I was asked to write this by a reader on this site ages ago and have only just got round to it, sorry for the delay.
A lot of people love the idea of working for themselves but don’t end up leaving their 9-5 job. Why is this? Or maybe you want to become self employed but something is holding you back? I am going to list five common reasons people don’t make the leap from employed to self employed and how to overcome those particular reasons.
1) The first reason I believe is the most common reason people fear quitting their job. This reason is lack of confidence. Even if you are brilliant at your job there are aspects of working for yourself that you cannot practice and some naturally more cautious people worry leaving their job would be too bigger risk only for them to find out they can’t lead their employees or anything they haven’t previously done.
The solution? Gain confidence in yourself and accept that you will have to think on your feet. Remember scenarios when you have thought on your feet. Also consider going part time at your job so you can see if you are good at being your own boss.
2) Another thing that stops people working for themselves is money. This may be because they can’t afford to set up their business or they worry about supporting their family before their business makes the money they desire.
The solution? There are so many ways you can get funding. Look at grants, loans anything. If your business venture requires extremely high capital consider setting up other smaller businesses which may grow and make enough money to fund your original idea. Consider the old fashioned way of just working lots of overtime at your regular job. Of all of these five issues you may face this is the easiest to overcome.
3) Circumstances may be another issues that stop you. Perhaps your ready to set up your business then a family members becomes ill, perhaps you become ill. There are things that you can’t control in life so unfortunately you just have to wait and let these things pass.
Solution? Wait until circumstances change.
4) One common issue people face if they want to become self employed is there family situation. There is no doubt if you are single with no children its easier to go into business. Having a family gives you a high level of responsibility. Not only do you need to be able to financially support them you need to spend a lot of time otherwise relationships can be permanently damaged. A lot of people rightly decide not to go into business and work 50+ hours a week so they can spend time with their family.
Solution? Decide where your priorities lie and what you truly want in life, sometimes you can’t have everything and working ridiculously long hours wont help bonds with family members, lack of time spent with children may permanently damage them.
5) The final problem is how much natural ability you have. Some people just aren’t cut out for business, maybe you are too nice and can’t negotiate things to your advantage well enough, or you lack the business skill to spot gaps in the market.
Solution? Find your strengths and go into a partnership with someone with different strengths, this way you will compliment each other.
If there are anymore problems you can think of message me on ideas reaction and I will add them into the next article.
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