At first glance, being self-employed may seem like a dream come true.
Alas, overnight success stories are more of an anomaly than a regular occurrence. Besides, while it’s true there are many advantages, you have to be aware of cons as well. They can quickly turn your life upside down and cause numerous headaches.
The bitter truth is this path takes a ton of hard work, discipline, and commitment. You’re faced with a matrix of tasks, including sales, finances, taxes, compliance, accounting, etc. Not everyone is cut out to do this and get a well-paying career off the ground.
Thus, let’s take a deep breath. Here are things to consider before quitting your day job in a hurry.
Two Sides of the Coin
Being your own boss tends to be a mixed bag.
It’s a pathway to avoiding vicious 9-5 loop so many people dread. It enables you to be way more flexible with how you spend your time and energy. You assume full ownership over your projects and ideas.
For the most part, you’re in full control of how much you work. But, that’s all under the assumption you can find a steady stream of gigs.
Namely, with greater freedom comes greater responsibility.
In the beginning, you may even need to work harder than you previously did. Shy of having a few regular clients, you’re constantly on the hunt.
And we hate to break it to you, but there’s no guarantee you’ll earn more. In fact, your income could take a dip for a while.
This whole hassle quickly leads to burnout and fatigue. Isolated and lonely, you start thinking about throwing in a towel.
The Plot Thickens
To make things more complicated, you’re forced to engage in planning and other related activities.
We know you might be tempted, but overlooking this aspect is usually a big problem.
This is especially true for those who have to invest some money to get the ball rolling. They require a business plan outlining key expenditures, financial projections, target audience, tactics, and tools.
Never take these components for granted: do your research and other homework. You must come up with product/service enough people are ready to pay for.
In case you lack the know-how don’t hesitate to outsource or seek professional help. For instance, financial advisors are particularly useful when crunching numbers.
On top of that, it would be wise to utilize modern user-friendly solutions. Check out online tools like PayStubCreator, which streamlines employee salary processes and makes your life much easier.
For Good Measure
This kind of less-than-ideal position suits natural self-starters the most.
Other may either struggle with motivation, self-organization, and time-management. It’s not easy to receive criticism either, so thick skin and positive outlook help as well.
Another factor we would underline is having proper office space. Ideally, it’s a fully-fledged home office or a coworking space, not a messy kitchen table with an uncomfortable stool.
Likewise, you want to keep distractions at bay and get into the productive zone whenever needed. Yet, even with physical barriers, it’s hard to separate professional from private life.
Lastly, if something goes wrong, you’re in deep water. You don’t have paid vacation, health insurance, and other benefits— you’re lacking any safety blanket whatsoever.
As you can see, there are rough patches and hurdles dotted across this career path. This isn’t to say we want to discourage you. Be our guest, but just take things seriously.
When you take risks, do it in a calculated manner. Once sure you’re up to the task, move forward with confidence.
Ebb and Flow of Being Self-Employed
The ranks of self-employed professionals are growing across the globe.
Yes, there are a handful of pros, such as not having anyone breathing down your neck. But, there’s a flip side to being self-employed. Many self-employed endeavors have humble beginnings and tough evolution.
You face long work weeks and a bunch of moving parts you need to juggle simultaneously.
So, do yourself a favor and know exactly what you’re getting yourself into. Make sure you’re good at the job you plan to do. Merely loving it doesn’t take you very far.
In addition, you need to be comfortable calling the shots, following a proactive approach, and taking full responsibility. Meeting these requirements, you can go on to devise a plan and get in front of your clients.
Visit our success section to gain more insights into what it takes to dominate your niche. It’s time to climb up the career ladder!