Being your own boss can be rewarding and offer a measure of flexibility and control of your working life. It also requires careful planning, strong self-discipline and a willingness to take on risks and challenges. Want to work for yourself? Here’s a guide.

1. Identify Your Skills and Interests

   You couldn't successfully go into business as a freelance plumber if you have no experience or skills at plumbing. Identify what you’re good at and what you have a passion for. This will help narrow down the possibilities of what type of business or freelance work that would best fit you.

2. Research the Market

   Once you have an idea of what you want to do, research the market for your services. Look at demand, target audience, competition and pricing. For example, you shouldn’t open a food truck without first knowing if there are already more food trucks in your area than there is a demand for. Understanding the market will help you develop a strategy to stand out and succeed.

3. Create a Business Plan

   A failure to plan is a plan for failure. Develop a complete business plan that outlines your goals, target audience, marketing strategy, financial needs and projections and operational details. A well-made plan is crucial for success.

4. Build Your Brand

   Your brand is how you present your business to the world. Create a professional website, design a logo and develop a consistent brand voice. Use social media, video, a presence at community events and other media channels to promote your business and connect with potential customers.

5. Manage Your Finances

   Effective financial management is key for self-employment. If your financial picture is a disorganized mess, you won’t know where money is coming or going. Make a budget. Keep track of your income and expenses, set aside money for taxes and consider using accounting software to manage it all.

Want to learn more about self-employment or running a business? Cadence has resources and tools to help. Visit our Resources Center to read helpful e-books, Insights articles and get tips, tools and calculators to help you grow your business knowledge. We are Helping Opportunity Take Shape.

Sources:
https://www.kiplinger.com/business/business-ideas/what-to-know-about-working-for-yourself
https://ca.indeed.com/career-advice/career-development/how-to-be-your-own-boss
https://www.sba.gov/business-guide/10-steps-start-your-business

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