5 attributes you need to launch a successful solo venture

Going into self-employment is an increasingly popular option in the UK. According to the latest figures from the Office for National Statistics, the number of people in work has increased to a record high of 32.6 million, with solo working making a big contribution to this figure.

Some 4.84 million people were working for themselves in the last quarter of 2018, an increase of 63,000.

The trend was welcomed by IPSE, a membership association for the self-employed, which urged the government to remember that this segment of the workforce is making a major contribution to the strength of the labour market as a whole.

Ryan Barnett, the organisation’s economic policy adviser, said: “As of the end of 2018, there were 4.84 million self-employed people in the country. That’s almost 15 per cent of the workforce – nearly as much as the entire public sector.

“In a time of gloomy economic forecasts and poor GDP growth, the strength of our labour market and especially our self-employed sector is welcome good news.”

While making the move into self-employment appears to be a popular choice for many, it is by no means an easy option, particularly if you are thinking about starting your own business. With that in mind, what are the key traits you are likely to need to increase the chances of a solo venture becoming a success?

Financial literacy
Cash flow difficulties are among the most common reasons that new business start-ups and solo ventures fail, so it’s vital to plan carefully in this area.

Managing your finances and ensuring you have sufficient liquidity to trade and cover your various costs can be a huge challenge, particularly if you are working alone or with very few employees.
Before launching your own business, give some thought to how comfortable you are with numbers and the financial side of things.

Many people who are self-employed or run their own business appreciate the freedom and flexibility it gives them, but it shouldn’t be assumed that you can succeed without putting the hard work in.

It’s essential to have a strong work ethic and, perhaps most importantly of all, to have self-discipline, seeing as you will have no line managers or bosses to keep you on track.

It’s a hard fact of business that you will experience plenty of knockbacks, failures and rejections on the road to success.

However, if you have resilience, you can learn from every difficult experience you go through and come back stronger. Rather than seeing each setback is a disaster, take it as a lesson of what to do differently next time.

Whatever you use to stay motivated, whether it’s the promise of a treat at the end of the week or inspirational music in the morning, you will certainly need it as a self-employed worker or entrepreneur.

It can be an extremely competitive world, so find the motivational methods that work for you and stay focused on your ultimate goals.

You need to have grand plans and lofty ambitions if you want to get anywhere in business, particularly when it comes to identifying opportunities, bringing in revenue and taking your venture forward.

There is always a chance that you will fall short of some of your objectives but aiming high and staying positive can help you to achieve great things in the long run.

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