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Want to start a business? Top tips for the self-employed

Posted by : Premraj | Posted on : Thursday, August 3, 2017

Business in Budget

Starting your own business is no walk in the park. There are some serious risks that you’re taking but the rewards that you are looking at are also amazing. That being said, many people venture on the road of self employment and a lot of them are really happy about their decision. Of course, there’s no “self-employed” school so you probably don’t know all the nuances of what you’re going to face. Luckily, we’re here to help. This guide will give you some valuable tips on what to do or not do when you consider starting your own business and becoming your own boss.

Don’t give up your day job just yet

One of the most often made mistakes by people that are trying to be self employed-employed is the fact that they immediately quit their day job. Yes, being your own boss is an adventure but you shouldn’t run in it headfirst. There are a lot of things that could go wrong, and even if they don’t go wrong, they might take some time. You could be looking at a fairly large amount of time of waiting before your business picks up from the ground. You need to sustain yourself and your family somehow in this period and quitting your job is the worst thing you can do. If you’ve already gone through with it try getting your job back or at least consider a loan.

Focus on what makes you great

If this is your first venture, you are probably very excited about getting to work. However it’s very easy to lose your sight of your own goals and that’s how many business owners start expanding their company before anyone even gets a chance to learn about it. It’s critical that you establish an identity before expanding. Do what you are good at and what the company’s main objective is. You can think about expanding once you establish a custom base and people associate your business with a specific trade, product or service.

Don’t do everything yourself

As a small business at first, it can be quite tempting to just handle everything yourself but that’s the wrong way to go about it. If you are good at designing clothes and start a clothing brand for instance, stick to designing clothes. You shouldn’t be behind the counter selling them as well as handling accounting for the firm at the same time, especially if you don’t have good people skills and you’re bad with numbers. Hire people that are specialized in these things. This will not only ensure that your company is productive and efficient in those areas but also that you have enough free time to focus on what you do best.

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