You're considering self-employment. What should you know before you take the leap?

I have this conversation quite often with individuals who believe self-employment is better than working for someone else. I ask them what their job gives them such as paid holiday, health care, short/long term care, disability insurance, sick days WCB, unemployment insurance etc. I then explain to them as a self-employed individual, that will all fall on them. They must also understand that the hours they work in most cases will be longer. It is not that self-employment is bad it has its benefits however now you take on the risks where whereas your current employer currently has them all. They must ensure you are paid and that all benefits are in good standing however become self-employed now it is all in your hands.

I pursue what I am passionate about. It is said if you love what you do it will never feel like work. I love to travel and this is my business.

Before taking the leap into self-employment, it's crucial to understand the challenges and responsibilities involved. Firstly, assess your financial preparedness, including savings for startup costs and living expenses during lean periods. Next, thoroughly research your market, competitors, and potential customer base to validate your business idea and identify niche opportunities. Develop a comprehensive business plan outlining your goals, strategies, and financial projections. Additionally, cultivate a strong support network of mentors, peers, and advisors to guide you through the journey. Finally, embrace uncertainty and remain adaptable, knowing that perseverance and resilience are essential traits for success in self-employment.

Talk to people who have started and operate their own business. Try to thoroughly understand the financial, physical and emotional requirements. It looks glamorous from the outside but in most cases, it is a lot harder than it looks. Seek significant perspective.

This is arguably the most important question to ask yourself before deciding to become self-employed. A key mindset shift that I've had to make as a solopreneur is to focus on measuring the quality and consistency of my EFFORTS rather than the results I'm getting, especially in the beginning. It takes time to build a reputation, which is what will ultimately lead to more consistent, recurring revenue. You have to be willing to be patient and disciplined until you reach that point, and often the only thing that will keep you going is the conviction you have for the work you do.

Two experiences for a successful start: (1) Start by finding at least one loyal customer who will regularly buy at least one service or product from you from the very beginning. Expand to similar clients and then adapt your services to the individual needs of these clients. (2) Watch your market and potential alternatives for your product or services: If you differentiate yourself from alternatives by providing quality and innovation, and if your market does not appreciate quality and innovation, then change your market. There are others who will appreciate your offers.

Before you go out on your own, please know that most of your "new job aka role" as a new business owner is MARKETING. If you don't engage in marketing, and you don't engage in a referral strategy, you will be left with working "in the business" but if you're not working "on the business," you could find that the phone isn't ringing or the clicks aren't converting. If you don't have customers, you don't have a business.