Self-employment gives you incredible freedom. However, while you can make your own schedule and set your own rates, it does require strong diligence to stay organized and market yourself. This can end up making self-employment more of a hassle than something to enjoy.
If you want to be self-employed successfully, check out this article. You’ll discover a handful of ways to help you flourish.
Insurance is critical regardless of your industry, but for some careers, it can be a bit more so. For example, if you plan to work in people’s homes, insurance will protect you from serious issues should you get injured or if a property is accidentally damaged.
In some states, insurance for a self-employed business owner might be legally necessary, especially if you plan to hire workers to assist you. Some insurance options you’ll come across include:
- General liability
- Workers’ compensation
- Tools and equipment
- Commercial property
- Commercial auto
Insurance costs will vary depending on your company. To figure out the right option, an agent will usually ask you a few questions like how many work vehicles you have, how long you’ve been in business, and if you have a claims history. Once they review this, they’ll provide you with a quote.
Dedicating a specific area in your home as your workplace might be beneficial. This way, you can stay focused and keep all your paperwork and tools in one place. Besides this, you can actually claim the space for a home office deduction on your taxes. This allows you to claim up to $5 per square foot off for business use.
One of the most important ways to thrive as a freelancer is to monitor your finances carefully, especially if you’ve just started the self-employment journey. It can be easy to overspend on things thinking of them as an investment, but this can be a problem if you don’t have consistent work.
To keep yourself on track, it might be beneficial to create a weekly or monthly finance schedule so you can estimate how much you plan to make and base your spending around it.
If you want to go a step further, consider making a business bank account. You can keep your earnings in one place and take out the money as necessary from this account. It can also be useful when keeping track of your finances for tax purposes, including certain expenses (like fuel or tools) that can be written off.
Another key aspect is to ensure you stay organized in your work. Always make a schedule and keep it updated.
You might even color code things that can help you quickly understand the required tasks with a simple glance. Finally, to confirm you’re staying on schedule, make a daily checklist that you can refer to. This might take a bit of time and effort, but once you get used to the routine, you’ll find it will highly benefit you.
It’s worth dedicating a day or two during the week where you completely disconnect from your work. While some might think of this as being lazy, it can help you gain more energy to finish tasks because it lets your body rest and restore itself.
Apart from this, take short breaks during your working day. This could be to stretch or to take a quick walk around the block to boost your mind and even encourage better focus.
Regardless of the industry, you’re in, it’s critical to make your services or products known. As a self-employed worker, you’ll likely have to start fresh – something which can be daunting at first.
A unique way to do this is by collaborating with local businesses. For instance, if you’re a graphic designer, reach out to companies you think might benefit from your work. This can help you not only find work but could result in useful referrals.
Social media is also a great tool. You can use it to keep clients updated on your services and to make your presence known to potential customers. In addition, you can sometimes follow trends on various platforms to advertise yourself.
Also, look into making a website where you can tell more about your experience and list your services. You can also upload your portfolio, so customers get an idea of your offerings.
Many times, freelancers try to provide too many services. Instead, specialize in a certain niche where you can gain expertise. This makes you more likely to find work over someone who offers too much with too little experience.
Being self-employed comes with plenty of benefits, but it also has its challenges. Using this information, you can better guide yourself through the trickier aspects of self-employment.