Should I Start My Own Business and Work For Myself?

Many of us dream of freedom when it comes to the world of work. The idea of being your own boss sounds like a dream. You can set your own hours, nobody is chasing you, and you can work on things you actually love. It sounds perfect, right?

Unfortunately, the reality isn't quite like that. There is a lot of pressure when it comes to running a business, and that also means a lack of stability. According to Stripe, over 20% of start-ups fail in the first year, and nearly 50% of businesses fail by year five. The truth is, building a successful business takes a lot of hard work. For some, it's the perfect solution, but for others, it's a bigger trap. Hopefully, by the end of this post, you'll know whether or not it's for you.

First, have a look at these yes-or-no questions below:

• Do you struggle in your current job?

• Do you have a passion you want to pursue?

• Do you have good time-management skills?

• Are you comfortable with financial instability?

• Do you have a good sense of self-discipline?

• Are you prepared to work long hours?

• Do you have resources at your disposal?

If you answered yes to most of those questions, then it may mean that starting a business is a good idea for you. It's important to understand why you want to start your own business. When you're part of a successful business, it can look easy from the outside, but actually getting it up and running is the tricky part.

Firstly, you need to have a solid idea for your business. It doesn't need to be something original, but it does need to be something you're passionate about. It's that passion that will help you get through the low moments. If you're not passionate about it, you may end up in a situation similar to your current job.

It's also important to be honest with yourself about your skill set. Some people are great at sticking to their own deadlines. Other people benefit from having someone check in with them to make sure they are on track to meet those deadlines. Time management and self-discipline are important for starting your own business, as it is up to you to drive it forward.

Building a business is unpredictable. It can mean working long hours to get everything done. At the start, it's usually only you, unless you can secure investment to pay employees immediately. There will be a period of time where you have to work but also market your business, and it can be difficult to juggle both.

Naturally, with this unpredictability, comes financial instability. In a job role, you usually know your income for the month. You know your holiday entitlement, and you know you have a level of flexibility. When running your own business, you can have moments when you don't have any money coming in. Month-to-month earnings may vary, and of course, with a business, you will have expenses too. Planning a holiday might be difficult, as your holiday days mean no money is coming in.

Now, all of this might sound negative or daunting, but that's not my intention. The purpose of this is to give you a real overview of what it takes and to be prepared for the journey. Imagine that you're going to travel the world. If you're unprepared, you will run into problems that make it near enough impossible very quickly. But if you're prepared, you can go on to see the most breathtaking sights. The same goes with business.

Having a successful business can mean fulfilling your purpose. Living life the way it was meant to be and having independence from a system that is slowly breaking us. Small businesses build the economy.

It's also worth mentioning that a successful business doesn't have to make you millions; it just has to support your living costs.

So, back to the original questions - should I start my own business and work for myself?

If you know what you want to do, then it's worth a shot. The best way to test it out is while you still have another job. Although this may slow your growth, it allows you to test the market. You still have financial security, but you can also start building something for yourself.

The main recommendation is to write yourself a business plan. It will help add clarity to your thoughts and give you a roadmap to follow. By writing a business plan, you will do more research on your competitors, make sure your figures make sense, and have a marketing plan that you can follow. It should highlight the areas where you need more clarity, which should help mitigate those problems from coming up later on.

And on one final note, you don't have to set up a business to work for yourself. You can be a sole trader. Setting up a business means you have limited liability, but being a sole trader is much cheaper and can be easier for smaller operations. For example, if you are building websites for people, it may be better to be a sole trader than to have a registered business.

If you'd like any more information, head over to the homepage to fill out the contact form, or email directly at alexandra@zortex.co.uk

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