Getting self employed

Picture this: Each morning when you wake up, you are not thinking of the feedback your boss will be giving you on your last deliverable. On the contrary, you find yourself in control of your work. There is no one sitting in a cabin and forcing deadlines and there is no one you are answerable to. You are your own boss.

Being your own boss may be a dream, but it includes a lot of hard work and planning, as an entrepreneur has to take full responsibility for anything that does not work out as planned.

Setting up your own business is a great feeling as it lets you take your own decisions. There is no blame game and the cards are clear. Even if you have to face a setback, you are not answerable to anyone. When it comes to the service sector, you have to cater to other’s requirements, and in the bargain one often ends up compromising his/her own ideas. Here you get the freedom and space you need to put in your best ability. That leaves you satisfied. A freelancer fashion designer, echoes a similar view when she says, “I can work at my will”. Nobody tells the free lancer what he/she should do. S/he take up assignments only if S/he thinks can fit it into his/her schedule. So technically, s/he set his/her own targets and deadlines. Consequently, s/he has a greater sense of job satisfaction.

Starting your own venture is no child’s play. It requires a vision and strategy. Here, are some important points you need to consider before you decide to start your independent endeavor: Research well: You need not necessarily be an expert, but it is important to be aware of all the probabilities before you step in.

Therefore, it is always advisable to be a part of the industry and gain considerable experience before you make your business plan, which again needs to be as detailed as possible.

Legal Talks: Once you have a plan in place, it’s time to consult a lawyer and clarify all the legal requirements. Understand the rules and regulations. Seek answers to questions like does your kind of business require registration what are the tax concerns, insurance policies, sanctions required for infrastructure etc.

Money Matters: Plan your finances well. Even a small loophole can take you for a toss. Planning is not limited to here and now. It has to be on a long term basis. You have to consider expenditure that will be incurred right from infrastructure to manpower (if required) and resources to stationery. Once you have the expenditure in place, it’s time to find out where the cash flow will be from. All this requires a proper business plan, and it is best to seek professional help.

Network well: Start your venture while you are still employed and continue to balance off both till you get a foothold in your business. Have your clientele in place before you start. Setting up a business under the assumption that you will find clients once you start functioning is a bad idea.

Since it is your own venture you are never away from work. Even on holidays, it takes a lot of effort to pull your self out the work mode. While being an entrepreneur gives you the freedom to work at you own will, it also comes with its also comes with its own share of challenges. Your responsibilities inevitably increase. Being in the service sector demands accountability for only your work and deliverable, but entrepreneurship makes you accountable for the business as a whole. In case you employ people, you have to safeguard their interest as well. The more you are willing to accept responsibility for your actions, the more credibility you will have.