Self Employment - Is It For Me?

I have worked for big and small organisations and I have worked for myself, albeit on a small scale.  Self employment isn't for wimps and it can be challenging but for many, it suits them to perfection.  Perhaps the following will either encourage you to have a go or confirm that it just isn't for you, at least at the moment.  Whichever it is, I hope it gives you some food for thought.

WHY CONSIDER SELF EMPLOYMENT?

•  It puts you in charge of your destiny
• It could be a chance to do something completely different.  The internet age has opened up so many more opportunities for business.
• You can start small and built the business up.  Perhaps look at social enterprise too.
• There is financial help, support and advice to get you started 
• It will be challenging but it can also be fun and satisfying
• There are few barriers as to who can start a business
• You might have so much fun making your own money that you will never work for anyone else again
• You will know what you are capable of 

 WHERE MIGHT YOUR IDEAS COME FROM?

Business ideas are often thought to be found in instant ‘light bulb’ moments, or, in something worked on patiently for years but in reality there are a few basic types of ideas:

• Someone else’s – bought, borrowed, given a new twist, or (sadly) even stolen
• The personal – an idea based on what you know and what you have learned to do
• The inventive – a genuinely new concept or idea, often borne out of needing to find a creative solution to a problem.  I listened this week to someone who is currently promoting a tray which will carry food securely, without spilling.  This happened because the guy braked and the curry carry-out he had, then covered him and the car!  It is now evolving into lots of different areas of use.
• A response to a need, often a social one.  For example, support/care work with our elders.

My dad is an inventor (the mad kind!) but before he started working for himself in the late 50's, he had well over 20 jobs working for others. His ideas were mainly developed to solve problems, asking the key question - What if....?  

Good ideas need to fit a potential gap in the market and you need to ask yourself:

•  Can I do that better than anyone else? 
• What will be my USP(Unique Selling Point)?
• If I do X in another location, can I adapt it to make money for me?
• If I put A and B together, will I get a C that no-one has done before?

Everyone doesn't have the personality to run  their own business.  Can you sell yourself,  and your product or service because without customers there is no business!

  REMEMBER THAT:

•  Only a small minority of entrepreneurs will see a gap in the market instantly but everyone can look and learn from what is going on around them and note what the current trends or needs are
•  Whatever your idea, you must consider if it will suit you because you will be working with it day in, day out
•  Thinking  about your interests, skills and experiences can be a good starting place but do be honest with yourself

 NEXT STEPS:

•  Start to do a plan to come up with your possible favourite areas of business.  When you feel comfortable with the lists you come up with, see how you can then turn all the general points into a more specific business idea.  A SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) should be part of this.  Grab a big piece of paper, write it all down, stick it on the wall and leave to stew for a while!
• You will need to see how all your plans, thoughts and ideas look and ask if you will have enough motivation and enthusiasm to carry this through (it can be lonely) and most importantly, how will you make money from it?  Having an idea is fairly easy, the hard parts are sticking with the best one (because you believe in it!) developing, promoting and selling it.
•  If you are now raring to go, you should write up a business plan (a couple of pages of A4 will do to start with) and there is lots of support out there to assist you and templates, again, can be found on the internet.

And finally, you never know what you are capable of until you try. Good luck!