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Is Now The Time To Work For Yourself? Points To Consider

Many people appreciate the idea of working for themselves, but doing so in practice isn’t quite as easy. The reason why most people will be happy to work for a company or employer is because there’s stability in it.

To begin with, an enterprise with many people working for it is more likely to have higher productivity and ambitions, which can lead to market consolidation. Moreover, if everyone wanted to work for themselves and never another, there would hardly be a worthwhile marketplace to speak of. Some tasks need a collective of people organized to work towards the same goal.

But what if you’ve gone through that process for many years, and now you believe you have the chance to make a positive difference worth engaging with? That sounds like a wonderful starting point, but of course, just having the feeling is pointless if we do nothing with it. But jumping away from stability into a risky experience isn’t exactly easy, especially when you have people relying on you at home.

So, is now the time to work for yourself? Let’s consider some qualifiers you might have before making that decision:

Consider Financial Stability

Of course, idealism doesn’t pay the bills, and so it’s important to be very clear about your chance of sustaining yourself as you head out alone. Perhaps you have some savings, the chance for a business loan, a loan from an old professional acquaintance who wants to invest in you, and you know your main costs will come from product design and prototype manufacturing. As long as you can cost it all out and use a third-party account that approves of your approach, you’ll have a better chance of sustaining yourself. Note that you still need funding, no matter if you’re hoping to launch the new SpaceX or learn how to start a nonprofit.

Call On Networked Contacts

Now can be the best time to call on any professional network, contact, favor, or familiarity you’ve built over your career. This might convince someone to wait for you for a couple of weeks, to open up an industry connection or meeting, or to provide you access to suppliers and vendors that you may need for the best success. Calling on networked contacts isn’t going to make your business an automatic success, but at least you’ll have called on every advantage you have when you most need it.

Prepare for Long Hours and Uncertainty

You should focus on your well-being and your work-life balance. You deserve that. But it’s also important to recognize that a one-person operation, struggling to compete, is going to require a good deal of your time and perhaps other sacrifices. Moreover, becoming comfortable with uncertainty can help you deal with the emotional impact of not knowing who will pull through, if your first event will be a success, and how your market impact will be received. If you can accept those in advance and know what you’re getting into, they can serve as less of a shock, and you’re unlikely to quit at the first or even second hurdle.

With this advice, you’re certain to look more favorably on working for yourself, and perhaps choose now as the time to do it.

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