To become self-employed, you must have something to sell that will help you turn a profit, whether it’s products or your 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. Monetization methods include selling advertising space on the blog, 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, we’ll cover three 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.
- 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 fulltime 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 fulltime job requires you to work 40-hrs per week, therefore the startup stage will 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.
- One-man-show. Unless you’re willing to shell out the cash to hire administrative staff, you’re going to be a one-person-show. This means you’ll have to handle the production of items, fulfillment of services, customer service, bookkeeping, collections and marketing.
- 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 production or marketing.
- 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.
The point to remember is that what the
Government gives, it must first take away.
~ John S. Coleman