3.Security

This may seem a strange reason for going self-employed. Surely you are more secure in a salaried job than you are working on your own account? These days it is not so obvious. The days of working all your life for a single blue chip employer have long gone. No company is immune from storms of national and international affairs. No company is free from effects of economic downturns and international competition. You are as secure as length of your notice period. A month? Three months? A year even? None of these are very long compared to your working life.

At least as your own boss you are in control of your destiny. You do not have to watch helplessly as bad management wrecks your company. You don’t have to suffer consequences of short term pillage of company to detriment of long term viability. You don’t have to put up with consequences of others’ imcompetance. You alone are in change.

It is for you to decide your own strategy. You can decide your own balance between security and risk. You can base this on your own criteria, and these may change over time. You may start off prepared to take high risks to achieve your initial aims. As time goes by you may prefer to lock in gains and build up a level of personal security to safeguard your achievements. As you approach retirement you may be a lot less inclined to take risks than you were when you were younger - or maybe your still are. The point it that it is entirely in your own hands. You decide. 4.Satisfaction

The satisfaction gained by doing something yourself can never be equalled. To know that you have achieved something worthwhile by your own efforts alone is enormously satisfying.

Those ordinary people who decide to run a marathon will never be fastest or best, but their pride in their achievement knows no bounds. A man who builds his own little boat in his back yard over many years has a product that to him is fabulous even though probably no better than one bought from supplier. Their satisfaction and sense of achievement is of highest simply because they did it themselves

How much more so with your own business? In business you really can aim to achieve best. You can make best product or give best service. You can do things a better way. And each step along way you can say ‘I did that’, ‘that was my decision’, ‘I am responsible for that’, ‘I did it my way’.

Example:

A Company began a search for a position in August. In February following year, they began to contact an "Executive Recruiter." The job description was very vague, and location was undetermined. The salary was $20,000 short of attracting top talent. The company interviewed only candidates who were employed and would be willing to take pay cut.

Result: The company never made hire. Nine months of time, effort, and money were wasted.

Solution:

Have solid job requirements and specifications of a qualified candidate Set realistic salary expectations Be prepared to actually recruit a candidate (sell them on opportunity) Set a timely interviewing process (no more then 3 interviews within 3 weeks) Be prepared to make offers quickly Set a timely start date

Summary:

Qualify need, identify right skill sets, and get a candidate through process quickly. This will save your company thousands of dollars. "Time is Money."