Have you ever thought of being self-employed?

Have you ever thought of being self-employed?

Because of the state of the economy, many companies have downsized, and many people have lost jobs as a result. It then becomes difficult to find another job. Some start their own businesses which often end up being a waste of time and money if they are ill-suited to that form of financial independence.

Starting up your own business is ideal for some individuals while others find it impossible to adjust to the different lifestyle.

The following hints will help you decide if you really have the mind-set to become successfully self-employed.

l Are you flexible enough? You have to be flexible to suit many types of job descriptions. You will no longer have only one job with clearly defined duties and responsibilities.

And being self-employed, you may suddenly be thrown by some crisis or another, particularly in the start-up phase.

When you are employed full-time, you know what to expect. There is never anything that's predictable when you are running your own business.

l As an employee, you may be used to passing on problems to others, or not being involved in the decision-making process.

But as a business owner, you are the one who will have to make all the crucial decisions.

l You must be a self-motivated initiator. When working for someone else, others tell you what to do. As a small business owner you're on your own.

l You must be able to identify your priorities and go after them. As an employee you get used to doing what you are assigned to do. As an owner you need to be constantly looking for opportunities.