Factors to consider before trying to be self employed

cherry123

Very Familiar
Member
Sep 5, 2022
23,387
2,474
RIF Cash
$0.501
it is good to be self employed but this comes with its challenges. You need to think about this before going ahead. So consider the factors of

Doing it yourself challenge. You do a lot of things yourself especially when it comes to decision making

You would bear all the losses without a good safety net

You only get the income you have worked for, no extras from anywhere

Add yours
 

Heatman

Team Lead
Moderator
Member
Jun 14, 2022
5,846
300
RIF Cash
$0.872
Becoming self employed isn't easy but it's worth it in my opinion if you know exactly what you want to get into. It's going to be very difficult at first, but with a good plan you will do well.
 

IB D

Notable
Member
Jan 6, 2023
4,601
181
RIF Cash
$0.003
If you want to follow all this, you won't enter the world of business. Some of us knew all these but we were brave enough to step into murky waters. Entrepreneurship is a calling.
 

Johnson2468

Notable
Member
Dec 23, 2022
2,769
164
RIF Cash
$0.000
Before you are self employed, you need to consider the funds that you have. Can it be enough to run the business? If not how do you get enough fund
 

hastral45

Notable
Member
Sep 16, 2022
3,784
322
RIF Cash
$-4.236
To be self employed entails lots of challenges. Your success on it depends upon your resilient nature and logistic support. It is one thing to conceive the idea of business, and it is another thing to work out as planned or not. Whatever might be the outcome, one just need to be determined and focus.
 

Springtime

Well Known
Member
Dec 22, 2022
5,198
222
RIF Cash
$0.855
Unlike working for a company where you get a stable monthly salary and getting necessary support, being self employed means that you have to work on your own and your income may not be stable before you develop a strong customer base. You have to have sufficient back up fund before trying to be self employed.
 

Chibson

Well Known
Member
Nov 22, 2022
7,078
435
RIF Cash
$0.020
I quite agree with your assertion. You need to make some certain decisions yourself before getting started. You also need to try as much as possible to overcome your fears.
 

Niyi Briggs

Well Known
Member
Nov 27, 2022
6,843
310
RIF Cash
$0.001
Before you even think of veing self employed, you need to consider if you have the means to take care of yourself during the period that the business would be trying to find its footing.
 

Chibson

Well Known
Member
Nov 22, 2022
7,078
435
RIF Cash
$0.020
The level of your capital is one of the major things you need to consider before trying to start your own business. If you have enough capital it will be easier for you.
 

eldavis

Very Familiar
Member
Sep 4, 2022
11,081
537
RIF Cash
$0.081
Another thing you should think about before starting up your business is the fact that you are in charge of all the decisions and when there is no sales, it means there would be no money as well.
 

Chibson

Well Known
Member
Nov 22, 2022
7,078
435
RIF Cash
$0.020
Well, as a business person if there is no sales then there is no money for you. That is why you must implement every possible strategy to enhance your sales.
 

eldavis

Very Familiar
Member
Sep 4, 2022
11,081
537
RIF Cash
$0.081
Well, as a business person if there is no sales then there is no money for you. That is why you must implement every possible strategy to enhance your sales.
That's a good one, unlike when you are working under someone, even when there is no sales, you would still get paid by month end, but when running your business, it totally depends on how much sales you make.
 

Stardom22

Well Known
Member
Sep 1, 2022
8,629
517
RIF Cash
$4.004
I think becoming a self employed in this trying times I'd like a suicide according to me. For a newbie in the self employment life can really be very hard for them. Unfair competitions and other business rivalries have ditched the business to be very unprofitable.
 

Heatman

Team Lead
Moderator
Member
Jun 14, 2022
5,846
300
RIF Cash
$0.872
If you want to follow all this, you won't enter the world of business. Some of us knew all these but we were brave enough to step into murky waters. Entrepreneurship is a calling.

There is no kind of business that someone wants to start which is a physical business that is going to be very easy. You will have to be courageous and determined to see it through.
 

astutimeliana723

Notable
Member
Feb 23, 2023
4,117
541
RIF Cash
$0.484
One of the factors to consider before deciding to become an entrepreneur is to make sure you have sufficient entrepreneurial skills and knowledge, make sure you have financial conditions that support you, make sure you have an idea/concept for the business idea you are going to build, etc.
 

IB D

Notable
Member
Jan 6, 2023
4,601
181
RIF Cash
$0.003
There is no kind of business that someone wants to start which is a physical business that is going to be very easy. You will have to be courageous and determined to see it through.
Business is not a walk in the park whether it is offline or online. If you like, come into business with a bullion van, you would still be stressed. It is for the strong hearted.
 

Etini Willie

Notable
Member
Nov 22, 2022
1,851
81
RIF Cash
$0.009
You have to consider the level of your risk tolerance. This would determine if you are ready to go into business. Also, look at your financial goals to know of businesses is for you.
 

Sophie

Unfamiliar
Member
Apr 28, 2023
413
6
RIF Cash
$0.050
Before being self employed there are a lot of things to consider, first of all you have to have a business idea and most especially you have to have the finance
 

Heatman

Team Lead
Moderator
Member
Jun 14, 2022
5,846
300
RIF Cash
$0.872
Before you even think of veing self employed, you need to consider if you have the means to take care of yourself during the period that the business would be trying to find its footing.
There is always a possibility that you're not going to get enough work to do as a self-employed person which is why you have to make sure that you have different alternatives of making money from.
 
Back
Top