Imagine waking up every day and working on projects that challenge, inspire, and fulfill you.
It’s something you’ve envisioned for a long time—the dream of creating a life you love based on doing work that you can truly take ownership of.
You know that to get there, you need to be self employed. The prospect of this is both thrilling and terrifying—so much so that taking those first steps feels like an insurmountable challenge.
However, you’ve decided that you’re ready to rise to that challenge; you just need a road map. We’ve created a free checklist to help you navigate through the process of self employment.
Self employment is as simple as delivering a product or service to customers in exchange for financial payment. Before you commit to selling a product or service, however, you’ll want to think about whether owning and running a business is the best fit for you. It’s a good idea to create a business plan, understand your financial risks, and consider whether your product or service has what it takes to become a profitable business.
Our free Self Employment Checklist can be downloaded and completed at your own pace and is appropriate for all types of business ventures. Do you know you want to be self employed, but are unsure of what you want to do? Don’t worry—we’ve got you covered.
You can read our instructions for how to become self employed below, or you can download the accompanying checklist, print it out, and work through completing each step.
If you’re planning on becoming self employed, it’s important to spend some time critically evaluating your own abilities.
The road to entrepreneurship isn’t for the faint of heart; before you embark on this path, take a moment to determine what your strengths and weaknesses are, and what areas in your life may make the process of self employment more challenging.
Once you’ve decided that you have what it takes to be self employed, it’s time to answer the most important question: What do you want to do?
This part may be easy—you might already have an idea in mind. If not, spend this stage brainstorming and developing a great business idea.
To be successfully self employed, you need a business idea that actually works.
You need to ensure that you’ve come up with a product or service that people genuinely want, that you’ve evaluated the market you are entering, and that you have a clear idea of who your target customer is.
Now, it’s time to determine how you plan to divide your time. Are you ready to make the switch right away, and quit your job to pursue full-time self employment? Or, would you prefer to make the switch gradually?
It’s time to dive deep into your finances, see where you stand, and determine the amount you’ll need to pursue your new business. Make sure you have enough of a cushion for both your personal expenses and your startup costs.
No matter what path you take to self employment, you’ll need to do some planning. According to a study that tracked 1,000 would-be entrepreneurs over a six-year period, writing a business plan makes your startup more likely to succeed.
Now is the time to flesh out the plan for your new business venture. That being said, you may not need a formal business plan, so spend some time evaluating your needs first.
Perhaps one of the most fun parts of starting a business is picking your business name. Besides being a fun exercise, the name of your business can have also big impact on how it may be perceived by potential investors.
According to the peer-reviewed academic journal, Venture Capital, startup names that are unique and easy to pronounce are preferred, especially by early-stage investors. Make sure it’s a name you can live with and feel comfortable telling people about (and saying out loud!).
To successfully transition to being self employed, you will need to dot some i’s and cross some t’s. Take this stage to get a sense of the legal requirements you’ll need to sort out.
Before you officially start offering your products or services to the public, make sure that you have your business finances in order. This will entail figuring out if you plan on hiring outside help (such as a bookkeeper or accountant), or taking the DIY route, and setting up a small business bank account.
What kind of space does your new business venture require? You may be working out of your own home, or you may need to look into finding retail or office space. Either way, now is the time to sort this out.
You’re nearly there—now it’s time to set up your web presence and brand your business. Spend some time setting up a professional website, choosing which social media channels to focus on, and creating a brand for yourself or your new business.
You’ve successfully made the switch—you’re now self employed, and it’s time to spread the word. Now, it’s important to create a marketing strategy, and network with others in your industry.