When facing a career transition, one option that receives little encouragement or support is “Self-Employment“. One reason may be that many small businesses fail within the first year. However, a common reason for this is that the individual entrepreneur does not receive all the knowledge and information on how to develop and maintain a success business. In addition, most banks say that a new owner should have at least one year’s salary on hand when starting a business. However, I believe one should have 2-3 years salary when starting a business.
A big misunderstanding about being self-employed is that you can set your own hours and only work when you choose. However, in order to build a successful business, it will require a lot of hard work and good organizational skills. Therefore, a business owner needs to invest a LOT of time to learn specific leadership and management tasks.
Another important and possibly a higher priority is for the owner to have as priorities to 1) clarify the purpose of the business, 2) to define the Mission Statement to help the workforce to understand the benefits of this organization, and 3) to create a strategical business plan in order to relay what each employee is to do.
In order to start a business on solid ground, an entrepreneur needs to locate an experienced, insightful business attorney to make sure the company has all “t’s” crossed and “i’s” dotted. Secondly is the need of a detail-oriented and comprehensive CPA in order to efficiently manage the business’ finances.
Other areas that a business owner needs to manage carefully include a) how to “market” effectively, b) what “technology and equipment” is needed in order to run the business in an advanced manner, as well as c) which “financial institution” can provide professional services with the least overhead. Of course, businesses also need d) dependable insurance policies.
A prospective business owner should be as knowledgeable as possible about these different areas, but what is key is to locate trustworthy and knowledgeable as possible experts in these different areas. Compass Career Management Solutions provides a “Self-Employment Workshop“, which is about 3.5-4 hours in length and brings together experts in these fields, allowing attendees to receive key information and allow for questions.
Our next “Self-Employment Workshop” is scheduled for Monday, October 30, 2017 from 9 a.m. – 11:30 a.m. in our office building at 8509 Crown Crescent Court, Charlotte 28227. Cost is $50/person. Call 704-849-2500 or email firstname.lastname@example.org TODAY!