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LIFESTYLE

Become Successfully Self-Employed

Carole Rehbock
Guest Author
March 2008

Dear Coach Carole,

I have been working in an insurance company for the last 10 years and think I am ready for a change. I like the work; however, I do not like the organizational politics, I think I should be making more money and I have loads of ideas about how things would run better that never seem to get implemented. I have been thinking of going into business for myself and many people tell me I would be great at it. It seems like a big step. What do you advise?

Unsure

Dear Unsure,

Starting you own business can be exciting and wonderful as well as scary and uncertain if you are not prepared with a realistic plan.

Before taking the leap, you should consider the following:

Finances.

Can you afford to end your current employment and be without income for several months? If you have a spouse or significant other, what are his/her expectations of your earnings? What is a realistic amount for you to earn in the first year? What will be your expenses? Make sure to have a well thought-out financial plan and avoid the potential mistake of getting started only to find out a few months that your savings are depleted and need to find full time work again.

Values.

What are your values? What really matters to you? What are the trade-offs you will need to make? Do you value freedom, independence, contribution to others, building relationships, connection, and financial stability? How will being self-employed align with your values?

Marketing.

As you know you need to develop and market your business unless you can hire a professional to work for you. Most self-employed people do not realize the time, skill, and energy it takes to build a business. Think through the important elements of marketing and sales (branding, collateral materials, website, advertising, selling).

Logistics.

Determine where you will be working. What will be the cost of renting space? If you use a home office, make sure you have a quiet space, privacy and all the equipment needed.

There is much to consider as you take the step to becoming self -employed. It is not for everyone. Be honest and objective about the pros and cons of working on your own. I have seen too many people with the illusion that because they are good at what they do, they can launch a business and have it all work magically. Unless you are willing to be a businessperson or hire a business manager, going out on your own may not be the best thing for you.

Take a hard look at your finances, your values, your ability and willingness to market, your organizational skills, your self-motivation and how you like to work before making this important career choice.

Carole Rehbock is the President and Founder of Consulting & Coaching Solutions. You can reach Carole at carole@rehbocksolutions.com or 510- 843-6417.