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Working for yourself – Is it for me.

Leaving full-time employment to start a new business can be a daunting decision and it is not for everyone. Having a regular income is certainly preferable if you have a family and need to know in advance what the monthly and annual expenditure will be for clothes, food, education fees and schoolbooks, etc.

Covid 19 has taught many of us to expect the unexpected and why having at least 6 months of savings is a must if we want to survive in a crisis. Move that figure up a notch to 12 months of savings as many people lost their jobs in 2020 and rent/mortgage and bills still need to be paid.

Deciding whether setting up in business is right for you depends on your personal situation, your finances, your skillset, the market economy and to a large extent your own confidence in your ability to make it work.

You need to really believe that there is a need or a desire for your particular skill set and offer. Do market research on this area before you commit hard cash to fund your new enterprise. Don’t just ask family and friends for their opinion as they will want to see you do well and may be biased. Ask people you intend to sell to, what is their opinion, describe your offer and ask would they buy from you, if not, why not. What criteria do they use when choosing one supplier over another and make sure you take that into consideration when looking at your business plan.

If your plan is to offer your services as a Freelancer, again do the math’s first. Look at comparative fees the market is paying for your services and see if you can compete in that environment. Bear in mind it will take you time to get the word out on what you do and build up a regular client base. Even as a freelancer you will need a website and will need to employ a website designer, print business cards, set up social media platforms, upskill your content writing abilities, video skills, network fees etc.

Before you go it alone, speak to people you know already running a business. Perhaps one of these contacts might have time to mentor you certainly through the first 12 months. Their experience and advice will be valuable as you chart new waters.

The Basic Check List Before you commit serious Capital to the project.

The basic checklist is what you need to do before you commit serious cash to the project. There is no point in starting a business without doing it. If you do, you will be unprepared and more than likely undercapitalized. The financial data in your business plan and cash flow projection is very important, This will show you where the peaks and troughs are and times when you may have a lean period or indeed need extra funds for seasonal growth spurts. Starting a business without a plan and sales/marketing strategy is not a good idea. You need to give this your best shot.

Once this list is complete and you feel you are good to go then start your next list which will also include:

If you are setting up a new business or considering it, I wish you good luck, an abundance of success and enjoy the experience.
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