There is no magic pill or bullet to success but here are some tips for self-employment.
Doing well in business is a combination of a bit of luck, being in the right place at the right time, with the right product. Business success is also unbelievably hard work, more than you realise. You also need highly trained and qualified business advisers to ensure you have the correct structures and insurance in place to avoid getting into hot water, as well as a network of support and service providers to turn to if things go pear shaped. It also helps if your product or service is in a niche or unsurpassed in quality.
IRL top tips for self-employment success:
- Set your S.M.A.R.T. (specific, measurable, agreed upon, realistic, time-based) goals
- Be unique – find a profitable niche
- Do not compete on price (there will always be someone cheaper – don’t engage in a race to the bottom)
- Identify your target market – who can afford your prices, who would benefit from your knowledge
- If you are registering a business name also check that the business name you want name isn’t trademarked in your class. Registering a business name doesn’t mean you own the trademark and ASIC doesn’t check for trademarks. Use this site to check: Atmos IP Australia Trademark Search
- Have strong examples of previous work/testimonials/portfolio
- Learn to pitch yourself on social media without sounding like SPAM
- Don’t buy a fancy/expensive car or commit to a lease, unless you can absolutely afford it or need to look super successful (as in real estate or financial advising
- Don’t employ permanent staff initially. Virtual PA’s are great for overflow administration
- Have a strong, purposeful website with a direction and series of paths the visitor can go down, ending on requesting a proposal or signing up for a product or service. Some would call this a sales funnel
- Try to keep balance in your life. If you get inspired and stay up late, give yourself a morning off to chill out and smell the roses
- Get up and get ready the way you would for any other job, as it gets you into a professional head space
- Make sure you spend your money on the right things. Don’t scrimp on you logo and branding. This is the cornerstone of your business empire. Get a true professional in for this. A weak logo/colours/website that looks cookie cutter will undermine your marketing at every turn
- Exercise regularly for physical and metal health
- Socialise regularly – don’t lose track of your friends, you will need them for support and entertainment
- Get the experts in for the tasks you aren’t good as (tax/marketing/social media/web design) but don’t get talked into more than you need
- Enjoy what you do! If you love your job and follow these top tips for self-employment, you will work harder and smarter and will have fun.