A Myth? Yay or Nay?
Having your own business is something that everyone wants. There are millions of ads on social media promising flexibility and vacations with the family. Don’t get me started on the people who say they have bought their own houses and gone on holiday to exotic places because they earn so much money and don’t know what to do with it. I wonder how much they pay to rent the boats and cars for the ads on social media.
Since I live in the US, I can only speak to the rules associated with having your own business. Don’t get me wrong, and it is nice to have your own business with your hours, especially with parents who need two incomes to survive but cannot afford daycare. The number one rule is to learn from others’ mistakes constantly. Get on youtube and watch videos on how people in your country set up business etc. In the US, the most crucial part is to make sure you keep good books(bookkeeping). As an accountant, the horror stories I hear and see about bookkeeping are not good. Remember, keeping your receipts, and good books will help your tax preparation easy. Also, if you get audited by the IRS, you have all the paperwork to prove you did nothing wrong. If possible, contact a bookkeeper or accountant for just consultation, even if you do your books through watching videos. If you don’t have a budget set aside for marketing/advertising, hold off until you can afford to. There are several ways to do it organically. Once again, watch videos on youtube. The organic way takes a while to take traction but would yield results if done the right way. Don’t forget networking. Join clubs and biz groups.
How To Pick A Niche
I know people say pick something you love to do. Let me tell you a little secret; within five years, you would have started and ended a lot of businesses. Guess what? What you love to do would be one of them. It might be your forever job or one of those that die. The keyword is to educate yourself on what you want to do instead of going in blind and hoping to make it work.
Be an avid learner and keep up with the changing rules in your chosen niche. Being your boss is fun and profitable if you know what to do. Remember, the success or failure of your business depends on you.