Learn About Small Business Types and Being Self-Employed
Burgeoning entrepreneurs often ask themselves: What’s it like to run a small business? What will it demand of me and my time? How much will I earn? How will my current skills set and personality fit with the small business I’m envisioning?
To answer these questions and get you ramped up to make a launch plan for your small business we’ve compiled a list of real-world applications for you to review and use. Take a look and implement these five practical steps today!
Conduct Peer Interviews - Interview people who have a business like the one you are considering. It’s important to note that since you’re a potential competitor, some business owners might be unwilling to talk with you. And if they do, they may be cautious in what they say, or even mislead you. Nevertheless, it is worth the effort so don’t be discouraged!
Instead, contact business owners that are geographically distant enough from you to eliminate you as a potential competitor. Another option is to find a business owner whose business is similar in type to yours, but not a competitor.
For example, if you are considering starting a franchise in rental cars, contact a franchisee in rental moving trucks or equipment rental. Experiences in handling inventory, personnel, and maintenance costs may be similar. Visit the Career Key website for more tips on conducting an information interview.
Study Occupations – Study the occupations you identify when you take the Career Key Self-Employment assessment and entrepreneur test. Click on each one, and you will learn about them from the best source–the Occupational Outlook Handbook (OOH). You can also identify more matching career options at the Career Key website.
Review Labor Statistics – Explore these U.S. DOL Bureau of Labor Statistics resources: Overview of Employment Projections (especially the information on growth industries), and the OOH's recommended Sources of Career Information.
Understand Small Business Basics – The Small Business Administration's Business Types is a good place to start for basic information about categories of businesses. Sections on self-employed and independent contractors, and writing a business plan will generate topics for you to focus on in information interviews and business networking. Finding an SBA/SCORE mentor near you can also help.
Small Business & Personal Finances – Learn about self-employment's impact on your personal finances in areas like health insurance, taxes, buying a home, and saving for retirement. Informational interviews with actual business owners (as recommended above) and visiting websites like those listed in our Self-Employed Resources section are a great start.
We hope that these practical steps will help you develop a solid foundation for your small business. As your questions arise, visit the Career Key Resources page for more free articles to help you make good decisions as you navigate your self-employment career.