Essential Self-Employment Tips
August 19, 2019 Written by DigitalRealtyX
Stuck in a dull and monotonous nine-to-five grind? Want to make a living doing something you love and are passionate about? Take a shot at self-employment! Easier said than done! Striking on your own to start a business from scratch is not easy. It is a path fraught with challenges. But the sense of liberation and the thrill of satisfaction that comes from doing what you love can be a rewarding experience. Here are some guidelines to get started.
Detailed Planning is Critical:
It’s important to have a strategy in place for exactly what you want to do and what it’s going to look like. If you can’t picture your goal clearly it’s probably not going to work out. For starters, assess your skill sets and then reflect on things you are good at and love doing. This should be followed with some brainstorming for ideas until you find an option that truly excites you, is viable and meaningful.
Stall Quitting your Job:
Don’t quit your job immediately. It’s imperative to give your personal venture a chance to grow and generate revenue before leaving the security of a regular paycheck. Once the groundwork is laid and you are ready to get the ball rolling find an opportune moment and hand in your notice. Unlike traditional jobs that come with a solid daily routine, self-employment can trigger complacency and an element of laziness. It must be noted that total commitment and complete focus are essential to becoming a successful entrepreneur.
Create a Security Fund:
Let’s face it, there is no guarantee of a steady income stream until your fledgling enterprise starts showing some signs of profit. Without the safety net of a monthly salary, taking care of bills, utilities, etc. can become difficult in the event of a roadblock or a lean period. Creating a sizeable stash of savings to cover expenses for around 6 months is therefore recommended.
Think about Health Insurance:
One of the biggest drawbacks of quitting the traditional job is losing the employer’s health insurance coverage. Not to mention, entrepreneurs often get busy with their new undertaking and let the health aspect slide. Skimping on health insurance can be a big mistake. It’s crucial to explore the various insurance options and acquire the right plan before embarking on the self-employed route.
Consider Forming an LLC:
As a self-employed, it is vital that you register your project as a Limited Liability Company (LLC) to enjoy all the benefits associated with a legal business structure. Apart from adding a touch of professionalism to the brand name, LLC helps in protecting your assets and providing flexibility in terms of taxes.
With these important parameters covered, it becomes easy to set sail with your dream project. Yes, the going will be tough, especially at the onset. It may take a while before you start seeing the benefits, so be prepared for glitches, potholes, complications and even short term failure. The key is to learn from the mistakes and carry on with dedication, determination, and discipline. Remember, being your own boss and in control of things is exhilarating and can be an extremely motivating factor for true success. So what say, ready to join the ranks of enthusiastic entrepreneurs?