You’ve done your Apprenticeship. You’ve assembled staircases, fitted doors and breezed your health and safety assessment. You walk away with your qualification proudly tucked under your arm, and spread your name around. But there are no takers. The job market is in a lull and employers are reluctant to take on first-jobbers, but you know any carpentry firm would be lucky to have an energetic upstart like you. Or maybe, you’ve got a knack for designing and creating products, and just know that they could sell like wildfire. But self employment is so intimidating – where do you start? Well, for those with an entrepreneurial mindset, the prospect can be as tantalizing as it is daunting, and with hard-work, the rewards and fulfilment make for a worthy alternative to regular employment.
When starting out, it is highly recommended that you liaise with proven traders and get an inside take on the situation. Run surveys to find out from a consumer point-of-view if they would utilise your service. Getting an idea of the demand for your product is essential, before you invest in your business, as it may not prove to be a viable option. If you receive good feedback, you could spread word of your services through family and friends, or if you create your own products, by attending craft fairs and markets. As sales increase, you will be able to invest more money into your business, as your conviction in your product grows. The fulfilment of seeing something you have created will surely make the hard-work in establishing yourself seem worth it, and then some, especially when compared to the prospect of seeking work without fruition. As well as the fulfilment and financial incentives, the scope for learning is reward in itself. As well as practical learning, as you expand your service, the knowledge gained by the behind-the-scenes operations, such as budgeting and marketing will vastly improve your business acumen.
It is key, when starting out, that you don’t jump in blindfolded. Networking is vital, as you need to make sure that there is a market for your product or service. If you couldn’t previously find local employment, why not? Perhaps there isn’t enough demand and businesses are cost-cutting. If establishing firms are struggling due to the economic climate, or even a lack of interest in the area, the likelihood of a relatively unproven business finding custom is slim. Seeking work in a more plausible geographical location may prove a better alternative. It is also imperative that you bear in mind that self-employment doesn’t guarantee immediate financial gain. Taking into account the costs of equipment and insurance, profit will rarely be enough to make a living on as the sole source of income, at least until the business is firmly established. With that in mind, self-employment in trades and crafts may not be the best option for those unprepared to put in the man-hours and sacrifices necessary to make the project work.
Self-employment in trades and crafts, be it hairdressing, plumbing, lighting or carpentry, can be fruitful, both professionally and personally, but before investing your saving funds in the idea and shopping for yachts, evaluate your conviction in the product, as well as that of others.