Finance Globe

U.S. financial and economic topics from several finance writers.
1 minute reading time (293 words)

Self Employment Success Hinges on These Three Factors

Self Employment Success Hinges on These Three Factors

When you make the leap from the corporate world to self employment, it only natural to have feelings of excitement and fear.

On one side, you are excited about what the future holds. You are finally taking control of your career path.

Conversely, you realize that there is no more security of being an employee. Instead, the success or failure of your business rides solely on your shoulders.

If you want to achieve success, if you want to lessen the chance of falling short, here are three factors that deserve your full attention:

1. Business plan. It doesn’t matter what type of company you are starting or which industry you are getting involved with, a business plan is a must. This will help you take the right steps early on, while also guiding you in the months and (hopefully) years to come.

2. Motivation. If you lack motivation, if you don’t strive to reach the top, you will find it challenging to succeed as a self employed entrepreneur. Nobody is going to do the work for you. Only you can use your motivation to the point of driving your success.

3. Discipline. Many self employed professionals work from a home office. Even if you have a space outside your home, there is nobody looking over your shoulder. You are the person in charge of every last detail. It is imperative to remain disciplined at all times. If you don’t, you could find your mind wandering and your business suffering as a result.

Before you make the move into self employment, be sure that you are comfortable with the three success factors detailed above. When you get started on the right foot, it is easier to keep your momentum and thus reach your goals.

Don’t Fall Prey to these Life Insurance Mistakes
How to Get Over Job Interview Nervousness
 

Comments 4

Frank on Thursday, 06 August 2015 09:08

In regard to a business plan, I would add that is needs to be as detailed as possible. While a detailed business plan can seem daunting at first, a very thorough and comprehensive business plan will really help you prepare and plan for your business. You have tons of great ideas and visions in your mind, you just need to write it down so your business has the best chance to succeed.

In regard to a business plan, I would add that is needs to be as detailed as possible. While a detailed business plan can seem daunting at first, a very thorough and comprehensive business plan will really help you prepare and plan for your business. You have tons of great ideas and visions in your mind, you just need to write it down so your business has the best chance to succeed.
ChrisB on Thursday, 06 August 2015 10:24

Totally agree, Frank. It is important to dive into the finer details, as these will help guide you during the growth stage. Thanks for the tips!

Totally agree, Frank. It is important to dive into the finer details, as these will help guide you during the growth stage. Thanks for the tips!
John on Saturday, 08 August 2015 02:34

I have always looked at a business plan as a disaster plan. Yet, unless you're extremely talented or lucky - you will see disasters, some small others not. Most serious people get to learn and build on mistakes on operating a business, and a plan is great to have in these times of stress and sometimes panic!

I have always looked at a business plan as a disaster plan. Yet, unless you're extremely talented or lucky - you will see disasters, some small others not. Most serious people get to learn and build on mistakes on operating a business, and a plan is great to have in these times of stress and sometimes panic!
Wanderer on Saturday, 08 August 2015 09:37

The business plan is very important to the business as it provides the road map to follow. It also may lead to strategic planning and emergency funding set asides. Like in personal life there will be disasters etc so one needs to have or have access to funds that will bridge the hard times such as slow pay receivables, loss of equipment due to wearing out or a fire, natural disasters. Small business is like having a three legged stool, one leg is for making a widget, leg two is marketing and getting the word out and the third leg is the business finance/administration. In my past experiences many small business owners have a great product but selling it and handling the business of the company is not their expertise and interest. This lack of interest ultimately does them in. Yes, others could help but can the small business afford it or can the small business afford to not afford it? Reasons the small business start-up failure rate is very high due to not having the three steps ChrisB just wrote about.

The business plan is very important to the business as it provides the road map to follow. It also may lead to strategic planning and emergency funding set asides. Like in personal life there will be disasters etc so one needs to have or have access to funds that will bridge the hard times such as slow pay receivables, loss of equipment due to wearing out or a fire, natural disasters. Small business is like having a three legged stool, one leg is for making a widget, leg two is marketing and getting the word out and the third leg is the business finance/administration. In my past experiences many small business owners have a great product but selling it and handling the business of the company is not their expertise and interest. This lack of interest ultimately does them in. Yes, others could help but can the small business afford it or can the small business afford to not afford it? Reasons the small business start-up failure rate is very high due to not having the three steps ChrisB just wrote about.
Guest
Thursday, 22 August 2019

Captcha Image