Working for your own independent business is more than a way to earn a living. It's a way of life in itself. People who decide to embark upon their own business venture will discover a world of illusion, surprises, obligations, responsibility, etc. You are not always working but you are always thinking about your business.
Sometimes you will have to work during a bank holiday and if you are not prepared to do so, then you better give up that business. Working as a freelance has its pros and cons. When you have to make a decision, you will do it on your own; you will not have to bear in mind the opinions of partners or intermediaries so decisions will be faster to execute and faster to achieve your goals. Due to the high cost of social security which must be pay to the Government, many companies choose to subcontract some of their tasks, instead of using their own staff. In this way, many people who were formerly working for a company can now offer the same services for their former companies as independent professionals. As these people have been formerly part of a staff in several companies, they are thus able to know about some unexploited business opportunities. They can even offer better services than the company for which they used to work.
There is a world full of business opportunities to be exploited, of needs not yet covered, of new business trends related to technology, services, etc.
Speaking at least one foreign language, being computer literate, having a good contact network, leadership and sale skills, as well as some skills for managing time, are some of the main desirable characteristics for business success.
In Spain, there are around 3 million self-employed individuals. And 2 million of them are self-employed individuals with no employees.
IMPORTANT ADVICES:
- Prepare a highly detailed business plan and define the potential clients.
Analyse the start-up costs and think clearly about possible unforeseen expenses in order to be able to cope with possible cash flow problems. To sum up, it is a question of performing a feasibility study for the business we want to start.
- Have some personal savings to fund your start-up, borrow some money from your relatives and check if your new business is eligible to obtain a grant (or free money) from the government. Also, in case your savings are not enough, you may also check for funding through banks and financial institutions.
Be sure that your business complies with legal requirements: company registration for insurance and tax purposes, local licences to start up your business, etc.
- An important hint is to always have business cards on you as you never know when a potential client might need one.
- First thing to do every day is to plan the work you have to perform for that day. If it is a team, you should hold a meeting to plan the work to do and its distribution. If you have no employees or partners, just plan the work you have to carry out.
- Planning of short, half and long term goals.
- To be up to date in everything related to you business, trends and changes in the market.
- Create a marketing plan. Figure out who your product is intended for, what will be the price, how to introduce your business to the community and through what means, create a logo, order business cards, design invoices, letter paper, envelopes, etc.
- Focus on what you know you can do or on what you can be trained to obtain business success.
- Be sure you have the ultimate technology related to your work, and that you can work wherever you are. Being always connected to your work and your clients, using all the communication methods available: telephone, e-mail, direct contact, etc.
- Outstrip your competitors is of vital importance for business.
When you start a business, you are an all purpose person: just as you need to have a meeting with a company manager, you need to take your correspondence to the Post Office, or you even need to fix a lock or to hang up some paintings. As your business grows, you will focus on your managing and commercial area, while maintaining the quality service you are offering your clients. In this way, you may progressively delegate some of your task to your employees.
In conclusion, you have to be clear it is an adventure, but also well planned and carefully thought before start it. If you are extremely clear about your project, you are hopeful that your planned goals may be reached and you have the will to carry out these goals, you are ready to achieve what you set out to do.