Are you cut out to be self-employed?
Successful entrepreneurship is a dream for many. It's popular to demonize "Corporate America" and swear off working for "the man." But are you really cut out for it? Can anyone and everyone be successful at self-employment? No, they can't.... so here are a few things to think about if you're considering going to work for yourself.
Have you saved enough money? Entrepreneurship is expensive. There are a multitude of costs involved in starting a business, and it can be months or years before the owner is able to take a paycheck. Can your family's finances handle this? Many people just don't have enough money saved to weather such a storm, and not having the proper funding is probably one of the biggest reasons why new businesses fail. As a business owner, you're the last one to get paid, so be ready.
Are you ready to go beyond the nine-to-five? If you thought you worked a lot before... that will probably be nothing compared to your schedule as a self-employed person. While you may gain some flexibility by being your own boss, the hours you work will probably be many more than you ever imagined. Say goodbye to a regular routine of punching in and out. You are at the mercy of your customers and your employees.