How can I venture into self- employment without failing?

Friday February 8 2019

 

By Caroline Mboijana

I work very hard, but my job is not rewarding. I would like to venture into self-employment so that I can focus my energies on my own company. However, I am worried about not succeeding in self-employment.
Betty

Dear Betty,
Before you dive into self-employment, you must pinpoint what is “not rewarding” in your current role and why. Likewise, you should acknowledge any positive aspects of your role.

If you have a good relationship with your supervisor and or HR, you may want to discuss it with them to help you identify the problem. This analysis is critical to helping you think through how you are going to transition into self- employment.

For all the points you have identified as “negative”, the question to ask yourself is whether self-employment is the solution and how is it the solution? For all the points that are “positive”, ask yourself will self-employment ensure these are maintained?

Your reflection should also include a clear vision of what you would like to do and why, it cannot and should not be centred around the money. Self-employment is not for the faint-hearted, it is difficult and challenging at all levels.

You must have the passion and commitment to focus on truly knowing your customers, their needs, wants and making sure you deliver and meet their expectations. That will be the driving force and motivation for your success.

Take baby steps, start with the reflection above, conduct market research through your friends and networks to determine whether your vision is workable. Include budget, sales projections.

The financials are an essential ingredient for success. Furthermore, pilot and test the market before you launch fully into self-employment.

Never fear to fail, it may or may not happen, what’s important is that you learn from it and avoid making the same mistakes.

If you find you’re not ready for self-employment then look for another job, in a field that you’re passionate about and that will truly reward you over above the money.

Caroline Mboijana
Managing Director
The Leadership Team (U)
[email protected]

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