By Jacob Maslow – Branded Content
Becoming self-employed is much easier today than it once was. Thanks to platforms like Airbnb, Uber, and Fiverr, with the gig economy in full swing, anyone can establish their status as a small business owner and start making cash according to their schedule. But, of course, to thrive in this environment, you’ll need a lot more than just a LinkedIn profile and a few simple skills. You’ll also need a key range of practical resources and soft skills to ensure you can survive the challenges of self-employment. So keep reading if you’re not sure whether this route is the right track for you and your career plans.
The Emotional Side: Are You Mentally Prepared?
You’ll need to address two main points before you become self-employed. First, are you emotionally and mentally prepared, and do you have the practical resources to realize your dream? Let’s start with the emotional side. While anyone can become self-employed these days, not everyone is well-positioned for this job.
Working for yourself can be much pressure, particularly since you’re not guaranteed a regular income. You’ll need to learn to reduce stress and anxiety and constantly fight to find earning opportunities. There may be months when you don’t get enough money to pay for the pills. At the same time, you’ll be under much stress, dealing with taxes and accounts you never had to encounter before and promoting yourself in a competitive environment. So before you go self-employed, ask yourself whether you can handle:
- Difficult conversations with competitors and unhappy clients
- Unpredictable income and the constant search for new earning opportunities
- Promoting yourself and constantly building your portfolio
- Managing your accounts, finances, and taxes
- Working extremely long hours, perhaps without a huge income at first
The Practical Side: Do You Have the Resources?
Suppose you discover you have the emotional grit and resiliency to thrive in a self-employed position. In that case, the next step is figuring out if you have the resources required. Even if you’re going to be writing articles or creating graphic design images in your free time for money, you’ll need to invest in your new business initially. For example, it costs money to pay for a business website, computer, and hardware to design your own home office. You might even need to spend money on materials too. However, a small business loan can give you the initial capital you need to start without asking you to use a lifetime’s worth of savings.
Remember, it’s best to keep at least some of your savings around, so you have something to keep you going when your earnings are low. In addition, you’ll need to make sure you can afford the initial costs of starting your business and the dips and changes in your income. Taking the time to calculate how much money you’ll need not just to bring your business idea to life, but also to ensure you can continue to thrive while you wait for your career as a self-employed individual to take off will be essential.
Photo Courtesy // Jacob Maslow //