Over the last two years, a lot has changed. And for the next few years, it will continue to change.
Businesses are operating differently, politics is affecting how we do business more than ever, and a lot of people are feeling stuck. So, what can you do?
If you have been toying with the idea of going out on your own, these are some things to think about before you take those next steps.
Own business?
There is a good chance that you want to be your own boss for a variety of reasons. Some people want to do their own thing, some people have a big idea that they can’t complete while in their current job.
If you want to be your own boss but don’t have a business idea, you could check out other businesses that are for sale. There are some top business categories that are currently on offer that you can snap up and build your own business from there.
It is possible to get a business that is up for sale due to retirement or the person has discovered other commitments.
Always check out the information about the business to ensure that you don’t buy a sinking ship of a business.
Your family?
When it comes to working full-time, it can be hard to make time for your family.
This is becoming increasingly true as employers expect their employees to put in overtime and take work home. How does your family feel about this?
The hours that you put into your own business might be the same amount but at least you will have your family at your side.
They could even help with the running of the business if they want to. It is not uncommon for kids to be seen behind the counters of businesses that their parents own in order to help out, make some money, and spend time with their families.
What can you do?
There is any number of jobs that are available, but what do you do as a self-employed person? Do you have any skills that you can fall back on to create and grow a business?
If you don’t, you might want to hold off on the self-employed dreams just yet. Although you don’t need any formal qualifications to run your own business, you might be required to have some industry ones to make your business legal.
For example, you need to be trained as an electrician. Take a look at your skills and see if any of them can be applied to running a business.
Have you any training?
On the back of our previous point, what training do you have? And, do you need some more? As a self-employed person, you are responsible for all of your own training.
This can be a big kick if you are used to on the job training to keep your skills sharp. This does not apply to any industry but it happens across all industries.
If you are not prepared to keep up your knowledge, over time your business will start to fall behind. You might need to keep separate savings account to allow for training in the future.
And this training does not apply only to you, it will apply to any staff that you have as well.
Where can you work?
After working from home, many people, are determined to continue to work this way. And we don’t blame them.
However, there are some businesses that require a physical location and others can be done in your living room.
You will need to research where you can work and what your registered business address will be. If you decide to register your business to your home address, it could be published online. Think carefully before you register.
However, be careful when you are buying business premises and ensure that they are fit for your purpose.
Where in the world?
If you are craving total freedom, you might be tempted to pack a bag with your laptop to travel the world.
The digital nomad life is becoming more common as people ditch the 9 to 5 to see the world. If this is an option for you, will you take it?
Would you sell up your home and travel the world in a camper van while you make money?
It doesn’t sound like a bad idea but you will need to be mindful of any local laws and how taxes might be affected if you have no fixed address.
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