Even before the coronavirus outbreak happened, people were already planning to leave corporate America for self-employment. One study said that 27 million Americans will be their own boss by 2020. That number will rise next year as more Americans start their own businesses because of the instability and insecurity in the job market. Another report said that a whopping 62% of Americans want to own a business.
Start taking stock of your skills right now. Do you have handy and creative skills that you can base a business on? Perhaps, you can partner with a plastic molding manufacturing company to produce plastic molds for different household, automotive, and industrial items. You can either supply, produce, distribute, or market. There are plenty of opportunities for people who want to be their own boss. You don’t have to look too far.
You Have Better Skills Now
Have you always wanted to start your own business, but you aren’t sure if you have the right skills for it? But now that you have spent the better part of your adult years honing your skills, you already have the necessary skills for the business that you want. You know how to make an income statement. You know how to balance sheets and market a business.
Instead of getting paid for these skills, you can start using them to build your own empire. Why allow others to take advantage of these skills when you can use these to build a better financial cushion for your family? If you believe you have the skills to run a business now, start working with ideas.
There Are a Lot of Opportunities Right Now
While the coronavirus outbreak is crippling economies, it is also presenting huge opportunities for those who want to start a business. There are new trends and needs that people were not aware of before. You can build around your business in a health crisis. You can provide the products and services that people are looking for right now.
There is a huge opportunity in any crisis. Since people are retreating to their homes and spending more time there, you can start a delivery service of groceries, food, toiletries, medicines, and other essential needs. Think about your own needs. What do you need but couldn’t easily access because the government says you should stay more at home?
You Want to Have More Time
When you work an eight-to-five job, you with that job eight to 10 hours a day for five to six days a week. Having your own business also requires a lot of your time (possibly more than what your current job requires), but it also gives you the flexibility to do these things on a different day when you need to attend to something personal.
You don’t have that much flexibility when you are an employee. You are answerable to your boss and even to your colleagues. Right now, if your boss calls you because of an error in your work, you’ll have to attend to that immediately. Most of the time, there are no ifs or buts.
You Have the Money
The reason why people stay in jobs they don’t want is because they need a stable income. But during the pandemic, a lot of businesses start to close down or lay off their workers. That should flash a warning signal. Being employed is not a guarantee. Just because you have an office to go to today doesn’t mean you will have one tomorrow. Your paycheck isn’t guaranteed, too.
Once you have to capital to start a business, you are more confident to be your own boss. You can play around with ideas, though be careful when hitching your wagon to trends. Check the market first. Find out if your idea has the market it needs to succeed before putting all your eggs in one basket.
A Great Opportunity Presents Itself to You
A friend is inviting you to invest in a venture. It’s a good one. After looking at the presentation and the books, you know this is a great investment to make. You believe you can make this work. So, what’s stopping you from grabbing this opportunity?
The ability to recognize an opportunity is one of the most important skills of a good entrepreneur. Once you see the value of a business idea, start working with it until it becomes a reality. All businesses start with a seed before slowly growing from there.
If you dream of working for yourself, don’t let that dream go. You might not be ready right now, but you will be in the future. Work toward the goal of starting your own business. Make sure that every decision you make is pointed to that direction.