether you’re thinking of branching out on your own now or in the future, being an entrepreneur is both an exciting and risky move, so it needs to be considered carefully. Ensure the time is right and follow these tips to get off to a great start.

THE BUSINESS BACKER

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