Many people aspire for the freedom that comes with being self-employed. They get to be their own boss, set their own hours, and choose what they do and when they do it.
While becoming newly self-employed is exciting, it won’t always be an easy journey and can be full of struggles. You are on your own now and can’t simply head into the office and collect your regular and predictable paycheck anymore. With that in mind, we’ll give you a few tips to help you get started on your journey to self-employment.
Keep Immaculate Records
Being organized will be your best friend as a self-employed individual. You will have a lot of documents, forms, and other information, and you need to keep them all in order. You will have contracts, invoices, receipts, and other documents that you need to keep safe.
You may also need to eventually provide your self-employment proof of income for loans, insurance or even for taxes. Whether you store these online or in a file folder, make sure you keep them readily available and ensure they don’t get lost or destroyed.
If you don’t keep records organized, or don’t keep them at all, it could be hard to prove where your income came from or how much exactly you made in a given year.
Manage Your Money Wisely
Another thing to keep in mind as a self-employed individual is to manage your money well. Poor financial planning leads to the demise of many new businesses, so be sure to do all you can to keep your finances (both personal and professional) in good shape.
You need to be aware of your costs, your profit, and how much your income can vary from month to month. If you are about to enter a slow period for your business, now is generally not the time to expand or make a huge purchase. Do your best to be smart with money. Ensure that you always have a financial safety net so you won’t be forced to rely on credit cards.
Also, don’t forget about taxes. While most people will get money back come tax time, or pay a small amount, you will be stuck paying a whole years’ worth of taxes, which can equal tens of thousands of dollars in some situations.
When you plan and manage your finances well, you can be more financially stable and well off.
Find Ways to Market Yourself and Your Services
Next, if you want to get new customers and make money, you need to find ways to market yourself. As mentioned earlier, you can no longer clock in at work and collect a steady paycheck, so you now need to convince customers or clients that you are the right person for the job.
Some of the best ways to market yourself include paid ads, working with influencers, creating content, and engaging with people in your target audience. Also, consider getting active on social media and creating a website. The more you can do to build your authority and provide value, the more likely a customer will be to work with you.
There are also many ways to promote your business or product for free. This can include getting involved in community groups, building an email list, holding a seminar/class, or even giving out some freebies or merch.
Having a Successful Start to Your Self-Employment Journey
By keeping solid records, managing your money, and marketing your services well, you can make sure your self-employment journey gets off on the right foot. Being self-employed isn’t always easy, but it can be incredibly rewarding.
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