So You Want to Be Your Own Boss?Part 2
As in any business venture where there are bonuses, there are also challenges.
In part one I told you about the bonuses.
Now in part two, I will tell you about the challenges associated with self-employment.
1.
Long Hours: Because clients and customers can be demanding and because customer service can make the difference between failure and success.
Self-employed people often say they work 12 to 16 hour days.
2.
No Benefits: Being self-employed doesn't give you the benefits you would get with a large company.
That is a down side because of the lose of dental and health that a self-employed person would have to give up.
3.
Loss of Structure: Being your own boss could be a little unsettling for some people.
Those people who are used to having an employer impose a certain structure on your work day.
You need to create your own structure.
Base it on what's needed to market yourself and your product or service and to get the work done.
4.
Isolation: Self-employed people who work from home, could miss the support of co-workers or the opportunity to socialize on breaks.
5.
Paperwork: Running your own business not only names you as the president and marketing manager, but you are also the comptroller and the bookkeeper.
sure you could hire someone as an accountant to set everything up.
but you still have to spend many hours doing the paperwork and record-keeping required.
6.
Unpredictable Income: Budgeting is very vital when you are getting a new business off the ground and running smoothly.
your income won't be as predictable as a regular paycheck, even if you have done your homework and prepared a thoroughly researched business plan.
7.
Constant Pressure to Keep Sales up or Work Coming in: For the self-employed, everyday is a marketing day or a work search day.
The pressure is even greater to bring in enough work when you have employees needing to be kept busy and their salaries paid.
8.
Potential For Loss: Starting any kind of business requires some sort of financial investment at the outset.
You need to set up your office with supplies that are essential.
The capital requires to start a manufacturing operation or restaurant can be substantial.
This investment may never be recovered if your business should ever fail.
In part one I told you about the bonuses.
Now in part two, I will tell you about the challenges associated with self-employment.
1.
Long Hours: Because clients and customers can be demanding and because customer service can make the difference between failure and success.
Self-employed people often say they work 12 to 16 hour days.
2.
No Benefits: Being self-employed doesn't give you the benefits you would get with a large company.
That is a down side because of the lose of dental and health that a self-employed person would have to give up.
3.
Loss of Structure: Being your own boss could be a little unsettling for some people.
Those people who are used to having an employer impose a certain structure on your work day.
You need to create your own structure.
Base it on what's needed to market yourself and your product or service and to get the work done.
4.
Isolation: Self-employed people who work from home, could miss the support of co-workers or the opportunity to socialize on breaks.
5.
Paperwork: Running your own business not only names you as the president and marketing manager, but you are also the comptroller and the bookkeeper.
sure you could hire someone as an accountant to set everything up.
but you still have to spend many hours doing the paperwork and record-keeping required.
6.
Unpredictable Income: Budgeting is very vital when you are getting a new business off the ground and running smoothly.
your income won't be as predictable as a regular paycheck, even if you have done your homework and prepared a thoroughly researched business plan.
7.
Constant Pressure to Keep Sales up or Work Coming in: For the self-employed, everyday is a marketing day or a work search day.
The pressure is even greater to bring in enough work when you have employees needing to be kept busy and their salaries paid.
8.
Potential For Loss: Starting any kind of business requires some sort of financial investment at the outset.
You need to set up your office with supplies that are essential.
The capital requires to start a manufacturing operation or restaurant can be substantial.
This investment may never be recovered if your business should ever fail.
