format_quote Originally Posted by
SMA89
I am a previous member. I just changed accounts. Anyways it seems like a lot of people are self employed here and I would love to learn a lot about the business start-ups and ideas.
:sl:
Self employment has a seperate set of rewards and trials than working for another person. It really is not for everybody and often results in less pay than working for an established business.
For self employment the first step is to be certain you have the skills needed to provide the service or product you desire to market. the main skill a self employed person needs is salesmanship. All self employed people are salesmen.
after that be certain you have verifiable proof you can provide what you promise. Often this will be work experience, but it can also be education. Next be certain there is a market for your service or product, and not just family and friends. Do your home work and be certain of the market and future market.
For start up costs err on the side of safety. Be certain you have enough start up capital to hold through the first 5 years and do not expect to regain all of your expenses until the 10th year.
Set up a good business plan. Set it up to cover your goals and expectations for the first 5 years. Do a daily projection for the first 3 months, weekly for the nxt 3 and monthly there after. After the fifth year continue with an overall annual plan.
A business plan can make or destroy a business.
for self employment do not plan on an 8 hour day for 5 days a week and a guaranteed paycheck. Plan on 12 hour days 7 days a week and instead of a pay check plan on business expenses.
Some essential skills needed to succeed in self employment
1. Strong work ethic, you place the job as more important than the income
2. ability to work long hours alone
3. ability to work without supervision
4. the ability to absorb all loses during the first year
5. Ability to perform every facet of the business from management, to sales, to cleaning the toilet.
6. Recognize time is money and every second you are not generating money, is a loss for the business
7. ability to hire and fairly manage employees
8. Be an expert of the product or service you plan to market.
9. do not forget to be grateful to Allaah(swt)
10. Use your business to praise Allaah(swt) first and bring you an income second.