There are a number of reasons you may be considering working for yourself. Tired of the 9-5 grind? Or has your practice has grown enough that you’re considering striking out on your own? Regardless of the reason, we know that making the leap between being an employee, and being your own boss is equal parts exciting and scary.
In today’s post, we’ll be sharing a few of our top tips to help you make the shift.
Take an honest look at your finances
It may be tempting to pull the pin on your current job, but we’d suggest taking a moment to consider your financial situation before you do.
If you’ve decided to work for yourself, it’s a good idea to have a financial ‘cushion’ to land on. When you leave your job, much of the financial security and assured income is now gone. By having some money saved up, you’ll be able to provide for your living expenses and new business expenses until you get up and running.
Have a financial plan for your own business, including how you’ll cover business expenses and taxes. How will you cover your wage if you become sick? These are things someone else will have done for you previously, but now you’re on your own it’s up to you. Reduce your stress, by having a plan.
This step can be one of the hardest, as you may find you are not financially ready at this moment to make the leap to self-employment. That’s okay. You can make a plan, and take steps towards your goal.
Alternatively, you may find that your finances mean that you are ready. In that case, what are you waiting for?
Get the word out
You’re excited, you’ve opened the doors to your new practice. But how will your clients know? Give yourself and your new business the best chance at success and get the word out that you’ve launched.
Utilise what you have at hand to market your new business. Consider social media strategies, traditional marketing, and networking. Maintain these connections to grow your client base.
Building a positive community around your practice is one of the best ways to grow your business. Network with others in your industry and maintain good client relationships. Referrals and positive reputation can do wonders for a business just starting out.
Depending on your budget, your strategy for marketing will vary. Consider what will be the best strategy for your service by taking a look at your competition. What are they doing that seems to be working well?
Set a work schedule
When you’re just starting out on your own, the amount of work to be done can feel overwhelming. Protect your mental health and set up healthy habits that will help your business to be sustainable.
When you work for someone else, your hours are determined for you. The freedom of setting your own hours is one of the most popular reasons people go into business for themselves. However, don’t allow yourself to become consumed by your business.
Set work hours for yourself to ensure productive time, as well as maintain a good life/work balance. Setting specific ‘work hours’ also allows you to more easily track how your time and finances are being impacted by your habits.
Your ‘work hours’ can be flexible, some people find it helpful to dedicate a set number of hours a week and fit them in when it suits. Others prefer to have dedicated ‘workdays’. Find the balance that works best for you and your practice.
Have the space to grow your practice
Where will your business be located? What space do you need to see success? Working for yourself you’ll likely not have access to the spaces you did when you were employed by someone else.
Research what spaces are available that would suit your business. Do you need office space? A therapy room?
Consider what you’ll need in your space, and begin researching with these factors in mind. There is a wide range of spaces available to rent. You may like to consider a short-term lease, or even renting rooms by the day or hour as you determine what space best meets you and your clients’ needs.
Wellshare has a wide range of health rooms available for rent with both day and hourly packages available. If you’re a health or wellness professional looking to launch your own practice, you’ve come to the right place.
Ultimately, your space needs to be sized correctly for the practice you’ll be conducting in it. Other factors such as accessibility, location, and amenities are also important.
It takes time
Growing your business takes time. Don’t expect to see overwhelming success in your first few weeks or even months of business. You’ll be doing a lot of learning (and possibly making mistakes along the way) as you navigate your new business.
Be patient with yourself and continue to take steps to grow your business. Persevere and experience the rewards that will come from your hard work.
Find your support system
Making the transition from traditional employment to self-employment can be very stressful. Connect with those around you who can offer personal, and professional support.
Not sure where to begin? Attend both in person or online networking events with other entrepreneurs in your industry. Sharing experiences and advice can be motivating and encouraging.
Starting to work for yourself doesn’t have to be isolating. If you’re used to working in a team or in close contact with other professionals, consider joining a co-working space. Working alongside other motivated practitioners can provide support when you need it most.
At Wellshare we pride ourselves on providing more than just medical rooms for rent (though we do that too!). We provide opportunities for those using our space to engage with a broader community. To have a voice and become inspired in their industry to achieve greater success.
Convinced to take the leap?
Let Wellshare help.