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While a full-time job may offer the security of a salary and other employee benefits, such as allocated vacation days and healthcare privileges, many choose to be their own boss and become self-employed so that they can truly craft what they do for a living.
Of course, there are many advantages to working for yourself, including the ability to pick your hours, choose who you work with and when the work is completed. Some choose to work into the evenings so they can participate in other activities during the day, while others seek to keep their evenings and weekends free so they can spend more time with family and friends.
So it’s perhaps no surprise that self-employment is recognized as a rising trend in the American workforce. A recent report published by book-keepers Fresh Books claimed that “climbing the corporate ladder is no longer the American dream”, adding that “over the last few years a significant mindset shift has taken place and with it has emerged a workforce which values flexibility over stability.”
Keeping overheads low counteracts instability
The world of self-employment certainly offers no shortage of flexibility, but it isn’t always plain sailing. Turning down the stability of a consistent income is a bold step to take, especially when there are bills to pay and family members to feed.
That’s why it’s absolutely crucial that you are in total control of your finances – and explore all avenues to save money. Depending on the industry you’re working in, self-employment helps workers keep overhead costs low and work can often be completed from home. But as your client base grows, you may find that you need a desk and a space for meetings.
Rather than leasing or even purchasing your own office space, consider shared office space options. There are plenty of hubs online where you can reserve office space for long or short-term use, and services like Oxifu allow you to reserve a desk anywhere in the world for a single day at a time.
New ways to source additional human resources
You may also incur expenses when trying to find the additional resources to help you tackle a larger project. It’s always great to land a big brief that potentially sends a lot of work your way, but it can be equally problematic finding the time to do it. To avoid handing contracts to new staff or, worse still, turning the work down, consider services like Fiverr and People Per Hour. These kinds of websites allow you to work with skilled people, with experience across a range of industries, for as little as an hour at a time.
Make sure you’re protected
One of the other considerations of becoming your own boss is ensuring that you have the insurance security that you may have taken for granted when you were a part of an organization. It’s important to consider policies like contractors liability insurance whenever you’re working for a client, especially if you have a job that is physical, as it can protect you from bodily injury and property damage.
It can be tempting to think you can get by without these kinds of policies, but the cost to your business and livelihood could be much greater should the worst happen.
The world of self-employment can be incredibly exciting, although taking the first few steps can be scary. But, by putting these tips into practice, you can keep costs down during your first days as your own boss – and lay the platform for a successful career of working for yourself.
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