This archive report was first published on 19 July 2019.
As a seasoned accountant with 10 years of experience, you've had the opportunity to work in four different organizations, rising to middle management in just one year. However, you're feeling unfulfilled and eager to start your own business.
Published on July 19, 2019, Mwikali Muthiani, Managing Partner at MillennialHR, offers valuable insights on how to achieve success in self-employment.
First and foremost, you need a solid business plan. Take the time to think clearly about whether you want to pursue a business related to your current field or explore a new line of interest. Research the industry you're interested in and consider its challenges and opportunities.
Be honest about the skills and key competencies you need to get your business off the ground. Take stock of what you already have and what you need to improve on, and make a plan to bridge the gaps. Every business requires financial investment, so make sure you have some savings to get started.
Don't be afraid to seek out like-minded individuals to collaborate with and share resources. This can help lighten your financial burden and allow you to focus on growing your business. Starting on a low budget and scaling up as you learn is a more sustainable approach.
Remember to comply with all required regulations and consider using spare space in your home as a temporary office or looking for co-working space that suits your business needs.
It's also essential to be clear about what you want from your business and give it your full attention. Many people advise starting a side hustle while still employed, but this can often remain just that – a side hustle. Be intentional about your goals and make a plan to achieve them.
Mwikali Muthiani's advice is a valuable reminder that success in self-employment requires careful planning, hard work, and a willingness to take calculated risks.
