With the unemployment rate worldwide reaching unprecedented level this year due to COVID-19 pandemic, many are looking for ways to avoid being on the chopping block by turning to self-employment.
Imagine a workplace where you are your own boss and you have a free reign on how you want to run your own business. Sounds promising, right? Well, it can be, if you are on the right track. You have no choice, anyway, with the lackluster economy which could last for a decade, even more.
Whether by choice or circumstance, becoming self-employed means taking on the bulk of the responsibility and whether it succeeds or fails rests entirely on your shoulders.
Indeed, setting up your business from the ground up is not for everyone. Transitioning from a dependent employee to a self-sustaining business owner is ridden with an array of challenges and complications that is bound to test your patience and commitment. If you don’t have those, sorry to say, but looking for another job is probably the best route for you.
If you truly want to find out if you are cut out to become the boss of your own company, then this checklist will help you do just that.
1. Are you Flexible?
If you are used to an 8 hour job where you do the same thing every single day, then prepare yourself for a major lifestyle change. Being self-employed means that you will be taking on more obligations as you will be seeing to all the different aspects of finance, operations, sales and marketing. With no one else to place the blame, you only have yourself to rely on.
Gone are structured days when you have your schedule set up. As a business owner, you are always on call. Expect long hours and plenty of unpaid overtime as you go through the tedious process of starting up your own business.
2. Are you a Motivator?
Being self-employed means that you have to learn to be a leader. Instead of taking directions, you will be the one to delegate and lead people. This is why you need to learn the tricks to becoming an inspiring motivator.
Always keep in mind that the strength of your company rests on a collaborative effort between you and your employees. The more you can inspire them to stay productive, the better chances your company will have of staying afloat.
3. Can you Spot the Right Opportunities?
As you are running your own show, you need to make opportunities happen for your company. Apart from managing and supervising the daily operations and growth of your business, you always need to be on the lookout for possible ventures, partnerships, and deals that can help give you the revenue to expand.
Aligning yourself with your industry and networking with potential clients are just examples of how you can make things work to your advantage.
4. Are you Always Prepared?
Heading a company means that you have to be prepared for anything and everything that is thrown at you. Whether it is a good business deal or a crisis situation, you need to learn to take control. Create possible scenarios of things that could go astray and create an action plan on how to address these situations.
If you said yes to these questions, then you are on the right track and with the right passion and drive to succeed, you can look ahead towards an interesting and profitable future – most probably better than pre-COVID-19 era.