BEING YOUR OWN BOSS

Self-Employment: A side Kick

“Being a self-employed means you work 12 hours a day for yourself so you don't have to work 8 hours a day for someone else.” Oliver Markus Malloy

In the present competitive and inflation ridden world it’s becoming really hard for most of us to meet our ends by working as an employee on a job. With rising inflation and standards of living it has now become an essential thing for everyone either to start a part time self-employed venture as a side kick or a full time self-employed business of their own.

If you start working for yourself, you’re classed as a self-employed or if you:

Ø  Run your business for yourself and take responsibility for its success or failure.

Ø  Have several customers at the same time.

Ø  Can decide how, where and when you do your work

Ø  Can hire other people at your own expense to help you or to do the work for you

Ø  Provide the main items of equipment to do your work

Ø  Are responsible for finishing any unsatisfactory work in your own time

Ø  Charge an agreed fixed price for your work

Ø  Sell goods or services to make a profit (including through websites or apps)

“If self-employment is the opposite of employed-by-other, than a job is outsourcing your freedom (time and talent) to a boss.” Richie Norton

One can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings. Self-employment is the state of working for oneself rather than an employer. Generally, tax authorities will view a person as self-employed if the person chooses to be recognized as such, or is generating income such that the person is required to file a tax return under legislation in the relevant jurisdiction. Besides that being self-employed means running your own business, but that business can be set up in a variety of ways.

It is worth mentioning here that by starting a business is an attractive alternative to a job you hate—or unemployment. When compared with working for someone else, self-employment presents a long list of opportunities and challenges, even for those professionals with deep, specific experience in their industry. Despite the finding that new business owners needs experience within their field before starting a venture of their own, as according to a research study almost two-thirds of businesses with self-employees will only survive their first 2 years, and about half will fold within 5 years.

A self-employed person is an independent contractor or sole proprietor who reports income earned from self-employment. Self-employed persons work for themselves at a variety of trades, professions and occupations rather than working for an employer.

“Freelance' means I can take watermelon breaks and no one can yell at me.” Mandy Ashcraft

Types of Self-Employment

There are millions of business areas and opportunities through which one can earn their livelihood as a self-employed individual, working for themselves. Some of the most common and in self-employment areas are:

v  Counseling

v  Property and real estate managers.

v  Farmers and ranchers.

v  Online Store

v  Affiliate Marketing

v  Food Service Managers (Catering).

v  Painters (construction and maintenance) .

v  Carpenters.

v  Freelancing

v  Lodging Managers.

v  Virtual Assistant Service.

v  Errand Service

v  Graphic Design Service

v  Ecommerce Sales

v  Social Media Consulting

v  Life Coaching

v  Personal Training

v  Auto Detailing

v  Handyman Service

v  Hair Styling

v  Makeup Artistry

v  Digital Product Sales

v  Child Care Service

v  Tutoring Service

v  Dog Walking Service

v  Event Planning

v  Photography Service

v  Blogging

v  Podcasting

v  EBook Sales

Advantages of Self-Employment

“You are self-employed. You work to pay your bills, build your dreams and create your life, regardless of who signs your paycheck.” Rob Liano

Once you decide to start your own venture and are ready to strike out on your own. You have great ideas for your own business and how you would run a company. But maybe you're a little nervous about the risks of going into business for yourself. Or you're wondering if the advantages of self-employment are worth the hard work that goes into owning a business. It's always a good idea to weigh the pros and cons before making a major decision like becoming self-employed. Looking at the perks can give you the confidence to take the plunge into self-employment. But once you decide to start as a  self-employed than go into it with all your energy and determination.

In general the motivating elements of being self-employed are Independence, control and freedom from routine - Companies or individuals you work for are your clients, not your employers. As clients, they can state what results are expected from you, but they do not direct your work. Of course, you want to satisfy your clients if you want to receive more work, favourable referrals or better rates. But you are your own boss, you decide when, where and how to work to get the job done. This all will give you a boast and self-esteem.

Beside this better feeling and self-boast one also gets financial rewards - A business may become very profitable. Companies are willing to pay more to independent contractors because they don't have the expensive, long-term commitments that they do with permanent employees, such as benefits, unemployment compensation and pensions. Independent contractors may also deduct business expenses from their taxes, which may increase their net pay. Now a days many successful businesses are run by newcomers or self-employed entrepreneurs.

Some of most evident advantages of being self-employed are:

Ø  Being your own boss

Ø  Control over All Business Aspects

Ø  Use of Your Skills

Ø  Ability to Problem Solve

Ø  Increased Earning Potential

Ø  Job Security

Ø  Flexibility in Your Work

Ø  Improved Quality of Life

Ø  Tax Benefits of Self-Employment

Ø  Potential for Growth and Learning

Ø  Connections With Customers

Ø  Sense of Pride

Ø  Building Something That Lasts

Disadvantages of Self-Employment

“Unhealthy habits and lifestyles reduce your productivity, cost your business (which, if you’re self-employed, is costing you), and create cyclical patterns of dysfunction and general dissatisfaction.” Melissa Steginus

However all is not that rosy in being self-employed as there are certain disadvantages too which many people associate with self-employment. It can be less security - It will be your responsibility to make sure you always have work to do. This means you may sometimes be without work and therefore without income. It cares very few free benefits - You will have to pay for your own vacation time, fund your own retirement plans, and buy your own dental, disability and life insurance.

Another disadvantage is that you have to pay your own taxes - As a self-employed person, you are solely responsible for doing all the paperwork and paying your taxes on time.

In the last I would like to highlight this thing once again that before diving in, consider if you're truly ready to be your own boss and how your lifestyle will be affected by such an immersive personal and professional decision. Here are six traits that encapsulate a successful transition from being employed in someone else's business to starting a business of your own.

v  You Must Be Flexible.

v  You Must Be Self-Motivated.

v  You Must Sell.

v  You Must Be Forward Thinking.

v  You Must Be Consistent.

v  You Must Be Okay With Uncertainty

“You are always self-employed. You are always the president of your own personal services corporation, no matter where you might be working at the moment. When you see yourself as self-employed, you develop the entrepreneur mentality. The mentality of the highly independent, self-responsible, self-starting individual. Instead of waiting for things to happen, you make things happen. You see yourself as the boss of your own life. You see yourself as completely in charge of your physical health, your financial well-being, your career, your relationships, your home, your car, every element of your existence. This is the mindset of the truly excellent person” Brian Tracy

If you think that after reading this blog you still think that you can manage all the pressure I had mentioned and you are determined to achieve all the benefits mentioned above by being a self-employed entrepreneur that all the best.

"WORLD IS ALL YOURS"

BY: OVAIS ASAD KAHN