All You Need to Know About Making Self-Employment Work

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Many of us have dreams of owning our own business. Considering the fact that doing so often allows owners to make their own hours, pick their own staff, and do what they love, why wouldn’t we dream big? Of American adults, 53 percent have actually considered starting their own business, many of whom consider doing so in order to make more money. Unfortunately, according to Bloomberg, 80 percent of businesses fail in the first 18 months. There is clearly a large discrepancy between those who want to start a business and those who actually succeed at being self-employed. There are several things that will help increase the chance that self-employment will work for you, so check out our list below.

Source: Thinkstock

Source: Thinkstock

1. Come up with a good idea and a business plan

Not anyone can start a business. In addition to financial backing, you will need a good idea. If you have a unique talent that can be turned into an idea, then you might already be on your way. If you have a passion that would make a good business, then you are also set. However, if you simply know that you want to be your own boss but you don’t have any great ideas yet, you might need to think about this and do some research.

Once you have a brilliant idea, you should make a concrete business plan: include an executive summary, company description, service or product line, and more.

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