What are the first steps to self-employment?

Start by thinking about what you're good at and like to do. Come up with an idea for a business that fits with your skills. Make a simple plan for how your business will work. Decide how you want your business to be, like if you're the only owner or part of a company. Open a separate bank account for your business and learn about taxes. Create a name and logo for your business and tell people about it. Connect with others in your field and find ways to get customers. Make sure you have clear agreements with customers and set up a place to work. Stay organized, manage your time well, and keep learning. Starting small and being ready to change things will help you do well on your own.

I vividly remember the early days of my self-employment journey. Leaving the comfort of a stable job was daunting, but I knew I had a passion. The first steps were all about self-discovery. I delved into my interests, identified my strengths, and honed my skills. Crafting a business plan helped me set clear goals and outline a path forward. I also faced the challenge of building my client base and online presence. Networking events, social media, and a personal website became invaluable tools. Along the way, I learned that self-employment is a dynamic road. It demands resilience, adaptability, and a strong work ethic. There were ups and downs, but each challenge brought growth and set the stage for a fulfilling self-employment journey.

Not everyone is cut out for self-employment, which can sometimes be branded as part-time unemployment. Some are innately born with the gift of risk-taking, while others take a much more calculated approach. Both have their pros and cons. To prepare yourself, understand the risks involved. Know that 90% of startups fail, and to get into that 10%, there are a number of factors to consider: 1. Does your current network provide a launching pad for your idea? 2. Have you spent enough time on market validation and market fit for your product or service? 3. Are you financially and mentally prepared for your project to fail, and do you have a strategy to pivot if necessary? 4. Are you committed to working harder than you ever have?

Many people I know rush into this because they got laid off. The truth is, you have to give it time. When you're ready, you're ready. Once you go for it, this is going to be not one of those easy journeys, it HAS to be difficult. But the rewards are countless.

Well your passion and dedication boost you with the skills you have and what's the best possible way to get it into action, your plans and mostly your vision is the best thing that you can ever move forward with, your networking and the relevant knowledge plays a crucial role always.

In my view, becoming self-employed should begin with identifying your unique value proposition before assessing the market and your idea. To do this, start by asking, "What do I bring to the table?" Your response could include your skills, network, capital, or any other assets that contribute to the success of the initiative you're launching. This foundational understanding of your personal strengths forms the basis for a solid entrepreneurial venture.

Crafting a compelling value proposition is at the heart of your entrepreneurial venture. It articulates the unique problem you solve, how you address it, and what sets you apart from competitors. Identifying your target market, understanding their needs, and outlining the benefits of your solution are pivotal. Conduct thorough market research, engage in customer validation, and analyze your competition to shape and refine your value proposition. Remember, it's a process of continuous evolution based on feedback and market trends.

Carve your niche by defining a killer value proposition. What unique problem are you solving? How are you outshining competitors? Conduct - market research, - understand your audience - refine your offer Stand out in the crowd – because being just another player isn’t an option! My strong believe is, getting those things right with a killer customer experience(OnBoarding, Delivery, Retention) will make you easily to a thought leader in your field.

If youre still looking to be an entrepreneur you need to figure out what your busines is going to do. In its shortest context: 1) Figure out the exact problem you want to solve 2) Talk to potential customers FIRST as to if they would use a product youre making to solve that pain point 3) Build the most simple app/software/product that solves this pain. Use no code solutions or zapps if youre not technical enough to code yourself 4) Get users on asap & get feedback to improve 5) If you can get 40-50 paying customers, double down and you have a business!!!

Be specific. You want people to get what it is that you do, so that they can talk about you to other people. If you cant explain this specifically, within 60 seconds, there will be less confidence for a customer to buy from you. Have a defined purpose in what you do. If you're doing this to make millions first and foremost - it will show.

Taking on the entrepreneurial journey often brings a multiple ideas, leading to simultaneous pursuits that can overwhelm and distract the entrepreneur. To maintain focus on what truly matters, I suggest employing strategic tools such as the Business Model Canvas (BMC) or adopting a design thinking approach. These frameworks help streamline and organize your ideas, aligning them with the mission and vision of your project.

