The job numbers for May show an increase in employment. In particular, there was an increase in self-employment. Have you been interested in pursuing self-employment, but you’re not sure how to get started? Here are some guidelines to consider:
- Find something that you are good at and enjoy. Self-employment requires a huge investment of time. If you don’t enjoy what you are doing, you are unlikely to succeed.
- Do your homework. Who is your competition? How is the market for your product or service? What type of legislation is involved? What type of insurance do you need? What implications would self-employment have on your taxes? Be sure to do all of the necessary research before jumping into this new endeavour.
- Seek help. The federal government has many resources available for people who are interested in pursuing self-employment. You can find grants, courses, consultants, and a multitude of information to help you get started on the right track. Make use of these resources as you will need every advantage that you can get. Service Canada and Settlement.org are good places to start.
- Give it time. Don’t expect it to be your main source of income immediately. You should expect to spend a year researching, and once launched, it will likely take at least a year to start making a profit.
Many people who are self-employed say that they have never worked harder. However, when you are working for yourself, the possibilities are endless. Good luck!
(Written by Karen Bivand)