Pitfalls to avoid in self-employment
Tuesday, October 25, 2022
Keep an accurate record of revenues and expenses. Net photo.

Being unemployed sucks and when an individual lands a new job opportunity, most of them are urged to work super hard aiming to be self-employed.

Being self-employed is a gamble that pays off in variety of ways. However, regardless of your profession, being self-employed may bring several difficulties. Here are some of the ways you can navigate through and what to check on as someone newly self-employed.

Avoid diving in head first

It’s wise to save up a little money and to start drumming up business before you quit a day job as this will tide you over during your first few months as a self-employed person. Don’t dive in barely, first arrange yourself and check if your work team is ready yet, the standards of your audience and marketing, and if the location is convenient, before you run away from your current boss that is driving you insane.

Do not fail to get a routine

According to business.com, it’s important, especially when you’re just getting started, that you establish a pattern you can stick to and set out your working hours. It can be tempting to work extremely long hours when you’re freelance because you’re dedicated to making your new venture a success – but this can be damaging to your mental and physical health and lead to a decline in efficiency and output.

Find a shift that works for you, either morning or night and make the best out of it, provided you have set hours to work each day and a quiet, designated workspace to ensure you’re in total "work mode” during those hours in terms of promoting your business to a higher standard.

Unprofessional presentation

To newly self-employed people, whether consciously or subconsciously, customers will be making judgements on your professionalism, based on how you present yourself. As such, professional presentation is crucial to a freelancer’s work prospects.

Best way to keep professional presentation and communication, present professional email address, well presented social media channels for marketing, professional website or online portfolio, provide dedicated business phone number.

Avoid controversial statements and humour in professional communications and sending important emails without proofreading and spell-checking them.

Draw line between work, home and leisure time

According to decent.com, many people choose to work from the comfort of their own homes. On the surface, this seems great; you can take care of certain errands and chores during the day.

Set aside a special office or space for work. Be sure your family knows that this is your sacred workspace between certain hours. This can keep unnecessary distractions to a minimum.

Track revenues and expenses

Keeping an accurate record of revenues and expenses is a must for any entrepreneurial endeavor. Don’t just scribble your travel mileage down onto an old receipt or assume you’ll remember how much a client paid, either. At the very least, you should keep track of all this information in a spreadsheet, and most self-employed individuals invest in some type of accounting software to properly track their business finances.

According to Marc Prosser, the co-founder and publisher of Fit Small Business develop an attitude of patience. In the meantime, make sure that your marketing campaign is on track and spend your time "knocking the socks off” the few clients or customers you do have. They will be amazed at your attentiveness, your hard work for them, and are sure to recommend you and your product or service to others. Goodwill is a long-term goldmine.