• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
WittySparks Logo White

WittySparks

Ignite Your Thoughts

  • Topics
  • Reviews
  • Newsletter
WittySparks / Business / Going Solo: Musts for Making the Self-Employment Decision
Planning for Self-employment

Going Solo: Musts for Making the Self-Employment Decision

Business July 15, 2015 by Nishitha

You want to start your own business. Admirable! But, there’s a problem: you don’t know everything you need to know in order to get up and running. The regulations, the practical business considerations, the logistics of making money, and distributing your product on a small and large scale or even how to scale up and grow your business.

Here are the factors to consider before making the decision to become self-employed.

The Skill Sets You Need To Succeed

You need to be creative, or at least practical, in business. You need determination, knowledge of your industry, leadership skills, organization skills, and a profound belief in yourself and your business.

Most businesses exist to fill a need and solve a problem. Even when a business moves into the new, untested, territory, it wants to solve a problem of some kind. Not all business owners are serious risk-takers, but there is always an element of risk in starting and running a business.

The Legal Loops You Must Jump Through

You have to be willing to jump through a lot of legal loops and processes to start your company. There’s a lot of information on the Slater and Gordon website about getting your business protected and legal. But, you will also probably need someone in-house that can manage it all – an HR person.

The Money Consideration

You need money to get up and running. Where will that money come from? Most business owners raise money from their families, through personal loans, and with personal savings. If you don’t have access to any money, odds are you’re not going to be able to start a business.

Even home-based businesses, which are inexpensive to set up, require capital. How much capital depends on the operation. For a bakery, for example, you might need over £90,000 to start – just to start. With a home-based operation, maybe you only need a few hundred pounds.

The Entrepreneur vs Business Owner

There’s a dividing line in the business between a business owner and an entrepreneur. Entrepreneurs are risk-takers. They have untested ideas that they need to flesh out and test. They delegate management to experts so that they can focus on creative work and the business will usually run without them being there.

They take a visionary approach and are responsive to new opportunities. They also tend to want to generate buyer interest in their business and take it public.

A business owner exists to solve existing problems. They are also not real risk-takers. They are risk-averse, preferring low-risk decisions that satisfy short-term security. They also manage their employees closely, making it difficult for the business to run without them. They take a traditional approach to run a business and often possess core business skills.

They have little or no intention of selling their business. For them, it’s not about maximizing selling price. It’s about creating a lifetime income for their employees and themselves.

Deciding which route you want to go will determine your future in business. Many people aren’t cut out to be entrepreneurs, but they make excellent business owners.

Bob Slater has held a number of executive positions in a number of key industries. He is always pleased to lend his support and insights to others through a variety of online sources. He has already written articles for a number of business and industry websites.

Related Topics

  • How to Turn Your Expertise Into a Side Hustle
  • 8 Reasons Dropshippers Fail and How to Avoid Them
  • Our honest Thinkific Review: The best online course builder ever?
Previous Post: « Technologically Upped Sleep
Next Post: TP-LINK TL-WR720N 150Mbps Wireless N router – 650% faster network speed »
Profile picture for Nishitha

About Nishitha

Co-founder of WittySparks
WittySparks Staff

I am done with my Physiotherapy Graduation. And I always try to share Health and technology tips with people. Apart from Physiotherapy and being a tech savvy, I do explore more on Technology side and I keep sharing my findings with wider audience.

View all posts by Nishitha

Primary Sidebar

Search

Exclusive Coupons

  • Moqups coupon code: WITTYSPARKS for 20% or PARTNERS50 for 50% discount.
  • WPForms coupon code: WITTYSPARKS for 50% off.
  • Serpstat coupon code: wittysparks_discount for 30% off.
  • SEO Buddy coupon code: WITTYSPARKS for 25% off.
  • Morningscore coupon code: wittysparks for 30% off for 3 months.
  • FlexClip coupon code: WITTYSPARKS for 30% off.
  • Uplead coupon code: “witty” for 30-day free trial.
  • FastestVPN coupon codes: WITTYSPARKS15 or WITTYSPARKS10 or Get up to 93% OFF.
  • Outranking.io coupon code: WITTYSPARKS50 for 50% off.

For more such offers visit our exclusive offers for SEO, Bloggers, Marketers and for Business owners.

Featured Productivity Software

Notion logo
Notion

Whether you’re a solo entrepreneur or a large team, Notion Workspace can help you stay organized and get more done. Get started today and take your productivity to the next level.

Try Notion for FREE

Footer

Affiliate Disclosure

If you make a purchase from WittySparks links, we will receive a small commission. See our Affiliate Disclosure.

Sponsors

Partnered with FreePik to use the licensed images.

turn to dhgate for smartphone

Follow Us

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn
  • Instagram
  • YouTube
  • RSS

Copyright © 2023 · Hosting sponsored by Rocket.net (Affiliate link)

  • About Us
  • Contact Us
  • Privacy Policy
  • LinkedIn
  • Twitter
  • Like
  • Pinterest