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Freelance: Stepping Stones to Self-Employment

Written by: James Dewar
Published on: Sep 28, 2017

Photo credit: Thinkstock

Many human beings need the certainties and benefits of stable employment, while others pursue the excitement and potential profit margins of the successful entrepreneur. The world is waiting for the next great idea, or valuable service, or essential widget. If you have a great idea or ingenious new service to offer, what do you need to know, and become, before you leap off the bow of the corporate supertanker and into the churning waters of self-employment? 

We’ll assume for this discussion that you won’t need to build a factory or convince investors to pour millions of dollars into your project. Financial considerations are very important, but what you will need the most are the three key attributes of the successful entrepreneur: vision, courage and stamina. 

Vision means more than believing in your idea. Your dedication to the plan also requires researching every aspect of it. Does anyone already provide the service you want to offer? If they do, how tight a hold do they have on the market and why? What makes you think you can do a better job or make a bigger profit?  

Another key component of your idea is dissecting as many steps of the process as possible and identifying where the costs are fixed, or difficult to affect, and where they are malleable. It’s impossible to thrive in a capitalistic system alone. Who are the suppliers and the buyers? Even more importantly, how do they decide when and how to engage with mutual partners in the system?  

Courage is essential. It’s important in the early days if you’re still working at your day job and testing the marketplace with your new business idea on weekends and weeknights. It’s an eye-opening experience discovering the essential aspects and adjusting your plans to accommodate time-consuming necessities. It takes courage to stay focused. Some days it will take enormous courage to turn down a lucrative opportunity because it contradicts your vision for your business.  

Stamina means getting out of bed after very little sleep, hitting the ground running and staying focussed and positive every day. Nothing will come easily, and if it does, it’s time to double check the contract or revisit profit margins. The markets can change due to serious world events or changes in taxation. You need to stay healthy and self-educated. All of these factors can impact your success. Focus on what you excel at, and hire others to do specialized work or jobs you dislike – i.e., hire an accountant or a good salesperson rather than doing an inadequate job at these things yourself. Retain stamina by delegating. Save your energy for what you do that makes you irreplaceable.  

These three essential attributes will drive your business forward. Without them, there is no future. It’s your vision, your courage, your stamina, your business. If you don’t have all three of these when you’re contemplating that big leap over the side, stay on board. A paycheque is still a wonderful thing.