Career Alternatives: Is Self-Employment Right for You?

Sitting on the fence in regards to getting another job versus starting a consulting practice can be a difficult decision to make. The key to this decision is to weigh all the pros and cons and determine your original reason why you are thinking about self-employment or working for another company.

There are several questions you need to ask yourself before you proceed with starting a home based consulting business:

• What net income do you need to replace from your previous job?
• How much revenue or sales is needed to make this much net income?
• How many customers or buyers are needed to accomplish this net income?
• To get customers, how many prospects do you need to talk to?
• What is the customer closing ratio needed to meet your objectives?
• What types of activity are you willing to invest in to attract new customers? i.e.
» Marketing
» Advertising
» Public Relations
» Memberships
» Promotions

Consequently, there are several reasons new businesses fail:

1. Too Much Sales and Marketing Required to Secure New Customers
2. Don’t Like Rejection
3. Lack of Financial Security (No Cash Flow)
4. Lack of true commitment (Sitting on the Fence – Job Search vs. Self-Employment)
5. Lack of Planning (Failed to Complete a Thorough Business Plan)
6. Can’t Work Alone (Need Co-Worker Synergy in an Office Environment)

If you identify any of these points as potential obstacles, then self-employment as a consultant may not be right for you? OR maybe it’s time to hire a career coach to help you navigate through the crossroads of your career…Decisions, Decisions…?

Mark James, CPC
Executive Career Transition Coach
Hire Consulting Services
San Diego, CA

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