Being your own boss might sound like a dream come true, but when you are self-employed you are not just the boss, you are the HR team, the accountant, the marketing team, the sales team, etc. Self-employment is certainly not for everyone, but for some entrepreneurial individuals this can be the ultimate answer to creative and financial freedom. It gives you the opportunity to do what you want, when you want, and for who you want - but along with those responsibilities, you will most always be the principal person to blame when things go wrong.
Being your own boss might sound like a dream come true, but when you are self-employed you are not just the boss, you are the HR team, the accountant, the marketing team, the sales team, etc.
Self-employment is certainly not for everyone, but for some entrepreneurial individuals this can be the ultimate answer to creative and financial freedom. It gives you the opportunity to do what you want, when you want, and for who you want - but along with those responsibilities, you will most always be the principal person to blame when things go wrong.
In today’s article we share tips, for those considering entrepreneurship:
If you are currently working but thinking about quitting your job in order to spend more time on your personal venture, avoid doing so in a knee-jerk fashion. Allow yourself at least 3 months time to figure out what you are going to do once you finally quit, by developing a written plan of how you will prioritize your tasks and use your time.
Just because you work from home and your work number is your cell phone number, it doesn’t mean that you have to be available 24/7, or that you are obligated to work all day. Just like any other job, it is important to give yourself and your clients set business hours (that you may break on occasion for the right customer or serious emergency).
Whenever you decide to book time off in order to recharge your inner batteries, make sure you turn off your devices for at least a few hours each day to really disconnect from your business concerns. Some people (finances permitting) get a second cell phone dedicated for work, so that your private personal phone stays that way.
When all the money is coming directly to you, it can be tempting to overspend. The problem starts when you haven’t saved enough money to survive for those periods when business is slow. Don’t forget to factor in that you will also be responsible for collecting sales tax, as well as claiming legitimate business related expenses. Make sure that you have a realistic and sustainable approach when it comes to managing your finances and don’t be afraid of talking with an accountant if you need professional help.
Hard work and business skills are necessary to be successful, but if you don’t have a clear direction of where you want your business to go, it will be difficult to grow it to its full potential. Make sure you know what you want to get from your business and where you want to take it. Examine every step you are planning to take and evaluate whether those steps will take you to your end goal. If not, it is time to reassess your plan.
Although you might already have some clients lined-up, you can never underestimate the value of revisiting your targeted client base to see if it is the best and/or only demographic to sell to in order to grow your business. It is also important to keep an eye on your competition in order to predict possible market trends.
As a small business, you might want to imitate what big businesses are doing or project the impression that you are a big company, when in fact your business is just you. This might be a tactic that works for some people, but try to stay true to who you are. The whole point of being an entrepreneur is to sell your unique value and skills. Be careful not to misrepresent or overrepresent yourself.
If you are not constantly learning and improving, you are not going to remain valuable to the world around you. Everything is constantly changing and evolving, in order to keep your business relevant and useful, you should as well.
Although becoming an entrepreneur is a really big move that requires some advance planning, a record number of individuals have moved in that direction over the past few years. Even if you consider such a move as a side “gig”, having some control over your financial independence can be worth the effort.