There are many options open to a person looking to be self employed. This blog post outlines what they are and who is best suited to each.
Being self employed offers several advantages. You don’t have to keep to strict timelines. You don’t have nagging bosses telling you to move it. You have complete freedom to live and work as you wish. The National Sample Survey Organization (NSSO) revealed in a survey in 2005-06 that most Indians prefer to be self employed.
Indeed, the survey revealed that nearly 51% of India’s total workforce is self employed. For rural India the numbers are still higher, pegged at 54.2%. But being self employed has its share of risks. The revenue earned is subject to your skill levels and the pay is highly unstable. It fluctuates wildly depending upon the demand. However, if you market yourself in the right manner being self employed can be far more profitable to you than having a regular job.
Freelancing has now taken India by storm. There are many websites which have sprouted up with the aim of hooking up freelancers with work. Freelancers take up work on a contract basis. They get paid per job. Most of the people looking to hire freelancers on these sites are westerners looking for comparatively cheaper Indian talent who would be able to do as good a job and sometimes even better than their western counterparts at a fraction of the rate. Evan this fractional rate, taking purchasing power parity into account, is much more than that freelancer would get by doing that same job for a company. The most popular job descriptions for freelancing include IT based jobs such as technical writing, programming, data entry web designing, content writing, online form filling, etc.
Open up your own businesses
You can also be self employed by opening up a business. The business can be anything from a small time grocery shop to a factory. You can also use your skills to open independent service provider agencies. You might be an expert mountaineer so you can open up services catering to that particular section of tourists. Or you might be a trained doctor so you open up your own clinic. You might be a good teacher so you open up a coaching institute. There are fantastic opportunities in India for new businesses because of the huge demand. Besides, you also help to provide jobs to needy people by setting up your businesses.
How to go about it?
Becoming a freelancer is easy enough. Pick something that you really like to do and are good at. There are people out there who will be willing to pay you good money for your services.
Starting a business is a tougher proposition. First of all you need to identify a service or products that you want to provide. Then you must conduct surveys to determine the demand for such services. Also be on the lookout for possible future competitors and what strategies they are using to conduct profitable business. The next step involves writing a good business plan and finding interested parties such as partners and investors. Before you go any forward it is important to plan out a budget which includes any and all expenditures and should also account for any hidden costs.
Be careful about how you choose your clients. Do not sell your services to the wrong people (those who work outside the Indian laws, for example).
Control your expenditures and make sure that you do not spend too much at the beginning. The amount may be hard to re-earn. However, spending too little in the beginning may mean poor marketing initiatives and that will hurt you in the long run. Decide on an optimal amount, allocate the resources, plan the budget and execute your plan to the letter.
Do not give false assurances to your clients just to get more business. It will hurt your image when you do not deliver on those assurances.
Always look to create a good brand image for your business.
There is a lot of opportunity in India for new businesses and a huge demand for freelancing professionals. Being self employed is a fantastic way to earn money quickly, effortlessly and in a flexible manner.