Many Canadians dream of starting their own businesses, and entrepreneurship can be hugely rewarding. Being your own boss, setting your own hours and personal fulfilment are all benefits of self-employment. But there’s also a lot to consider beyond the day-to-day of the business itself. If you’re thinking about starting your own business, here are some important considerations:
Ask yourself if entrepreneurship is for you. The reality of self-employment is that it can be more than a 40-hour work week. Starting your own business takes drive, dedication and an idea that you’re passionate about enough to see to fruition. It can be a rewarding path to take, but one that requires commitment. Don’t take the step lightly—it can be a major shift in lifestyle, so take some time to consider if it feels right to you.
Build up your financial literacy. Being your own boss means handling a lot more financially than being an employee, including business expenses, payroll and taxes. Everyone has different levels of knowledge and comfort when it comes to managing money, and there’s always something we can learn. Consider taking a financial literacy course for self-employment. Some organizations, like ABC Life Literacy Canada, offer free programs and resources. They can help you brush up on your financial skills as well as learn new ones that can help when managing your new business.
Be prepared to network. No entrepreneur is an island. Your business will be a part of your community, as well as the community of businesses in your area. You have to be prepared to represent your business during interactions and events in your community. It can help you build valuable contacts and relationships, while helping others better understand your business.
Striking out on your own can be daunting, but with the right preparation, you can be well-positioned to enjoy the rewards that come with independence and the pride that comes with building something yourself. You can learn more about building your skills and knowledge related to self-employment at abcmoneymatters.ca.
