More and more people are going into business for themselves; and why not? You make your own hours, don’t have to answer to anyone, and can make your personal vision a reality. But what exactly does it take to start up a self-employed business? Here are a few pointers if you are thinking about being your own boss.
- Don’t let your excitement overwhelm your business acumen. A common problem with the newly self-employed is that they allow their passion for certain parts of the job to outweigh the other important aspects such as accounting, advertising, or hiring/firing. Passion is very important, it’s why you want to go out on your own to build something after all, but you can’t let it steer you into making irresponsible business decisions.
- Don’t try to base your business around a single “next big thing.” Chances are that big thing will fail and then your business will crumble around it. Instead, build your business, do what works best for it, stabilize the business, and then you can think about going for the “next big thing.”
- Use your business to fill a void. There is a ton of competition out there for any business. The trick is to find that one thing that seems to be a weakness for everyone else, and make that one of your strengths. On the other hand, make sure to stay relevant. If everyone else is doing the same thing, there is probably a good reason for it.
- Online presence is key for self-employed business. People spend as much time or more online than they do in front of a T.V. Make sure you have as strong a web presence as possible because that’s where more people will be seeing you. Become an online marketing expert, or hire one, if you want your business to last.
- Remember that there is a lot of help out there for new startups. The SBA will help you evaluate your business and tell you if you have any weak points. You may also be eligible for low interest loans offered by the state and federal government for startups. Make sure you take advantage of all of the free or low cost help you can find.
Despite the rougher economic state in recent years, it is still a great time to start a new business for yourself. It isn’t the easiest thing in the world to do, but if you work hard at it, starting your own successful business can be one of the more rewarding endeavors of your life.
Garland & Mason, L.L.C. – New Jersey business lawyers