Who said the road to self-employment would be easy? Owning a business is certainly not for everyone, but being self-employed comes with a great deal of freedom. It requires a lot of discipline. Many people just fall into being self employed. It starts with idea. At least that is how it was when I started my company 16 years ago. It seemed so grand and exciting. Boy I was in for a reality check.
Here are some 4 tips to consider when becoming self-employed:
- Manage your money wisely. When you have a job you have a steady paycheck. When you are self-employed you do not always get a paycheck. It is very easy to overspend when you are self-employed. Make sure you have enough money saved up for when business is slow or cash flow is poor. Your relationship with money can make or break you. If cash is tight, sometimes you end up taking on clients that you would not normally take on just to get money in the door. Plan ahead for the tough times.
- Know what you want. Have a vision of what you want your business to be. Think about what an ideal client looks like or an industry you want to specialize in. Know the why statement of your business. Why you are doing this. Build your story. I am doing this because….
- Manage your time wisely. This is a big one. Think of your business like a job. What hours do you want to work? When are you going to go on vacation? How are you going to cover the time you are away? How are you going to communicate with your customers? Schedule a day or time that you are going to work on your business. How you are going to develop and grow your business?
- Never stop learning. In order to grow you personally need to grow. Take time to develop or improve your skills. I am always working on me. You never stop learning.
Being self-employed can be a challenging experience but with great planning and focus you can overcome anything. Follow these four tips to help guide you on your road to self-employment.