An independent business can be very rewarding and allow you to engage in what interests you most and in a way that suits you. However, starting an independent business is a complex process and you may find yourself investing a lot of work hours and money in a business that will eventually not succeed and will close.
It may well be the right time in your life to take advantage of your unique skills and become self-employed. If you are interested in increasing your income, fulfilling a dream, or perhaps you have reached an age where finding a job as an employee is complex. Here are some things you need to clarify with yourself before taking the first step.
- In addition or in place: whether the work in the business is in a place of work as an employee or as additional work.
- Expenses: Take into account all the expenses involved in setting up the business and running it. Don’t forget to take into account marketing and sales expenses .
- Personal skills and abilities: Do you have the range of skills needed to start and run a business?
- Work from home: Check if it’s “me and my computer” or if you want it, but before making a decision, sit down and plan, and then plan a little more. Kim is an art/sewing/makeup studio or a kitchen for cooking and baking for which a special place is needed. Is it possible to start from home and examine the need to rent a place only later?
- Income: What is the minimum income I must reach in order for the business to have the right to exist?
- Patience and financial ability: How many months can my family and I live without income and with the expenses of a new business? Are there savings, parental help, or other sources of income that can be relied upon during this period? Is there a willingness to lower the standard of living in the interim period?
- It doesn’t always work: If you have to close your business, won’t it bring you down financially?
A decision to start a business is a decision that includes consideration of many economic and family considerations. So before you make a decision, sit down and plan, and then… Plan some more.
Lamoran – a calculator for calculating the monthly profit from an independent business
