Self-employment: Is it really for me?

By Barnaby Kalan

Have you ever toyed with the idea of being in business for yourself? And dreamed of the satisfaction of being your own boss and having more control over your life?

Well chances are you also stopped cold in your tracks and wondered, “Will I really be able to earn a living? As much as I’m making now? Or even more?” 

Fear of earning enough money is what holds many people back. It’s easier to suffer in a dead-end job or work for an abusive or unreasonable boss in a no-growth situation – and just keep cashing that regular paycheck.

Can you make it on your own? Here’s a good barometer – a few questions to ask yourself to gauge if you’ve got the “right stuff” to create a profitable and long-lasting professional service business. These are based on my 11 years of freelancing success and the experience of many of my friends and colleagues in business.

1. Have you learned a marketable skill in the 5 to 10 years you’ve been in the workplace? Is it a “generic” skill set that’s easily transported from one company to another? By that I mean have you developed advanced skills in something like:

- Accounting
- Copywriting
- Project Management
- Sales (*** almost any sales experience is good***)
- Design (both traditional graphic design or web site design)
- Technology (programming, systems integration, project management)
- Software (perhaps in-depth expertise with a specific, in-demand software application?)

If your skills are in one of these (or other) generic, transportable  “buckets”, you’ve got a head start in creating your own business. If your skills are very narrowly defined and applicable only to one specific company, it’s going to be tougher. 

2. Is there a market for your skills? Is your current company or department overloaded – and can’t hire or find enough people to do the work you’re doing now? Are other companies in your industry experiencing the same thing?

Do companies like yours often hire outside help such as consultants or outside contractors to get work done during peak seasons or to meet certain deadlines? If that’s the case, give yourself another two points. 

3. Are you a self-starter? Do you prefer to “do your own thing” and organize your day and work schedule the way you like? Or do you prefer a more structured environment, where your tasks and deliverables are designated for you?  

One of the most important skills you’ll need as an entrepreneur is being able to prioritize your work with the highest profit producing tasks at the top. Because you often simply won’t have time to do everything you want to. And being able to control your own schedule and set your own priorities is one of the biggest satisfactions of being in business for yourself. 

4. Do you have a fairly wide network of friends and business associates, either from your current job and company or from past jobs and companies you’ve worked for? This pool of contacts will be your richest source of new business when you’re starting out.

Chances are your first contracts will come from these sources. If you haven’t built up this network yet, start collecting business cards and going through old documents and try to assemble your network. Use contact manager software such as Microsoft Outlook or ACT! or a similar program – before you make the move to keep track of their information. 

5. Do you have good communication skills? Do you like writing letters, memos and possibly short articles? Do you enjoy talking to people on the phone and meeting them face-to-face?

To market yourself and your business in the very beginning, you’re going to have to put yourself “out there.” You’re going to have to call people on the phone, write letters of introduction, follow up with phone calls and yes, possibly even make a few cold calls as well. That’s essential until your business is up and running and you’re getting most of your new business from referrals from satisfied clients – which should take about six months to a year.

If you’re painfully shy or absolutely hate writing anything longer than a shopping list, you’re going to have a harder time getting established.

So there you have it. Five key attributes for success in a professional service business: a marketable skill, a hungry market for your skills, a self-starter’s attitude, network of initial contacts, and a comfort level with interpersonal communication.

If you’ve got all five… then maybe you ARE ready take the leap and start the business you’ve been dreaming about.

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