Self Employment – Is it For Everyone?

Self employment has so many advantages. Working in your own home and working at your own pace and hours is a wonderful freedom that cannot be typically enjoyed with the average 9 to 5 job. You can choose how much or how little you need to work depending on your needs. Self employment opportunities always exists, but here are some important points to consider prior to being self employed.First and foremost, you are in control of your income – which means you are also responsible for all of the capital that is spent to have the self employment work. Working from a convenience of a home office still typically requires a computer, an all in one fax machine, internet capability and dedicated phone lines. Not to mention, get a back up computer or program in case your computer crashes! Another factor to consider, there must be an organized fashion to record all of your expenses. If there is not – then you will never truly be able to determine the exact profit as a result of your labor.By April 15th taxes has to be filed. So, have your paperwork in an orderly fashion in order to be able to easily record your operating expenses. Some items to consider may include: Internet expenses, office supply expenses, the purchase and/or current value of the equipment used (ie. computer, desk, chair), phone costs – both office and cell, if both are used, gas costs, miles driven, lease payment, business lunches, closing gifts, advertising expenses – just to name a few.Personally, I have always found it helpful to keep all of my expenses tied to either one checking account or one credit card. Therefore, the statement simply provides a detailed explanation of where the money went. It will make self employment life much easier!Finally – and some find this one the most difficult – still wake up to an alarm and end your day at a certain time. Sleeping in can take away productivity and shorten a work day. A slightly less than strict work schedule is the key to keeping on track. If there are typical distractions at home during the day (ie. children, other spouse, chores) then plan the daily work activities around the necessary times – and stick to it! As an example, if you have small children, plan your phone time for when they nap.This allows for a quieter and more professional phone opportunity without having cartoons or children in the background. If chores have to be done, then plan the work activities that require the least amount of attention. More detailed, precision based work – allow yourself a quiet and controlled atmosphere. With a good schedule and dedication, self employment can offer an additional income – or an entirely different life style!

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