Starting a small business or self-employment is one way of combining a home-based business and being with family, or another way to avoid the tedious smog, bustling and heavy traffic. It has the potential for lifestyle and financial benefits, but it is hard work bearing in mind that a self-employed or small business owner will now have to oversee the entire business.
This change of career can work provided a potential small business owner has the essential personality traits and skills necessary for the business to succeed, whether it is a home-based business or any other type of small business. It is important that a business owner is flexible in adjusting to change.
What are the Essential Character Traits and Skills that a Potential Self-Employed or Small Business Owners Should Possess?
- Self-starter
- Hard working and resilient
- Excellent time-management
- Able to lead the overall business operations
- Practice project management, from business planning to successful completion
- Superior organizational skills
- Understand the workings of financial model (including profit and loss, cash flow and balance sheets)
- Excellent communicator
- Good networker - being a business start up, it is important that people in your network know what you are up to.
There are other character traits and skills but the above are essentials.
Working from home has been an attractive option for working mothers and/or fathers who want to spend more time with their children. For others, it is perhaps a simple reason to fulfill a dream. When the business is planned properly it is well-worth it. In the case of a home-based business, a readiness test comes handy.
While it is true that becoming one's own boss provides a level of flexibility not found in the traditional full-time employment, it is important for a potential small business owner to decide on the type of business he or she wants to operate.
Small Business Types to Consider
There are three primary options that need to be decided seriously before a small business can be started. A lot of research may be needed. A competent friend can provide some information or a professional business adviser can be consulted which may entail a small fee.
Start your own business. Whether the business is home-based or not, starting a business and be your own boss needs lots of market research and analysis in relation to the business in mind, the potential owner’s skills, character traits, and decision of the type of business to operate. For those not working from home for a reason, sharing office space with like-minded others might be considered.
Buy a franchise. A franchise involves paying fees to a franchisor so goods or services can be sold under an established marketing and advertising strategy, usually considered a business advantage. The downside is that ongoing fees can be more expensive and some existing agreements may create potential problems.
Invest in an existing and established business. Investing in an existing business is a good option provided business records are in place and correctly accounted for. An accountant or a financial consultant specializing in small business should be hired to check the record books before investment is committed.
It is important for a full-time employee who wants to change career to self-employment or small business ownership to do a lot of research, work out his/her skills and personality traits, and decide seriously on the type of business options that is best for a perfect change in career.
Comments