What Do You Want to Be in 2023?

In a few short weeks, 2022 will become a memory. The start of a new year brings with it the opportunity for a fresh start such as a career change or starting a new business. A new year also brings with it the opportunity to build upon what you have already begun. In our society, there are risk-takers and those who are risk-averse. Both are essential. Over the next few weeks you should ponder this and decide what do you want to be in 2023.

In a November 2022 report from Statista.com, there were 347,000 new businesses started in the US during the first quarter of 2022. Those folks forged a new path for themselves. They shook off their mental shackles and took the plunge into becoming a business owner.

Starting a business is a significant undertaking. You will be spending hours hashing out your new business idea, how you will make money, and how you will produce and deliver your product or service. Then you need to get your business registered and insured, set up bank and credit card accounts, put an accounting solution into place, begin marketing, and so forth. Some people are just not cut out for that and that’s nothing to be ashamed of. If this type of work – dealing with challenges non-stop, basically – then starting a business could be in your future.

For the majority of people, though, working for someone else is ideal for them. They don’t want the responsibility of dealing with such risky endeavors and facing challenges everywhere they look. I get it. It can be exasperating. As a small business owner, I sometimes wonder if I’ve bitten off more than I can chew!

For people who seek the employee path, they have a skill and they deserve to be paid accordingly for it. In many cases, they attended a trade school or college and want to earn a living doing what they went to school for. For those who didn’t have the opportunity to go to a trade school or college have taken up available positions to get by.

The point of all of this is to say this, a new year will be upon us in a few weeks. Take the time now to consider what you want your future to look like. People make resolutions at the beginning of the year as a new year brings hope of something different. Preferably, something better.

Things to consider now

If you are looking to start a business: (I am not offering financial or legal advice)

  • Determine the industry you want to enter (usually it’s one that you already have substantial experience in)
  • Research the market to determine the need for the product or service you intend to offer
  • Consider any barriers to entry, including regulations
  • Identify your sources of funding
  • Research the competition
  • Determine your unique selling proposition, why people should buy from you instead of your competitor
  • Identify business partners and potential employees or independent contractors that can help you realize the potential of your new business
  • Create a business plan. Yes, I know, you’re probably thinking, “How boring!” However, it really is important for you to be able to spell out what your business does and how it will make money.
  • If at this point, things look favorable, then seek out a business attorney and discuss setting up your business
  • Get registered, insured, set up a bank account, implement an accounting solution, set up a marketing system, and get to work!
  • Check out our Startup Accounting Checklist below:

If you are looking to change careers:

  • Consider what you want from a work-life balance perspective
  • What new career will be more favorable to you?
  • What training or education do you need to get a job in a new career?
  • If you do need training or education, how will you pay for it?
  • Look for free or low-cost resources that will allow you to get your feet wet and get a glimpse into your potential new career before you spend large sums on training in a field that you may not like
  • Speak with others already working in that career to gain some insight from them. If you have a LinkedIn account, you can find people in particular careers a bit more easily.
  • Once you have settled on a new career, create a plan for how you will enter it. Write it down and spell it out so you have a clear path forward.

Whichever path you choose for yourself in 2023, I hope that you find it fulfilling, improves your work-life balance, and makes you happy. Wishing you much success in the new year!

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