College is a perfect time to learn what living without your family is like, and the first post-college months are a perfect time to learn what was so great about college.
Knowing you want to work for yourself is a start, but it’s not an end. You still have to pick a field. And while you don’t need to hammer out all the details right away—I’m 32 years old and still curious what I’ll be when I grow up—you need a place to start.
My advice is to figure out where your passion intersects your skills. Once you’ve done that, figure out where your skills intersect with demand . You need passion, because working for yourself requires you to be a self-starter in a way that a traditional job does not. But your passion must be something you can monetize. For example, if your passion is juggling, confirm that there are enough rich parents nearby who will hire you for birthday parties.
You also need a personal financial plan. Self-employed workers can have fluctuating income, especially in the early stages. Budget carefully, set aside funds for taxes, and maintain an emergency fund. The good news is that as a new grad, you probably have fewer financial obligations—but you still have to feed and house yourself.
“Be risk averse,” recommends says Gerardo Rada, Director of Operations at AW Labor Solutions. “If your dream is to be your own boss, you should be prepared for it in any way. Do you have the initial capital to sustain your self-owned business? Do you have a developed business plan? Do you have a defined market segment and sales lined up? Only become self-employed when you are confident you will be successful.” In other words, you can never over-plan.
Congrats on your graduation, and congrats on the adventure you’re about to embark on! Self-employment isn’t easy, but neither is anything else, so I say—if you want to do it, do it now! You have the time and energy. Invest it!
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