#adulting: Is Self-Employment for Me? First Ask Yourself These Questions
Part of adulting involves looking for work and earning an income. Some of us choose to be self-employed, while others seek a job. The days of expecting a legacy job with the same company until we retire, however, are long gone. Self-employment is more and more the future of work, reports Prospect Magazine. Even if we favour traditional employment, we can expect to spend half or more of our working life working for ourselves!
An essential life skill now is knowing how to be successful as a self-employed professional. This is true whether as an independent entrepreneur, contractor, or small business owner. Here are some critical, thought-provoking questions to help us succeed when we don the entrepreneurial hat – now or in the future:
Am I ready to be responsible for myself?
Being self-employed is being our own boss. This gives us a lot of freedom, that is also accompanied by responsibility. No one will chase us for deliverables and the buck stops with us! Entrepreneurship in a box says responsibility is the difference between success and failure. Expect to make tough decisions, and accept the consequences, whether good or bad.
Can I be organised?
In the world of business, time is money and structure can be our best friend. Organise and set up efficient business structures, via teamwork and every other tool at our disposal. Aim to get quality work done in the least amount of time. Without organisation, expect chaos and inefficiency. Subsequently outsource if this is not a area of strength!
Do I communicate effectively?
Polish communication skills and build lasting, beneficial relationships with vendors and service providers. This makes securing buy-in from customers and investors and winning their trust easier. Learn to be clear, concise and engaging through effective business communication.
Do I learn constantly?
Growth mindset is crucial in self-employment. Being innovative, creative, and forward-thinking will stand us in good stead. Pick up practical hard business skills through books or from teachers. Upgrading ourselves by accessing training online can be a convenient option especially when adulting is a struggle. As we balance work, family, and school life, online learning helps being at our own pace and schedule.
Do I like to set goals and achieve them?
Remain on track, make progress, and sustainably grow the business by setting goals and achieving them. The SMART goal-setting strategy is a tried-and-tested one to implement. It’s being smart, measurable, attainable, relevant, and time-bound about our goals.
Am I savvy with my finances?
As self-employed persons, we make sure the business earns enough to pay salaries! We hence will need solid money management skills like budgeting and bookkeeping. Get good with the money to achieve financial independence for the business. Learn as much as we can about cashflow. Indeed, a worthwhile use of time is in creating strategies to make money, keep money, and reduce expenses.
Is it worthwhile being self-employed?
We won’t lie – being self-employed can be difficult. The journey will involve uncertainty, doubt and setbacks. Meanwhile, there are big rewards too! Financial independence, massive self-growth, and wonder at all the progress made can be motivating. After all, self employed persons are entrepreneurs. We are self-made, not born, claims Rising Innovator, and we couldn’t agree more. The committed can always attain success. Finally, to read more about our own journey as self-employed individuals, click here