Is Remote Entrepreneurship Right For You? Ask Yourself These Five Questions

Remote entrepreneurship is popular now, but before jumping on the trend, taking time to figure out if it is right for your personality can save you from disappointment later. Self-awareness and honesty about your skill set and level of motivation will be invaluable to help you make such a big life decision. Some personalities are well suited to full-time remote entrepreneurship, while other personalities might be better off pursuing a project as a side hustle. As a first step, go through the questions below and have an honest conversation with yourself about why you want to pursue remote entrepreneurship. Talking to a career counselor or working with a therapist through tougher questions about your motivation and work needs, can also help steer you on your path to finding the best professional match.

Are you an extrovert?

Entrepreneurship requires connecting to people and/or organizations to sell your product or service. If you’re outgoing this will most likely not be stressful, because you are energized by interacting with people. If you’re an introvert, however, networking and marketing can be a challenge. Introverts can become excellent remote entrepreneurs, but will often need workarounds for networking to get their product message out.

Are you financially secure?

If you are currently living paycheck to paycheck, ask yourself if it’s wise to give up the steady salary. Nerdwallet suggests always having three to six-months worth of living expenses in your savings at all times in case of disaster. You will need additional funds to live on while getting your product together. Choosing to go the entrepreneurial route, will most likely take more than six months to generate revenue. Figure out how long it will take to get your product to market. Then calculate how much in living expenses you would need. If the product takes double the amount of time to create, do you have enough in living expenses to cover it? We generally underestimate the amount of time it takes to create something. We also overestimate how it will be received. Ask yourself will you have enough to support yourself if the product fails? What will be your financial backup plan? Talk to a financial advisor or accountant to see if your numbers make sense. You want to set yourself up for success and that takes embracing the reality of your finances.

Are you a risk-taker?

Many risk takers will skip the question above and assume that their product will generate income. However, half of businesses fail within the first five years while 90% of startups fail. Risk is part of the business. If you’re not a risk taker, map out your support system in addition to planning your finances. Know which family members and friends will support you emotionally and even give you a room if things fall apart. No one but you can put together your safety net. Figure it out before taking the entrepreneurial plunge.

Are you courteous? Professional?

Getting your product to market will require many interactions with people and businesses. Knowing how to approach people on the phone and in emails will be crucial in establishing happy customers and clients. If you’re not a front desk sort of person, figure out a way to improve those skills or ask for help. Ask yourself is there anyone in your circle of friends who would be willing to help market your product?

Are you passionate about your project?

Drive is what gets entrepreneurs through the hard times. If you’re not 100% committed to your project, you can’t expect others to be. Ask yourself, even if the first product fails will your passion get you back up to try again? Resilience is key.

Many factors go into becoming a successful remote entrepreneur. You are your best judge to gauge how well the position will fit. Solicit professional opinions not only for your financials, but from fellow entrepreneurs. Find people who have made it through their first launch and first failure. Ask, did they go back to 9-5? Did they find funding to try again? Knowing the risks, possible outcomes, and your own comfort level will make the decision easier to live with in the long run.

Note: The information in this post is for entertainment purposes only. It is not meant as a substitute for professional career advice.