Taking the first step to setting up your own business can be challenging; three are many emotions to contend with from excitement to self-doubt to fear. The more positive emotions are the obvious lure of flexibility, freedom, achievement, and gratification, but do you really achieve these outcomes by setting up your own business?
If you are “successful” it may provide the opportunity to create a lifestyle that you’re looking for, you will be the master of your own destiny and not beholden to an organisation.
Like everything, your career is a work in progress
We look at both perspectives with the intention of providing a balanced view and something to consider before taking the leap into the unknown.
There is a perceived safety net in working 9 – 5. You collect a consistent income every month. With the employment market continuing to evolve, coupled with the impact of technology and dare we say, a global pandemic, it may be the ideal opportunity to take control of your own career.
Project Management can be the ideal skill set for those wanting to set up their own business. A Project Managers’ capability can be utilised by organisations in a modular way. Over the years, we have worked with countless individuals who thought they were immune to being made redundant, in any environment, but particularly in the current climate. There are no guarantees, so does it make it less risky to strike out on your own.
The ATO says that “The profile of Australian workers is also evolving more generally, with more ‘white-collar’ workers adopting forms of contracting and self-employment in many sectors”.
The evidence is overwhelming that white-collar, high-paid, professionals heavily dominate independent contracting, some of the other defining characteristics tend to be active seekers of information, and above-average income earners, with a high business competency.
The research report by the ATO findings “debunk the popular misconception that workers are forced into setting up their own business due to job loss or lack of alternatives”.
Resilience
Mind your health
Play to your strengths and employ others for theirs
Positioning
Do you have a network?
Build your virtual team, these are some reliable resources that are available
https://asic.gov.au/for-business/registering-a-company/steps-to-register-a-company
Try to find reliable professional services such as a Lawyer, an Accountant, Insurance Broker, and IT Support
There are certainly many positives and negatives to setting up your own business. If you are unsure, you may want to test your ideas with a group of trusted friends, colleagues, and even prospective clients. Setting up your own business is a brave decision, one that could reap significant long-term benefits.
Good luck, no matter what path you undertake!