How to Decide if Self-Employment is for You

Believe in Yourself & Your Capabilities

If Serious About Self-Employment, First Learn the Facts

How many businesses fail within the first year in the U.S.? The SBA says 30% of small businesses fail within the first two years in the U.S., 50% fail within the first 5 years, and 66% fail by their 6th year. With thorough planning, research, financing, appropriate professional support, and flexibility, a business can survive and succeed.

Compass Career Management Solutions, who began their business in 1994, did some deep researching, selecting a business with which they had a passion and knowledge, had selected a location where there were good contacts and support, as well as carefully choosing informative experts with high integrity. Bill and Robyn Crigger, President and CEO, respectively, reviewed all tasks to be done as owners, and divided these based on each other’s strengths, experience, and competencies. But as mentioned earlier, there still needs to be a certain amount of flexibility to adjust roles or tasks as needed. There was also complete trust in each other’s judgment.

Self-Employment is not for everyone, which is one reason to gain as much information, insight, and understanding of “business ownership”, and in particular, the specific industry chosen for the business. It is wise to have lots of understanding, experience, or interest in the business in order to manage the workload — especially the first 1-3 years. There are a lot of demands when starting a business. With a good business plan and the selection of appropriate support staff, the business routine can be adjusted to make it more manageable for all concerned.

Compass Career Management has provided a “Self-Employment Workshop” many times over the years. This program is a half-day long forum, where experts in specific areas present basic information instructing what a business owner needs to know and handle or locate an expert to cover the area. At the beginning Bill and I covered most categories, though we did select a competent business attorney, a CPA, and a few other vendors needed for setting up our business and office. Our Workshop gives potential business owners all basic responsibilities and information that one needs to know in order to FIRST confirm that this choice of a career meets the expectations and abilities of the person.

Secondly, registrants for this workshop will learn of some credible experts and resources, who are potential contacts for their own needs. Third, registrants will be given (included in their registration fee) a manual with useful information and resources as they move forward with their plans to become business owners. (If you are looking to gain as much as an edge as possible as a business owner, this workshop should be a big help.)

The purpose of this workshop is to help people make “informed decisions” about whether to become a business owner, therefore, going into this career choice with their eyes “wide open.” In addition, we at Compass Career Management encourage people to use this information wisely in order to start a business to succeed. For more information, go to our website: www.compasscareer.com, or email Robyn Crigger, CEO: rcrigger@compasscareer.com. Our next workshop is currently being arranged.

This entry was posted in Articles, Career Transition, News and tagged , , , , , , , , , , , , , . Bookmark the permalink.