It seems that the trend of making your own work is the preferred option for many of us nowadays. And with good cause, the amount of people heading into self-employment or entrepreneurial endeavors are higher than ever before, and the trend will just continue the more people are becoming more dissatisfied with their jobs, or start to look at what else is out there.
The younger generations see the potential of becoming an entrepreneur more than those aged over 40 because being schooled on the internet has made them realize the potential audience they can grab. There are so many different types of people to market a product to, and there are so many unusual careers available to people that there is no need to try and fit into a box anymore.
And with the options available via technology and the internet, the sky is the limit, and this is why we are more inclined to make our own work rather than work for someone else. And when we begin on this path to starting our own business or venture into entrepreneurship, you will learn a lot. And I mean A LOT. About yourself, but also about how business works.
So many people are skipping their degrees to begin their own companies, without any knowledge about business! This is where people will do the real learning, and this is why running your own company will teach you everything you need to know about the business world…
1. You will learn how to handle money differently to how you handle your own
You will get to the point where you build your company so much that you cannot sustain it by yourself anymore. You will need to outsource to other freelancers to get the odd task done, or you will have to take the plunge and hire a member of staff to work with you.
The first time you hire a member of staff means they will undoubtedly have many queries about that dreaded three-letter word…pay! Their life is in your hands in this respect, and respect is the thing you need to give them in every part of your daily dealings.
You will need to learn the processes of paying employees for their work, whether it is via a PAYE system or it is via PayPal, the importance of paying people when you say you will is a big trust exercise. And when your company is so small that there are only three of you working together, you cannot afford to lose that trust because if they grow dissatisfied with how you run the company, and especially if you defer payments, all you will see is their dust cloud.
And with business expenses and making sure that your staff gets paid when a client hasn’t paid you yet, it is a very common concern. So don’t be that person who doesn’t pay their staff!
2. You will either be liked or hated
This can make or break a person, but it is a necessary evil because you will learn about your managerial style, and as a result, you will learn a lot about how yourself and how you can be perceived.
A part of leading a team is to apply the squeezers from time to time, and motivating them, as well as being their leader, friend, confidante and problem-solver. You will realize, from making many mistakes, how to put across a leadership style that ticks all the boxes. And once you have spent months trying different styles, from the friendly style to the stern boss, you will hit upon a type that is right for you.
You will also realize that you can’t please everyone! Being comfortable in your own skin is so important to leading a business, that you have no time to worry about how people perceive you. Those little thoughts are just wasted energy, and if left to fester, they will completely unravel you or lead to decision fatigue.
The same goes for meeting clients new and old. The way you conduct yourself in important meetings will have a bearing on a new and lucrative contract. Look at the leaders you admire to get some inspiration on how to dress, how to talk, or how to get across a more confident demeanor. Elon Musk didn’t come out of the gate fully-formed! Nobody did. It’s all about learning how to be the best you.
3. Help is there, even if you think there isn’t
Networking is a powerful skill to learn because as soon as you figure it out, you have years of experience at your disposal. Not from you, but the people who have been there before. Utilizing the well of information is an essential trait to embody.
The old expression of Always Be Closing has been replaced by Always Be Learning, and you should be! The more information you can find from someone that was in your position will stop you avoiding those pitfalls.
Even when it comes to financial help for the self-employed, there are little nuggets like the Uniform Tax Rebate, which reimburses you for uniform use or if you use tools as part of your business. In fact, there is so much help out there for people, it’s just not that well communicated.
You never know what information is there until you have spoken to someone who has been there before you, which is why constant research and keeping your ear to the ground becomes part of your drive to improve the business.
4. It is hard, but it is brilliant
They say you can’t put a price on freedom. But if you look at where you came from, after so many years of not feeling like you’re getting anywhere in life, and you come out the other side, running a business you feel strongly about, and you cannot sleep at night because you’re either so excited or anxious (both will happen), you will realize that what you have done is the greatest journey you will ever take.