Selecting an appropriate business model is a critical step in the journey to self-employment. This model should clearly define how you will generate revenue, including aspects like revenue streams, cost structure, pricing strategy, and profit margins. Various models exist, from product-based to service-oriented, subscriptions to commissions, and beyond. The chosen model should align with your personal goals, skills, resources, and market needs while considering legal, tax, and regulatory factors.

Ask yourself 4 questions: The question of Value? The question of Rarity? The question of inimitability? The question of organisation/operation? Who is your client and what do they want? What are the key value drivers for them and is this linked to your definite purpose?

Developing a comprehensive business plan is vital in laying a solid foundation for your business. This document should encapsulate your vision, mission, goals, strategies, and actionable steps. It's a tool for communicating your business idea to potential partners and investors, as well as a roadmap for tracking progress and making necessary adjustments. A well-crafted business plan includes an executive summary, market analysis, value proposition, business model, marketing and operational plans, financial projections, and a risk assessment.

An example; If you want investment (or just reassurance that 'it' will succeed) you should demonstrate predictability of future cash-flows. (Value) Ideally linked to your definite purpose and customer value. Show how this is needed and never been done before, better still how only you can deliver 'it', the problem 'it' solves (Rare) IP/Trademarks (inimitable) Tech-enabled in some way (Operations/Organisation)

Setting up your business involves several practical steps. This includes registering your business name and entity, securing necessary licenses and permits, opening a business bank account, and establishing your accounting system. Protecting your intellectual property is also key. Establishing your brand identity, crafting a professional logo and website, and preparing marketing materials are also crucial steps. Depending on your business model, you may also need to secure a location, hire staff, or invest in equipment and supplies.

This is actually the easy part - take advice however on the structure of your business (ltd company, holding company structure etc) Talk with accountant and lawyers ideally before the set-up and choosing of bank accounts etc.

Launch time is showtime! Plan a strategy that makes a splash. Use social media, blogs, and networking to spread the word (reddit, twitter, facebook groups are great places to connect). Your launch is just the beginning – gather feedback, adapt, and keep soaring. Try to get your first 5 customers, capture testimonials and refine your offer, repeat.

This is show time and how you do it will have a long lasting impact on your business. Therefore, between setting your business and launching, it is important that you have done some pilot projects, tests, trials already and received feedback about whether you have been able to resolve the pain points.

Launching your business is a pivotal moment, marking the transition from planning to action. Plan your launch strategy with attention to goals, budget, timeline, and target audience. Utilize diverse promotion channels like social media, email, blogs, podcasts, events, and referrals to maximize reach. Post-launch, it’s essential to monitor performance, gather feedback, and continuously optimize your offerings and processes for better market alignment and success.

Starting a business isn't for the faint-hearted—it's the art of eating glass and staring into the abyss of death, as Elon Musk once put it. Here are 5 steps I had followed to start my business 1. Ditched the 9-to-5 shackles and hustled hard; 2. Our idea doesn't need a Silicon Valley address to bloom. Start with a killer business model that solves real problems, not just fancy disruptions. 3. Cut costs—our garage can be our first office. 4. Network like our life depends on it because, well, it does. 5. And finally remember, taxes and regulations are like in-laws; make peace with them early. Ready to be your own boss? Dive into the grind!

The steps listed above provide a formal concrete roadmap of a startup. But for a very practical, down to earth solution nothing beats creating a quick prototype and offering to someone whom you believe represents your target market. Do this quickly and repeatedly before you invest tons of time, energy, and brain power in what is most likely going to miss the consumer mark in some important ways. Ideate. Create simply. Test. Refine. Rinse and repeat.

The most important aspect is you passion your readiness and willingness, you amazing thing your value proposition plus what's your strengths will build resilience, innovation and good networking help you the most, the type of your business plan your budgets and the way of management and the strategical thoughtful approach.