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Self-Employment: Steps to Take to Become Your Own Boss
Posted by Insightlink on 09/22/22
As work obligations become more demanding and desirable jobs become more difficult to get, an increasing number of individuals are deciding to become self-employed. Being your own boss, setting your own hours, and making executive decisions yourself are all appealing aspects of this type of work. But self-employment can come with its own challenges as well. It takes plenty of time, focus, dedication, and hard work to reach success on your own. To make this process a bit simpler and increase your chances of triumph, here are some of the most essential steps you should take when becoming self-employed:
Consider self-employment types
Self-employment can come in many forms, and the path you choose will likely depend on your ambitions and main goals. For instance, you might want to become an entrepreneur. In that case, you will have to find a unique business idea, develop a thorough business plan, and establish your company’s legal structure.
If you’d like to go the freelancer route, you will need to create an extensive portfolio, determine your rates based on business expenses and income goals, choose a suitable platform for finding work, and apply for desirable freelance roles. Or, you could decide to become a contractor, as a good combination of more consistent work and no long-term obligations to a single company.
Develop the entire process
Once you establish your business venture, it would be helpful to develop standardized processes in an effort to work faster and better. Start by looking at any aspects that could be automated for higher efficiency, usually tedious and repetitive administrative tasks. Then, implement a system to streamline these operations.
For example, you can use customer relationship management (CRM) software to track client information, along with inquiries processes such as web forms and email solutions that enable your customers to reach you easily and effectively. Similarly, project management tools can be great for boosting productivity and staying on track with work obligations, while automating your business finances could aid in budgeting more efficiently.
Rethink loans and junk insurance
If you’re starting your own business or venturing into another type of self-employment, you may have considered or even taken out loans to support your ambitions. While that can be a great way to finance your business ventures, keep in mind there are certain aspects you should look out for, such as junk insurance.
Junk insurance represents often worthless and unnecessary insurance products that are sold with credit cards and loans using unethical practices, even by reputable lenders. This useless insurance can cost consumers thousands of dollars a year. Fortunately, you can refund junk insurance if you’ve unknowingly purchased these products. You just have to contact an experienced claims specialist first.
Create a suitable work schedule
The independence and flexibility that come with self-employment are often what attract individuals to this type of work. Although it can be tempting to do your job anytime and anywhere, developing a stricter and more consistent schedule is often the best solution. Your specific itinerary will depend on your job, your income objectives, and your main career goals.
In any case, a schedule will allow you to achieve a healthier work-life balance and ensure you aren’t working 24/7. It can also aid in improving communication with customers and clients, as the strict working hours you set will help to create a sense of professionalism and routine.
Establish necessary boundaries
When you’re self-employed, it can be tempting to do everything yourself and feel the need to work all the time. However, this can create serious health problems, often leading to stress, anxiety, and burnout. To prevent this from happening, aim to establish firm boundaries such as designating a specific workspace, setting clear communication expectations with customers, and developing strict out-of-office procedures.
It would also be a good idea to delegate whatever you can, whether that means hiring accountants for bookkeeping, virtual assistants for administrative tasks, or freelancers for social media management. Although a larger investment at first, hiring professionals pays off in the long run through fewer errors and higher efficiency.
Even though it’s often incredibly rewarding, starting a self-employed career can also be quite challenging. Follow the advice above to get off on the right foot and accelerate your journey to self-employment success.
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