Considering self-employment and thinking ‘am I ready?’ Let’s take a look at some key questions you can ask yourself to figure out if it’s time to take the next step into entrepreneurship.
What is self-employment?
First of all, what does being self-employed mean? If you’re exploring this career path for the first time, you may be wondering what it actually means to be self-employed (aka an entrepreneur).
The term self employment is pretty self explanatory – it means you are employed by yourself. So instead of being employed by a company, you run your own business and maybe even employ your own staff.
A form of self employment you might have heard of is freelancing. This is where you sell your skills and services (e.g. web designing) to other companies on a flexible basis.
Why do you want to be self-employed?
One of the biggest questions to ask yourself before taking the plunge into entrepreneurship is ‘why?’. What is your motivation behind it? Some examples could be independence, flexibility, creativity, money etc.
Answering this question will help you explore how you can make self-employment work for you. Remember that you can rely solely on being self employed or be employed and have your own business on the side, so take the time to weigh up your options.
To figure out if you want to be self-employed and what would work best for you and your needs, take a look at the pros and cons of choosing this career path.
Am I ready to be self-employed?
Before becoming self employed, try answering these questions to see if you’re ready:
- Does my self employment choice fit my lifestyle and needs?
- Do I have a solid business idea, and will my business be likely to last based on it?
- Do I know how I will fund my business and will I be able to keep track of the money?
- How and where will I find customers/work?
- Can I afford to be self employed? Do I need to consider being employed too for security?
- Do I have the skills I need to succeed? Read about which skills you need here.
- Do I know where to get support?
- Do I have a plan B, and will it support me?
- Do I believe in myself and my ability?
If your answers to these questions make you feel confident about your decision, that’s a sign that you might be ready for self-employment.
Who can support me with self-employment?
There are many resources and services out there ready to support you with starting a business. From funding and grants, to advice and mentoring, there is always help available when you need it.
Explore this list of help and support for young entrepreneurs.
