HOW TO BE SELF-EMPLOYED AND START YOUR OWN BUSINESS AS A SOLE PROPRIETOR

“All humans are entrepreneurs, not because they should start companies, but because the will to create is encoded in human DNA, and creation is the essence of entrepreneurship.” - Reid Hoffman, co-founder of LinkedIn. The above statement is self-explanatory in the sense that humans have unlocked dormant potential within them. Their studies found that when people are generally under pressure in an uncomfortable and uncertain environment many ideas are birthed for continual survival. Overall, humans have locked in probable ability and endless possibilities to become whatever they want to be.

There are many examples of business owners who own chains of businesses worth millions, own property, and live luxurious lives. They started using their own hands to cultivate the talents that are already inbuilt. On the other hand, circumstances also caused some to become proactive, involving themselves in buying and selling and increasing their level of knowledge to improve their skill set. Above are just some factors and the story behind them in the summary of how some have shifted from being employed to becoming sole traders and entrepreneurs. In this article, we will explore the ways in which one can start a business and be fully responsible for its success and minimize failure.

To be self-employed it’s as easy as starting a house cleaning agency, a laundry service, or even providing exquisite cuisine of meals from the comfort of your home, delivering the food, and expanding branding your catering business. How do you start that business? These are some of the questions that should come to mind and you have to be truthful and answer all before someone else asks you. What are you passionate about or what is your area of expertise? What are the missing and unexplored facets in the present market that can be a strategic move for you? It is of crucial importance to do your research and dig deeper into your niche and your service or product, will it bring a relevant solution? A business owner with a business idea should have short-term and long-term goals in mind which comes back to the fact that the purpose of that idea is indeed within us, and then it reflects outside.

The way some big businesses or famous supermarkets and multinational enterprises are today is because the person behind such success saw it from afar before it came to pass and put their best foot forward behind the scenes. A self-employed business should already have an end goal in mind even if it takes years to complete, and know what you can and cannot do to be realistic in the aims of your business.

The expedient procedure is being inquisitive of the legal process and running of your service or operations, the registration for your business and what it entails if there is a need, and understanding the taxation imposed on the estimated returns. In some countries, it is illegal to run a small business that is not registered or rent property without any contractual legitimate evidence. For instance, some countries that legalized the selling of cannabis like Canada, Colombia, and Ecuador, and some countries like Peru and Portugal regard this product as unauthorized, unlawful, and immoral. A sole proprietorship type of business should be conscious of its surroundings. This is important as you make a sensible decision about the location of where your business will operate, whether there is a need for offices or building from scratch, or working from home.

Furthermore, be ready to be functional and determined to be dynamic in marketing and brand recognition to capture the attention of your focus. Be adamant in your position because as you are self-employed most decisions lie in the palm of your hand, however, do engage with your clients and other business owners, attend seminars, go for training, invest in excess knowledge that will better your product, and package your brand uniquely. Your business is 70 % of your effort and 30% of your customers, the more efficient and effective your service offers the more customers, the more consistency,the more the customer retention rate to your business success.

In conclusion, “The way to get started is to quit talking and begin doing.” - Walt Disney, start and keep going, be motivated and be different, and stand out.