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Setting out on your own

I think many people decide to go out on their own for many different reasons – Some do because its what they always wanted to do, others because they have discovered a great idea that is unmet in the marketplace and others because they have been made redundant and have no choice.

I have been self employed now 6 months and i ask myself have i made the right choice? Even in this economic climate i am happy with my decision. Below are some of my suggestions before one considers taking the step to self employment:

Research Research Research: This cannot be overemphasised. For example my company Heartaid provides mobile cardiac screening to schools & clubs. The European Society of Cardiology & Olympic Commitee recommend cardiac screening for people involved in competitive sports. In countries such as Italy cardiac screening is mandatory for people that play compeitive sports. Over the last 25 years the number of people that have died from sudden cardiac death has reduced significantly once screening was introduced in Italy. If it is proven to work in other countries, i am confident it will work here.

Resources: To start and run your business you need enough money to cover your set up costs. Do you need an office space, website, stationary, equipment. To start up Heartaid we needed all of these. So do you have a savings account that you can delve into or do you need to approach your local  Bank Manager. It appears that if you have a sound business plan your bank are happy to give you a loan. You will also need to bear in mind your lifestyle costs.. Dining out once or twice a week and a big night out at the weekend might need to be curtailed for a while!

Tolerance for uncertainity: Starting a new business is risky. You are risking money, time & fear of failure. I would be lying if i said i didn’t have a few restless nights over the last few months.

Believe: This is the most important. A belief that you are doing the right thing and that you will succeed. As Ford has famously quoted ‘Whether you think you can or whether you think you can’t, you are right’. I was up in Croke park last saturday for the annual conference for families affected by sudden cardiac death in the young. I met people who’s sons and daughters met there untimely death from sudden cardiac death. This is why i most succeed – to ensure that membership of this support group does not increase over time.