Should a person be satisfied with earning a wage or salary? Is it advisable to take the steps necessary to lessen reliance on an employer? Having your own full time business, however small – is this the best way forward?
There is no clear cut answer to these questions. Some employees occupy lofty positions and receive such massive remuneration for their services that doing anything other would be unthinkable. Top managers and directors fall into this category but even they must recognise that there are dangers which need to be guarded against.
Over their working years it should be a simple matter to build up monetary and material assets to satisfy their every future need but keeping up appearances can seriously deplete resources and making ill advised investments, often inspired by greed, can, even for these high profile employees, lead to massive debt.
However, given good self management few problems should be insurmountable. If their employment folds, provided they have built up a good reputation in their particular sphere of activity they could well be prime candidates for ‘head hunting’
.
For those employed in more menial capacities the scenario is different and a person should do an in depth appraisal of the position. The remuneration might be adequate but leaves nothing in the kitty for a rainy day. Although there seems to be no immediate clouds on the horizon, now is decision time.
There should be nothing to lose provided you don’t try to run before you can walk. Start your own small business. Don’t think in terms of big immediately. Starting small will give you the greatest chance of success.
Running your own small business is not the same as earning a little extra on the side. Although of modest size it will have to do more than provide for the occasional luxury. It will have to pay the mortgage; pay the utilities; put food on the family table and many things more.
So are you up to it? You will no longer have a team around you to share responsibilities. In isolation you will have to formulate policy and decide how the proverbial ‘pot holed’ business road will be navigated.
Be quite sure about this. Have you the desire to run your own small business and are you prepared after finishing your day’s paid work to dispense with the pub or TV and put time into building it up?
Here are a few points that are worth consideration before finally committing to a different future.
If you liked your salaried job and knew it inside out, can you base a small business on it?
If you intend to base it on something which is relatively new to you, be prepared to conduct in depth research. Find out everything possible that you can from whatever sources you can identify. Leave no stone unturned!
Will your dependants be supportive and could any of them play an active part in the business such as keeping the books up to date and other secretarial work?
Will it be mainly an online or offline business? In any case since 85% of prospective customers search for their requirements on the internet, your advertising campaigns should be based on getting a high ranking on the search engines.
It is very important to have small business liability insurance. An accident can lead to legal action which may not only destroy the business but leave you with massive debt!
A detailed business plan is absolutely necessary. Without one you will stand no chance of getting investment and funding should you ever need it.
Whatever the small business you adopt try to have a unique selling point to keep ahead of the competition. Be progressive and never rest on your laurels. Social and political change can impact greatly on fashion and businesses have to reflect this.
A business cannot be built by turning work away so look to training up helpers who can service contracts while you are still doing your day job. Pay them well and just take a minimum percentage to cover your costs.
And finally; look ahead. Your small business can grow into a mammoth. Having laid down your mark you have the springboard to accumulate great wealth. Go for it! Set the wheels in motion today and look ahead with relish to when you can dispense with that old day job and put all your effort into making real money.