Saturday, September 3, 2016

Is Self-Employment Right For You?

Choosing to be your own boss can be amazing. But if you're currently working a "regular job" -- and have never been self-employed before, I suggest you consider starting your own business ONLY if you know the pitfalls, and what to expect and how to deal with it.
  • You Must Be Self-Motivated. You need to be the type of person who can get work done when it needs to be done without anyone telling you to do it, including wearing the many "hats" of a sole proprietor, such as bookkeeper, paperwork coordinator, and marketer.
  • You Must Have Good Time Management Skills. No one is going to tell you when to work; you will be in charge of that. You will need to be able to estimate accurately how long any one job will take you, when you're going to do it -- and you must be able to do this with multiple clients simultaneously.
  • You Must Be Able to Work with Many Personalities. When you are self-employed, you don't work with just one client at a time. You typically will be working for several at once, all with different personalities. If youĂ­re good with people and are able to take criticism, you will do great as a self-employed resume writer. Also: TRUST YOUR GUT when taking on new clients. Don't be desperate -- if you don't get a good feeling when you talk to someone initially, do NOT take them on as a client. You will end up regretting it.
  • You Need Your Own Equipment. When you're self-employed, you must supply your own tools such as computers, Internet connections, software, and so forth. As the business owner, you're responsible for all your own stuff.
  • You Must Pay Your Own Benefits. If you currently have health insurance in your job, you need to know that as a self-employed person, you pay for your own benefits -- including self-employment taxes, insurance, and more. Health insurance can be VERY expensive, so you need to know what this will cost you before you leave a job with insurance.
  • You Must Be Able to Ride the Wave. Payments don't always come on time like with a job.  (This is the thing my Mom had the hardest time with understanding. She keeps trying to get my self-employed brother to get a job so he has a "steady paycheck.") The reality: You won't get a paycheck every two weeks, so it will make it harder to budget your money. You will likely have times of feast and famine. If you can budget through the hard times and ride the wave, you'll make it as a business owner.
  • You Must Be Good with Money If you're not good at budgeting, being self-employed might be difficult for you. For example, you should set aside 15-25% of all revenue you receive for taxes, savings, and for the slower months.
Hopefully, this didn't discourage you. You have to remember that some of the security you think you have in a regular job is just an illusion. Getting paid every two weeks isn't as important as making enough money on a regular basis to pay your bills and save for your future. All you have to do is train yourself to mind your money and build your business without anyone telling you what to do and you'll be successful as a self-employed resume writer.

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