TIPS OF THE WEEK: Top 5 Tips for Self-Employment(must read)

With the current economical state of Nigeria, it is no longer a
surprise that Nigerian youths now prefer self-employment over ‘white
collar’ jobs. Self-employment simply means a kind of employment where an
individual earns his own money, manages the money and pays himself on a
weekly or monthly basis. Although self-employment has certain
advantages, it also comes with some challenges. The benefits of
self-employment include being able to determine working and closing
hours, manage and oversee each transaction personally, make decisions
independently, be your own boss and so on.

The advantages of self-employment are numerous but they do not
eradicate the fact that there are certain challenges and problems that
must be faced. Some of these include sole risk-taking, inexperience, the
absence of work colleagues and teammates. There is no business without
its pros and cons, however, the merits of self-employment surely exceed
the demerits. When considering self-employment, certain tips and
techniques must be followed to guarantee success. The top five
tips include the following:

1. Do a feasibility study: Simply put, a feasibility
   study is a study done to determine how a business venture will work
   before establishing the business. This is the first step to any business
   no matter how small or large. It is the stage where you determine the
   capital needed, location, consumers and possible limitations.
2.  
3. Get enough capital: After determining what you want
   to do, the next step is to get enough money to do it. An important
   factor that affects the development of self-employed businesses is the
   capital if it is too small, it tends to hinder the business from
   growing.
4.  
5. Start small, dream big: Self-employment does not
   have to start out large and complex. Just like every other thing, it
   goes step by step. However, long-term goals should be as big as possible
   to allow room for constant growth and development.
6.  
7. Be consistent: Punctuality they say is the soul of
   business. Consistency must be a watchword for every self-employment
   venture. Consumers should have confidence in the ability of the producer
   to always deliver. Regular and satisfied customers will bring in more
   customers. And more customers mean more money.
8.  
9. The customer is always right: Consumers of goods
   and services perform a non-negligible role in the growth and development
   of the company providing the service. Therefore, they should be
   regarded as royalty in most matters. Displeasing or being insensitive to
   customers’ needs will most likely ruin any business, including
   self-employment. Convenience and satisfaction of customers should always
   be taken into consideration.