Working for yourself is everyone’s dream. It gives you the freedom to create your own hours, take time off when you need it, and escape the confines of a 9-5. But with such freedom comes responsibility, and that is what this article is here to help you with.
Below are ten things to remember/keep in mind when working for yourself.
1. Always do research
No one wants to fail – especially when you are working for yourself. It’s hard enough to be your own boss without having to worry about ruining your reputation by not knowing what you’re doing.
That said, even entrepreneurs who have been in business for themselves for years run into misunderstandings and blunders that could have been avoided with thorough research before making their decision.
2. Manage your finances properly
Regardless of whether you’re an entrepreneur, freelancer or just work for yourself on the side, money is something you never want to run out of. Often you spend all of the money on the business and not yourself (or vice versa).
This may not seem like a big deal yet, but if this continues, it will be a problem in the long run. It’s important to know how to manage your finances, so you don’t get in any trouble.
3. Set work/life boundaries
A lot of people don’t think twice about working 50 hours straight without a break. But when you’re working for someone else, it becomes obvious that there’s a limit to how long any sane person can be productive.
When you’re your own boss, however, it’s up to you to set those boundaries. This is why it’s especially important to establish work/life boundaries for yourself when you’re self-employed.
4. Hire professionals
Hiring professionals is a surefire way of getting the best results. As an entrepreneur, striking the right balance between doing everything and hiring experts can be hard, and while you can do a great deal yourself initially, hire professionals when you can afford to and be willing to pay.
5. Take advantage of technology
Technology can make your work easier, and as you probably already know, it’s not hard to fall behind the technological curve when it comes to small business.
That’s why it’s vitally important that you remember to use new technology to make your life easier while working for yourself. It is essential that we evaluate every aspect of our businesses and implement new solutions you deem necessary.
6. Have a mentor
Many successful entrepreneurs spent time with their own mentors as they started out on their journey. Find a mentor with the knowledge you can use and learn from them. This can be an older person or someone you respect. Having someone to bounce ideas off of is a great idea, especially for your first business.
7. Protect your business
Protecting your business against anything that could go wrong might seem like an unnecessary cost at first. However, the importance of professional indemnity insurance becomes clear when you realise that any issues you face with clients become your responsibility when you are self-employed, so having insurance will help you with this.
8. Invest in marketing
If you are going to go out into the world and make money on your own terms, invest in marketing. Marketing is the lifeblood of any business—no matter how you plan to grow your business, whether through a website, social media or any other platform, make sure you go about it the right way.
9. Expand your network
When you start your own business, you want to make sure that you are doing everything in your power to get the business off the ground. You will be learning as you go along.
But if you want to be really successful, it is important that you are getting out and talking with people and staying connected. One of the best ways to do this is by building your network. It is going to be important for you to form new relationships and nurture older relationships so that they can help you as a business owner.
10. Customer is king
Finally, you should always remember that the customer is the king. The life of your business depends on the customers. You need to do whatever it takes to keep your customers happy. Because if you fail to meet their expectation, you might as well kiss your business goodbye.
Written by Meghan Hale, a content writer at Deepakshukla.com and editing machine. You’ll find me yelling at my dog to stop barking, whether it be at the neighbours or on a long afternoon walk