5 Things You Need to Do to Get Ready for Self-Employment

Being your own boss, setting your own working hours and calling the shots.

Sound alluring?

That’s what it feels like when you are your own boss. If you’ve ever thought about self-employment, then you are on the right path towards achieving these perks.

But what do you need to get yourself prepared for self-employment? 

Let’s look at 5 things that anyone who wants to go self-employed must do.

Choose Your Niche

What will be your area of focus? What unique skills do you possess that can help you in your new business?

If you can answer these questions, narrow down further and get more specific on what you plan to do.

Being specific provides you with a lot of options because you will focus on addressing one area of the market perfectly that trying to do everything.

Importantly, the more specific you get in your business the more you become an authority in the area.

Get Organized Operationally

Operating your own business demands a lot. Actually, if you are new, you may be surprised by the things you have to do to keep the business running.

So, before you leave your job for self-employment, start by getting everything in the operational matrix in place.

Preferably, start by deciding whether you need to register as a sole trader or form a Limited Company. Then proceed by opening a business bank account.

Invest in Systems

If you are in self-employment, you have to stay on top of things at all times. You should know how to price your products and services, how to bill your clients, and how you will track your profits.

Figure out the systems you’ll need to run your business effectively, and experiment with the ones that are promising.

After finding the best, set up the ones you need for inventory management, accounting and human resource tracking.

Plan Financially

The flip side of self-employment is that you’ll never know when your next paycheck will come.

Therefore, anyone who wants to succeed in self-employment must prepare adequately for inevitable times.

For those who want to go self-employed, the destination is not for the faint-hearted.

So, before leaving your job for self-employment, do your math right.

Make Connections and Market your Business

Every business is anchored on connections. With the right product or service, customers will always be willing to buy from you.

Get people from your network to support you along the journey. Make as many connections as possible with potential clients, mentors and other self-employed people.

The more visible you get, the more you’ll attract people to your business.

Think about how you’ll market your business. If you are considering social media marketing, set up your social media platforms and keep them running.

If you want to use content marketing, you should devise a content strategy. Set up the marketing channels that will work for you.

Start experimenting on various channels of marketing, and determine the one that works best for you.

Anita Forrest
About Anita Forrest

Anita Forrest is a Chartered Accountant turned entrepreneur who helps the self-employed gain financial confidence when it comes to running the numbers side of their business and filing tax returns with guides, templates and resources on the Go Self-Employed website.