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So, you’re thinking of going self-employed. You’ve been looking into a career as a graphic designer or a voice artist, and you think you’re ready to take the plunge. You might even have some of the clients you want to work with lined up, and you’re keen to get started. However, even if you’ve been pursuing your career on the side for a while now, it’s important not to rush in. The benefits of self-employment can be fantastic, but there are also various challenges that you need to be aware of too. If you’re thinking that it might be the time to take the plunge with your new career, here are a few questions to ask yourself.
Do You Have the Cash?
Going self-employed is often challenging at first from a financial perspective. You’ll need to invest in building your presence as a service provider or company, which means spending cash on things like marketing and social media. You could also need to invest in things like products that will help your company to thrive, and you need money for bills until you make a profit. If you’re low on money, look at your budget and search for ways that you can cut costs quickly. For instance, you can look into refinancing your student loans into a new loan from a private lender. There are websites that allow you to enter your details online and get a quick idea of how much you can save through consolidation.
Do You Have a Plan?
Once you know you’re in the right financial position to start pursuing self-employment, you can think about planning. Even if you’re not starting a conventional business where you sell products and services, a business plan can guide you into making the right decisions for the future of your career. This document will help you to figure out how you’re going to market yourself, how much you need to earn, and so on. Your business plan can also come in handy if you ever get to the point where you decide that you want to look into getting investors associated with your company, or applying for a business loan. It’s great to be able to show people that you’ve planned out your future, and you know what you need to do to be successful.
Do You Have the Right Support?
Finally, one of the most important things you can ask yourself before you go self-employed, is whether you have the right support circle around you. Although there isn’t going to be a boss or supervisor responsible for assigning your tasks in this new career, that doesn’t mean that you don’t need anyone’s help. You’re going to need support from family and friends to help you make this transition into a new way of work. It can be difficult to move into a world of self-employment at first, particularly when you’re not always guaranteed a consistent income. Make sure that you have plenty of love and friendship around you when you first get started.
Also read: 3 Common Reasons New Businesses Have Financial Difficulties
