Self-employment
Before starting your own business, make sure you're readyPlan the plungeAccording to a recent RBC survey, there are 2.8 million entrepreneurs in Canada -- meaning the dream of being your own boss is alive and well. TERRI WILLIAMS |
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 [ 2007-10-17 ] |
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The same survey showed over 3.3 million Canadians want to give up the employee life and become their own bosses.
If you are one of those aspiring entrepreneurs, think hard before taking the plunge.
Operating your own business is a lot of work and is only suitable for certain types of people. Ask yourself these questions:
1. Are you a self-starter? Successful business owners don't wait around for the phone to ring. There won't be anyone looking over your shoulder, so you have to put yourself on a tight rein.
2. Are you disciplined and organized? As an entrepreneur you will still have deadlines and demanding clients. Missing a deadline could mean losing a client.
3. Do you have a positive attitude? Staying positive is crucial since you'll have to ride lots of ups and downs while running your business. In fact nearly half of the would-be entrepreneurs in the RBC survey said they didn't expect to break even for at least one to three years.
4. Can you get along with all types of people? If you are the chief cook and bottle washer, you are the point person for all contact with clients and suppliers -- all with different temperaments.
5. Are you prepared to work long hours, six to seven days a week, including holidays?
6. Can you adjust your lifestyle to survive without a steady income? Living on credit or limited funds is often the only way to survive the first lean years -- before you get out of the red.
While being your own boss certainly has its rewards, consult with your financial adviser before you strike out on your own to ensure that financially you can withstand the pressures often felt by new business owners.
Does your employer subsidize your commute to work?