How would you like to wave goodbye to your nine-to-five and say hello to a #bosschick schedule and a profitable business? Most people would immediately raise their glasses, but when the rubber meets the road, it’s truly not for everyone.
When I met my husband, I was settled on having a successful career and nothing more. Being with him opened my eyes to a world of endless possibilities of being able to supplement my main income with investments and side hustles.
Whether you're hoping to start a full-fledged business or start a side business to bring in more money while still keeping your day job, taking a turn for self-employment opens financial opportunities that aren't available to most people.
If the fear of being eaten by self-employment taxes is stopping you from turning your pipe dream into a reality, the information in this book will change your views – maybe even your life. Once you discover the tax benefits that are available to the self-employed, your fear will scurry away and your vision of starting your own business can become your reality.
Taxes, after all, are dues that we pay for the privileges of membership in an organized society. ~Franklin D. Roosevelt
To become self-employed, you must have something to sell that will help you turn a profit, whether it's products or services, physical or digital, online or offline. Becoming a self-employed individual requires you to offer something of value to clients and customers.
You can also start a lucrative business by putting up an online blog (we out here!). Monetization methods include selling advertising space, selling your own or commissioned products, building a list of targeted newsletter subscribers who buy further products from you, and many more ways.
However, before deciding to become self-employed, it's best to discern whether or not self-employment is indeed the right choice for you.
Below, I'll cover 3 not-so-fun facts of being self-employed. Use this list to help you decide whether you're willing and able to maneuver these situations.
1. Long hours and little money.
For the most part, the first few months of your self-employment will require you to put in a lot of time for very little money. This can sometimes be a deterrent if you plan to profit immediately.
Maintaining a full-time job in addition to your self-employment can prove to be both a benefit and detriment to your new business. It's beneficial because you have a steady stream of income coming in regardless of the state of your business. Nevertheless, maintaining a full-time job requires you to work 40 hours per week, therefore the startup stage may take longer as you'll be able to invest less time.
While it's true that your first few months of self-employment may produce little revenue, if you're committed to working diligently, your business is more likely to succeed. In addition to stamina, a solid business plan, marketing plan, and business idea are necessary components of opening a business. So take the time to plan well, or get a coach to help you narrow down your focus as I did!
I was fortunate because my husband I started our first business together, but I know this isn’t the case for most entrepreneurs. Unless you're willing to shell out the cash to hire administrative staff, you're going to be a one-person-show for a while.
This means you'll have to handle the production of items, the fulfillment of services, customer service, bookkeeping, collections, and marketing. I remember having to manage all the paperwork and bookkeeping. It was exhausting! Thank God for accountants and Quick Books!
You can utilize online services to help you minimize your time investment. Some services are paid, while others are free. However, shelling out $20 per month here and there can help you regain valuable time in your schedule you can place towards marketing. It’s worth spending the money to reclaim a little of your time!
3. Stressful times.
In business, there will always be surprises. You may have to deal with return orders due to unsatisfied clients; you may have to deal with shoddy suppliers, shipping emergencies, or even clients that refuse to pay.
If you can eloquently get through the stressful times, your business will be able to prosper even through leaner times.
The way you address the needs of an unsatisfied client can be the determining factor as to whether they decide to do business with you in the future. Many times, if you can turn an unsatisfied client into a happy camper, you've won yourself a lifelong client.
Real estate taught me a great deal about dealing with difficult clients, tenants and just overall shady business partners. But all in all, I wouldn’t trade any of these lessons because they gave me the grit and resilience to pursue new ideas and take risks. Is there are a dream on your heart that you have been holding back from pursuing?
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