First, think about:
- Unlimited earnings potential
- Flexible schedule
- Decision-making power
- Creative control
- The type of work to do
- Financial runway
- Unpredictable income
- Accepting more risk
Do these words sound right to you? Then it’s time to think about different self-employment options (from less to more autonomy, and higher risk at the same time):
- Business owner
Contractors and freelancers are both considered business owners, but they trade their time for money.
Sania also suggested to do a “Sweet spot
” exercise for getting more insights, which includes the following steps:
- Write out your desires, strengths, and market demand.
- Receive feedback
- See where all three areas overlap
But how not to be afraid of going solo? Well, we all know that fears are basically associated with risk, stress and being afraid of running out of money. But Sania assures that it maybe worth going solo, because it gives you more flexibility and autonomy. She also shared some helpful tips of going solo with minimum risk and stress:
- Keep a side hustle to sustain your cash flow
- Take precautions
- Understand that there is no right way for startups
- It is normal to be afraid
- When you are afraid of it, then there is something worth exploring
- It is easier to start out in your 20s, because there are less opportunity costs (such as family or huge some of money)
But is it better to be prepared beforehand or start your business completely from scratch? Sania also had some advice on that for future solo entrepreneurs:
- It is easier when you have some background in a certain sphere.
- Consider your skills and estimate your potential. If somebody apart from your family and friends are willing to pay for your services, take it as a signal that you are on the right track.
- Indulge in self-reflection
- Have some evidence to support your claims