Are you sick of the everyday rat race of busting your butt to make your bosses richer? It’s time for a change! Here are 8 tips for becoming self-employed.
If self-employment is calling your name, you’re in good company. More than 10% of the US workforce is self-employed, and this figure is projected to grow in coming years.
The reason is simple: no one likes busting their butt for bigwig bosses and greedy corporations. Why not start your own enterprise? Read on for 8 tips on becoming self-employed.
Before starting any enterprise, consider not only what you’re good at, but what you can do better than others – with more efficiency or higher quality than the next guy.
Do you know three foreign languages or enjoy public speaking? These are rare traits. Use them to your advantage as you pursue your business endeavors.
As you consider self-employment, remember that an empire is built by many. Seek mentors who can push you along when the going gets tough.
Get involved in networking events across your community. This is a great way to meet mentors, or possible business partners or clients.
Once you’re self-employed, it’s time to be your own manager. Wake up early, brew the coffee, put on decent clothes, and sit at a desk to begin your work.
Now is not the time to start slacking. You might not have a boss hovering over your shoulder, which means you need to be extra focused at staying on-task.
Be prepared to go without a paycheck for a period of time. And remember, with new business enterprises, you gotta spend money before you make money.
This means having a nice nest egg set aside before you quit your day job.
Invest in small business software to manage expenses, revenues, and even generate invoices. These help with taxes and budgeting, too.
Many cool tools exist to help you with your business, whether it’s for budgeting or managing payroll, like a Texas Pay Stub Generator.
You don’t need to be a CPA to know that taxes won’t go away. But you won’t have income taxes withheld from a paycheck, so you need to be diligent about saving for tax time.
Set aside at least 25% of income for taxes and understand exactly when, and how, you need to file.
There are plenty of small business deductions you shouldn’t overlook. With a home office, this means you can deduct a portion of your mortgage and utilities.
You might be able to write off a portion of your car, too, or gas mileage.
You’re officially self-employed. Congratulations! The work has just begun.
Don’t overlook the importance of certifications, licenses, and continued professional training. This is an important part of self-employment because evolving is necessary in today’s competitive environment.
As you work toward becoming self-employed, remember that we want you to succeed in all areas of your life! For more tips on health, lifestyle, and adulting, grab a cup of coffee and get reading!