Are you right for self-employment?

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Part of our range of guidance and support for fundraisers who are currently unemployed or in need of redundancy support.

The idea of having your own business may be appealing to many, but self-employment is not for everyone. It demands hard work and 100% commitment from you.

One of your first steps is to weigh up the pros and cons of self-employment to determine if running your own business is what you’re really looking for.

The Pros:

The Cons:

Once you’ve weighed up the pros and cons and decided running your own business feels right for you, determine if you are right for self-employment. According to research, certain qualities are regularly found in individuals most successful in business. 

The Qualities:

Successfully running your own business demands full commitment from you. Expect to work longer hours and spend less time with family and friends and in recreational pursuits, especially in the early stages.

There will be no-one to push you; YOU need to have the drive to work on your own and make things happen. It’s up to you to make contacts, make the decisions and develop the business. You will also need the strength to push on and persevere when the business struggles.

If you and the business are to be taken seriously, you need to have belief in yourself and what your business has to offer and you need the ability to convince others to believe too.

You will often be working on many projects at once, having to complete many tasks from business decisions to filing paperwork, whilst coping with frequent interruptions.

To remain ahead of the competition, you’ll need to continually develop your skills and knowledge. You’ll need to be proactive about research and knowing your industry inside out.

Businesses need to build networks and develop relationships for long-term success. You need the ability to meet new people, make contacts, build rapport and sustain relationships, and never burn any bridges.

Running your own business is a huge commitment, but it can also be one of the most rewarding ways to work. Before you leap, make sure it's the right direction for and that you are the right person to take it on.

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