Thinking of starting an online business or taking over one so you can become self-employed? If so, you face a daunting task that carries a level of risk and excitement not found in the employee world.

Should the financial independence of self-employment appeal to you, i.e. boss freedom, no income limits as to time and wage and the ability to let your personal drive determine your compensation, then you will no doubt be eagerly going over the many options available to release you from your current job in order to become self-employed.

The rush of financial excitement however, must be tempered by the necessary cost of time, effort and money in properly setting yourself up independently.

You must be prepared to accept the reality of not seeing personal income for several months, despite income claims made by business opportunity companies or competing businesses.

A wise method of ensuring your income is to start a self-employed business on the side while keeping regular employment as your financial security.

Having substantial savings that permit you the freedom to pursue your dreams unencumbered with other employment is another option. Your savings must also be capable of carrying the costs of developing a business along with providing for your material needs.

Also, are you aware of the amount of time that is required in starting your own business? Perhaps it is almost unnecessary to bring up the point since your passion will likely drive you to spend many hours in your pursuits. However, if you have other obligations such as a job, family, sports or social activities, etc., you will have to consider carefully if you can devote the time needed to get your business off the ground.

As we have discussed both money and time, it is important that you recognize that there is much more effort extended before a business is profitable than at any other time in your business. Once you are getting work and are satisfied with the income level you may be very busy indeed, but you will then be compensated for it. Whilst you are still cultivating your business i.e. marketing, searching for clients and customers or doing free jobs, you may not be seeing any income or a very meager one, which makes your efforts seem immense.

It is critical at this point that you do not falter. Should you come to the point when you are working your hardest and doing everything your business requires but still not seeing monetary results, it is possible that you may hit a psychological wall. Entrepreneurial individuals will see a challenge to overcome as opposed to a dead-end to their hard work. Their passion for their work and the strong desire to become self-employed overcomes any perceived barriers and moves them to keep going and ultimately becoming very successful.

If you persevere you will certainly see the fine fruits of your labours and prove to yourself and others that the benefits of self-employment far outweigh the mediocre status quo of the typical worker’s daily grind.

Hopefully, the above points will help you determine whether you are prepared to become self-employed and ready to start an online business of your own.

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