Self-employment can be very rewarding.
You get to make a living doing something you want to do, and you’re your own boss.
It is no wonder the Bureau of Labor Statistics notes a steady rise in self-employment in recent years. But there’s no doubt that self-employment is a lot of work. The question is, what steps can you take to make self-employment work for you?
Choose the Right Business
Choosing the right business is vital.
Your business must be something that you are interested in. Choose something that you’ll enjoy working on every day.
Loving your business isn’t the only criteria, however.
You’ll also need to be skilled at what you do (or be willing to learn fast). After all, you’ll need to stand out from the competition.
Finally, do some market research and make sure you choose a business that there is a genuine demand for.
Have a Plan
As the article “3 Strategies for Making Self-Employment Work” points out, you’ll need a business plan.
A good business plan can be instrumental in how well your business does.
A thorough plan should cover:
• Your product or services;
• Your skills and background;
• Your competition;
• Your customers;
• Your marketing strategy;
• Your finances;
• Your short and long term goals.
A strong business plan acts as a road map for your business.
As well as mapping out where you want to go and how you’re going to get there, you can check in regularly with your plan to see how you’re progressing.
When you’re running your own business, you’ll need to wear many hats. This is especially true if you’re running your own home internet business.
You’ll need to be a strategist, a customer service rep, a marketer and an accountant, sometimes all in the same day.
Investing in your own business education is key to your success. What is new to you? Which skills do you need to brush up on?
Whether you take an evening class, buy a book or learn online, it’s important to identify and fill gaps in your skills and knowledge.
Build a Strong Online Presence
A strong online presence is a must for any business these days.
If you’re running an internet business from home, your online presence is your vehicle for reaching your customers.
A well-thought-out social media campaign can drive sales, raise awareness of your brand, and help you forge long lasting and trusting relationships with your customers.
Your online presence is a chance to establish your unique voice and demonstrate your worth, both of which will help you stand out from the crowd.
Mind Your Finances
Finances can make or break a small business, especially in the beginning. As a result, finances should be part of your business plan from the start.
Invest in book keeping software so you can keep track of the incomings and outgoings in your business. That way you can see where you’re making money, where you’re losing money, and where you need to do things differently.
Make sure you have a thorough understanding of how much tax you’ll need to pay and when, so you can prepare for it.
Last but not least, be careful when taking out any kind of business financing such as a loan or credit card.
Don’t agree to anything unless you’re confident you can pay it back, as late fees can quickly add up. Always read the small print and do some research first.
Self-employment gives you control over your own business and success.
Take steps to build a strong business from the start so you can meet yourself employment goals.
Photo credit: BigStockPhoto.com
About the Author: Tristan Anwyn writes on a variety of topics including social media, how to build customer relationships, content marketing and how to succeed with self-employment.