Avoiding the pitfalls of Self Employment

Posted by Joe Klein May , 2014

Not a week goes by without someone asking our opinion about whether or not they should give up their full time job and start/ buy a business. The saying goes that if you follow your passion, you can't go wrong. We are here to tell you that passion alone is simply not enough. There is a lot more to a business than turning your hobby into regular cash flow. The most basic component to business success is ensuring that there is a need for your products or services. Simply because YOU like repairing model trains, doesn't necessarily mean that you can turn your hobby into a viable business.

Some people say that starting or buying a business is often nothing more than buying yourself a job. They refer to the fact that often you'll make similar money to that of "employed" people but will work for longer hours. That is sometimes true, but when you are your own boss your income potential is theoretically unlimited. In fact most people who have taken the plunge from full time employment to business ownership will tell you that they would not have it any other way. The freedom and control that comes with self employment more than makes up for the toil and hardship which is inevitable during the start-up phase.

So to answer the question: Yes, business ownership is probably for you provided you have commitment, you possess strong skills in the industry of your operation, have sufficient finance to see you through the first year and have a solid marketing plan. We'd be happy to discuss how we can help you reach your business objectives.