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3 Tips for Considering Self-Employment

by Keith Thompson

There are many reasons people consider self-employment. Some common examples are:

  • I have an idea for a business which doesn’t exist right now
  • I want to be The Boss
  • I have health issues which make it difficult to hold a traditional full time job
  • I want to make more money than I am now while doing the same work

Whatever your reason is for starting a business, there are several pitfalls which, if not avoided, can be very costly and time consuming. Consider these tips:

  1. Do your Market Research before starting your business, when you start your business, and when you are running your business. Knowledge is power. The more you know about the size of the market and the competition, the easier it is to sell to that market.
  2. Recognize that the main purpose of running a business is to make money. This is what distinguishes a business from a hobby. If your business will be seasonal, you’ll need to have a plan to make sure you can weather the lean months.
  3. Every customer has a value with you. Invest your time and energy wisely. Work to gain new customers and referral business but don’t neglect your current customer base. Repeat business is often the easiest to maintain.

To increase success, be sure you have the necessary passion, determination, and the capacity for hard work to run your business. Not sure you have what it takes? Connect with your local Small Business Centre or check out this Self-Assessment tool available through Business Development Bank of Canada: https://www.bdc.ca/en/articles...