Are you ready to quit the corporate world and simply employ yourself in a business you’ve always wanted to start? Before doing so, here is a checklist that should serve as your guide in self-employment.
Your reasons for being self-employed. Why do you want to be self-employed? Is it because you want to be my own boss? Or is it because you want your work schedule to conform to your other endeavors?
Do some research. What businesses usher in big bucks? Are these merely fads or do they have a strong foundation for staying in the market for a long time? What areas are not yet saturated?
The skills helpful you need for your business. What are your experiences? What positions have you handled in your previous organizations that you can use in your business?
Insurance plans for your business. What kind of insurance should you get? Consider the following insurance plans: employer’s liability insurance, Houston auto insurance, health and accident insurance, premises insurance, public liability insurance, and stock and material insurance.
Financing the business. How will you start up your business? Will you ask funds from your friends, family, or the bank for a loan?
Location. Depending on what type of business you decide to get into and taking into consideration your target market or pool of clientele, can you run the business from home, a market stall, or a fair stall? Will you rent a space in the mall or in any commercial establishment? Be ready to get the necessary permits and instructions from local officials or homeowners associations, see to the physical appearance and conditions of the establishment, and arrive at practical mortgage or lease arrangements.
Decide on the form of business. Will you be a sole trader? Shall you invite people to form a partnership or a limited company? How about a cooperative wherein the business is collectively owned and controlled? Will a franchise work for you?
These are just some factors to consider and questions to answer when starting up your business.