Every year we seem to read impressive statistics about the number of people taking the leap to become self-employed.
It would be fair to say that these numbers have increased even further over more recent times, with the effects of the pandemic leading many to rethink their careers and go it alone.
However, as you’ll probably already know, it’s anything but easy. There are all sorts of issues to comprehend, and through today’s post, we’ll reveal some top secrets to give you the best chance of making your jump as successful as possible.
Have a financial cushion
Hopefully, you’re already well aware of this. One of the biggest fears that many budding entrepreneurs have is not having enough money to survive. They are saying goodbye to that regular salary, and in its place arrives something that is anything but regular!
As such, you need a financial cushion. Twelve months’ worth of personal expenses is the optimum, but some may do it on half that amount. This won’t just provide you with mental reassurance, but it will also mean that you can make long-term decisions for your business and not just jump on any short-term cashflow solution.
Remember, going it alone is more about simply calculating the cost of your products and services and subtracting them from what you’re charging clients. Whether you’re a tiler or an accountant, you’ll still have to pay various forms of insurance, accreditations and, of course, tax.
Understand the time implications
Self-employment = long hours. At least during the early stages. You’ll likely find yourself working more hours than you ever did in your employed life just to get the business off the ground. Once it’s established, you might be able to take your foot off of the gas a little, but the initial stages will be challenging.
As such, you need to make sure that you have a good work-life balance. This is easier said than done, but it is essential. If you’re not in a good place mentally, you’re not going to be able to perform to the best of your abilities.
Get some structure in place
If you’re used to working within a structured environment, the freedom of self-employment can be pretty daunting. There are no set hours, no one telling you what to do, and no one to hold you accountable.
As such, you must create your own structure. This might mean setting yourself some office hours or designating certain days of the week for specific tasks. Whatever works for you, make sure that you have something in place, or you’ll quickly become overwhelmed.
Build a strong support network
There’s no denying that self-employment can be a lonely road. When you’re used to working within a team, it can be quite isolating to suddenly be working by yourself.
As such, you must build a strong support network. This might mean joining a co-working space, or it might mean joining a relevant professional body. Alternatively, you might want to make sure that you have a group of friends or family members you can rely on for a chat and some moral support. Making sure everyone involved in your immediate circle is on the same page is crucial.
