The great benefit of the tech industry being so vast and wide is that it gives more room for individuals to go solo in their own personal business ventures. Working in tech by yourself can be intimidating, but it could also be intensely rewarding. Making connections and being the go-to person for local and national businesses alike could help you to continue to grow and expand. With this in mind, what are the biggest considerations for going solo in tech?
Be approachable and friendly
Before you go solo, consider that your approachability will be one of your biggest assets. If you are considering becoming self-employed as a result of not being a team-player, then it might be wise to think again. You should never go at it alone because you can’t bear the thought of working in teams. In fact, you are far more likely to need to become a team player if you are going to become self-employed. You will need to approach businesses and convince them of why they should pick you, of all people, to offer the best service. This will require the ability to naturally get on with people and show your best side.
Prepare for the worst
You will be in a financially fragile place for the first year or so of business. Even if you have stockpiled a financial safety net, this will only last you for so long. The best way to keep yourself relatively secure and safe is to anticipate risk and threats. Here are a few considerations:
Savings: If you have clients waiting and ready to go, you may feel as if you can hit the ground running financially. However, it is so important for your company that you have some backup financial reserves. You never know what the future holds and losing clients and hitting choppy financial waters could see you needing some backup cash (that doesn’t come with an interest rate).
Insurance: It’s unlikely in your years ahead of self-employment that you will never make a mistake. It can be hard to think about how embarrassing this might feel, but it will happen. These mistakes can be little and inconsequential, but larger ones could result in a lawsuit. The best policy to get for this is personal liability insurance, or more specific forms of business insurance. You will need to pay for insurance, but the long-term benefit, if you happen to cause a professional accident, could be well worth it. In order to factor this into your outgoings, you should approach an insurance provider for a quote; for example, discovering the professional liability insurance cost from Next Insurance.
Research: The best way to know what lies ahead for your industry is to research it thoroughly. By reading into the potential risks in your field and how to avoid them, you will be better prepared for any unfortunate eventualities.
If you have a product to offer, then you may want to consider an investor. They will want a share in your earnings, but they may provide you with the necessary funds to get you truly on your feet as a company. If you think that investors will never part with their money for a solo act: think again. The way they see it is that solo ventures make more returns. There’s ‘less mouths to feed’ in terms of the number of people that require funding. So, if you are feeling inadequate about the prospect of seeking investment: don’t rule out this possibility.
Be on social media
It doesn’t matter what field of tech you’re working in – fixing computers, designing products or coding – you should be available and easy to contact on social media. This means that you can approach businesses and they can approach you. For example, companies who are looking for technicians will often scout for them on social media through job listings. You can also use your social media platforms to create interesting content. Creating blogs, videos and importing useful bits of info for passing readers and followers will also create organic reach.
Don’t under-sell yourself
You may get some advice off fellow entrepreneurial types that suggests you should work for free or generate more clients through discounts. There may be a time and a place for this, but you should categorically not undersell yourself. By sticking to your set prices, you are demonstrating that you have faith in your own service and believe in the value you have set for yourself. It also helps to avoid disputes about prices later down the line.When going solo, you should always endeavor to aim high: offer the appropriate price for your services and don’t be afraid to approach investors. By securing yourself with research and the appropriate insurance and being proactive in finding work, you will give yourself a fighting chance.