{"id":8713,"date":"2018-07-28T12:58:32","date_gmt":"2018-07-28T16:58:32","guid":{"rendered":"https:\/\/ioadvisory.com\/?p=8713"},"modified":"2019-04-11T09:26:58","modified_gmt":"2019-04-11T13:26:58","slug":"self-employment-reality-check","status":"publish","type":"post","link":"https:\/\/ioadvisory.com\/blog\/self-employment-reality-check\/","title":{"rendered":"Self-Employment: A Reality Check"},"content":{"rendered":"

\"self-employment<\/a>Self-employment is becoming more and more common, as shifts in the economy make some jobs obsolete, and new technology makes self-employment easier than ever before.<\/span><\/p>\n

Who hasn\u2019t had the conversation about their dream business? Whether your dream is to open a fly-fishing shop, a cupcake caf\u00e9, or offer virtual assistant services from a home office, you should spend some time on research and planning before your business goes live. Maybe buying a franchise<\/a> makes more sense for you as an alternative to starting something from scratch.<\/span><\/p>\n

Once you\u2019ve considered some of the important preliminaries — what you want to do and what you\u2019d be good at — it\u2019s important that you take a sober look at your strengths and weaknesses and confirm you\u2019re right for entrepreneurship. I often tell clients, \u201cjust because you can do something doesn\u2019t mean that you should do it.\u201d<\/em><\/span><\/p>\n

It\u2019s important to be realistic about your strengths and weaknesses. When you\u2019re out on your own, your personality traits, strengths and weaknesses will be magnified. You’ll need to find ways to consistently compensate for your weaknesses and make great use of your strengths.\u00a0<\/span>This is something that I always address when working with\u00a0career coaching clients<\/a><\/u>\u00a0who are contemplating a career change of any kind.<\/span><\/p>\n

Are you resourceful and resilient? To be in business, you need to be both. If you have trouble saying no, this is going to cause you real problems when it comes to dealing with customers. If you’re not naturally organized, you can find yourself in real trouble at tax time.<\/span><\/p>\n

\"self-employment<\/a>Are you able to supervise and manage staff? If you find you need help in your business, are you going to be comfortable being in charge of people?\u00a0<\/span>Friends and family may cheer you on or they may tell you that you\u2019re out of your mind to want to leave your secure job. Either way, some strategic advice can help you bounce ideas around in a constructive, objective way.<\/span><\/p>\n

Don\u2019t Rush In<\/strong><\/span><\/h2>\n

Ideally, you\u2019ll have a chance to plan things out and do some thorough research\u00a0while you still have a steady paycheque. If you can, ease into your business and learn as you go, with what\u2019s being called a \u201cside hustle<\/a>\u201d these days.<\/span><\/p>\n

Do your due diligence. Research, research, research. Get out and talk to entrepreneurs. Go to business networking meetings. Find out what it\u2019s really<\/em> like to be your own boss. For example, if you\u2019ve been an employee for some years, you\u2019ve probably never approached a lender to ask for a small business loan. When \u2018Jane Smith\u2019 (a former client) left the federal government to open her own clothing shop, she says she experienced a \u201crude awakening.\u201d<\/span><\/p>\n

For one thing, once she wasn\u2019t a civil servant, the credit union that held her mortgage was a lot less friendly. \u201cOnce I became self-employed, they had very little time for me. I couldn\u2019t get a small business loan or line of credit because my business was too new. I couldn\u2019t even get overdraft for my business account.\u201d<\/span><\/p>\n

\"self-employment<\/a><\/span><\/p>\n

 <\/p>\n

As for the \u201cfreedom\u201d aspect of being your own boss? \u00a0Jane learned the hard way that self-employment shouldn\u2019t be confused with freedom. \u201cI was going to set my own hours and do things my way. It turned out I worked longer hours than I ever did before, and I had more bosses than ever. Your customers become your bosses. I ended up with hundreds of bosses to please.\u201d<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

If you\u2019re curious about whether self-employment is right for you<\/strong> or you\u2019re not sure where to start, I invite you to contact me<\/strong>\u00a0by\u00a0email<\/a><\/u><\/span>, or book a free 15 to 20-minute\u00a0phone<\/a><\/u>\u00a0call. If you prefer messaging via social media, then send me a direct message on\u00a0Twitter,<\/a><\/u>\u00a0Facebook<\/a><\/u>, or\u00a0LinkedIn<\/a><\/u>.<\/span><\/p>\n

 <\/p>\n

More than career coaching,\u00a0it\u2019s career psychology<\/em><\/strong>\u00ae.<\/span><\/p>\n

 <\/p>\n

I\/O Advisory Services<\/a><\/u>\u00a0\u2013 Building Resilient Careers and Organizations.\u2122<\/span><\/p>\n

 <\/p>\n

Easily share this article using any of the social media icons below.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Self-employment is becoming more and more common, as shifts in the economy make some jobs obsolete, and new technology makes self-employment easier than ever before. Everything isn’t for everybody … is self-employment a good option for you? <\/p>\n","protected":false},"author":3,"featured_media":8717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,7,262],"tags":[317,326,128,264,90,263],"class_list":["post-8713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-career-advice","category-entrepreneurship","tag-career-coaching","tag-career-counselling","tag-encore-entrepreneurship","tag-entrepreneurship","tag-franchise","tag-self-employment"],"yoast_head":"\nSelf-Employment: A Reality Check - I\/O Advisory Services Inc.<\/title>\n<meta name=\"description\" content=\"Self-employment is becoming more common as technology and other factors make it easier than ever to join the business world. 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