It is insufficient to have the right business idea, resign from the current job and hope that money will keep rolling in. In addition to hard work, thorough market research and a viable business plan, all self employed must posses certain general skills and personal qualities in order to succeed.
Determination and Tenacity as Prerequisites of a New Business Startup
Talking about starting a home-based business is one thing, actually doing it is another. It’s a life-changing event so commitment to the venture is vital, as is the determination to follow things through. It may not work out at first but it is important to carry on and persevere, and to grasp every opportunity however small. Without this dedication, many are set to fail.
Realistically, beginnings are always difficult and there are times when success may seem out of reach. Problems mount up, the equipment may fail. Lack of funds, lack of customers, non-payment by customers – all are disappointments that mustn’t be dwelt upon. Instead, they need to be overcome swiftly and cost-efficiently.
Willingness to Learn and to Take Risks When Self Employed
The only way to deal with the setbacks above is to learn from them. Has the bank refused funding because the business plan wasn’t up to scratch? Has the startup targeted the right market? Have they checked the customers’ credit status?
Nothing ventured, nothing gained but any risks taken need to be calculated risks. The self employed have no security of someone else making the decisions. Most decisions impact on expenditure and future income so it can get stressful. When appropriate, processional accounting, tax or marketing advice should be sought to mitigate the risks.
Ability to Cope with Stress and Stay Healthy When Working From Home
The long hours, the pressure of the decision-making process, the disruption to family life, and the financial insecurity that comes with every new business startup – these will all take their toll. It is important to be able to deal with stress, to diffuse tense situations and to stay calm. For some, the adrenaline that comes with every new challenge is a boost to achieve more.
A healthy diet and exercise help relieve stress and help avoid burnout. For the self employed, there is no income in times of sickness. When there is no service, customers will go elsewhere.
It must be remembered that those who are self employed and working from home are still subject to health and safety regulations. This useful Questionnaire: Health & Safety Rules for the Home Worker can help check the understanding of the health & safety rules for a business run from home.
Self Discipline a Must for the Self Employed
The self employed do not have a boss to watch over them and to take care of the rest of the new business venture. They will have to meet all the obligations of running a business: to customers, suppliers, the tax authorities and, possibly further along the line, to employees. Organisational skills need to be honed to perfection to bring all these business strands together.
Ability to Compartmentalise When Making Money at Home
When self employed, and especially when working from home, it is essential to separate work and time off. Although the self employed are able to work when convenient, it is crucial that some working regime, or routine, is set. This enables individuals to concentrate solely on work when scheduled and ensures the highest possible productivity.
It is equally important that work does not spill into the time off, to maintain good health and stamina and to ensure that the family life is disrupted only when unavoidable.
Be Customer Minded in Every New Business Venture
Above all, the focus must be on the customer as they are key to success. It is not necessary to like people but customers’ requirements and needs must always come first. They need to get exactly what they want and must be dealt with professionally. High level of service is expected at all times and usually results in recommendations to others so the business grows. Bad service means the customers go elsewhere.
If they want to be successful in making money at home, every entrepreneur must posses all the above general skills and qualities, irrespective of the product or service at the core of their business.