Good to Read: BE YOUR OWN BOSS
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Become Your Own Boss, Own Your Destiny Why Self-Employment ?
How Do You Go About It ?
For those who passed through the education system, the majority of us are pre-wired for employment. We are bred to be the worker drones in a complex system that is capitalism. Most of us as worker bees accept the life we are given.
We are allowed mortgages, holidays, new cars and all the trappings of success we want.
But the truth of the matter is that most worker drones end up spent and exhausted and at the end of their work lives with poor health and a poor standard of living.
Some drones might be lucky enough to retire rich as their home (principle asset)
may have appreciated in equity.
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But seldom are these fortunate few really financially free when you break things
down and analyze.
The majority of the workforce will only realize that the 9-2-5 model, and pension schemes are nothing but elaborate Ponzi schemes.
All Ponzi schemes work because a few people are allowed to be successful, thus encouraging others to also pile into the scheme.
Government debt has grown beyond what we can realistically pay back and yet
people trust in a pension that is simply non-existent.
Creating a business or investing is the only way you can stay ahead of the inflation
curve as saving money is no longer viable with quantitative easing of the federal reserve
eroding our savings.Beautiful Woman store
You simply don’t have a choice in the matter, you have to create more wealth than the government can erode with taxes and inflation just to keep the value of your savings.
We have been indoctrinated into thinking that jobs and pensions are safe options.
The vast majority of us will tolerate the stresses of our jobs as we have
no real alternative option.
This book will show you there are other options to the traditional 9-2-5. It is the purpose
of this book to encourage you to get a hold of your finances and at a minimum start
making a transition to self-employment.
Big Business and investment are alternatives we can look at also but self-employment is the easiest transition that you can make, and can also be done while you are still working and dreaming of quitting your 9-2-5. In reality, though, going down the path
of self-employment is hard.
However, many people have succeeded, and much more are succeeding. What are they doing right? Well, all you need is a well-considered plan that is backed with realistic assumptions and well-researched facts.
You also need willpower and the proper work ethics. Before you decide that this is a good time to hand over your resignation letter and dive into self-employment, there are several things you need to know.
The Positive Side of Self-Employment Have control over your Schedule: Self-employment allows you the flexibility and the freedom to choose where to work, when to work and what to do. Your workplace can be your backyard, your garage, your living room or a rented office. Your job can begin at any time; at midnight, early in the morning or at midday.
However, you have to work out your schedule to meet your customer demands.
In reality, you are likely to work for more hours than the regular 8 to 5 schedule.
Your business background largely determines your schedule. You have to arrange everything depending on your priorities, and you have control over your time.
It is the greatest advantage of self-employment.
Have control of what you do: As an employee, you are often “forced”to perform tasks against your will and sometimes, without you understanding the necessity of the task you are performing. In self-employment, this is different.
You can clearly see the interconnection between the tasks you and your employees do and how they all connect and contribute to the overall goal of the business.
Once you can define every function and how important it is, there is nothing like a boring job; after all, every task has a purpose.
You Have Control Over Profits: As a self-employed person, every task you perform and the quality of your work directly affects the profits you make. Higher sales translate to higher profits for the business owner.
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After settling all the pending bills and paying all employees, the profits are yours.
You don’t have to share the profits with shareholders.
Negative Side of Self-Employment Irregular Income: Unlike formal employment associated with regular pay, your income in self-employment depends on your efforts and the success of the business.
You make no income is you don’t make sales and generate traffic within the period.
Going through a month without income can be very rough.
Being in Control of Your Schedule:
As much as this is a major positive attribute of self-employment, it can also be a major setback to your personal development.
You have to be motivated all the time to be able to remain committed to the primary goal.
Self-employment requires a lot of sacrifices, and it may not work for lazy people.
You are in control of the Business Finances: In a regular job, your employer handles several finance items like income tax, Medicare and social security.
In self-employment, you have to learn to deal with such issues.
You may be penalized by the IRS should you fail to keep proper records and report the tax appropriately. Additional Implication of Self-Employment You have a Diverse and More Challenging Work Schedule When employed, you have the luxury to specialize and solely focus on a particular line of interrelated tasks in an appropriate department.
As a self-employed person, you have responsibilities beyond your core skillset.
You have to learn and do almost everything.
Even if you have employees, you have to master the tasks they perform to be able to control and approve their work.
It is a blessing but can also be a curse.
You learn many things within a short period.
These include different forms of marketing techniques, accounting and finance, production/ manufacturing, and managing employees, and resources all at the same time.
The setback of all this is that you are more prone to making mistakes, some of which may be costly. You learn most things through mistakes.
You Have Less Protection against Failures In regular employment,
most failures are not expensive.
Your employer may consider further training as the remedy to failure.
However, in your own business,
the success or failure of the enterprise rests solely on your shoulders.
It should be motivating, but to others, it might be a burden.
Laying the Groundwork
The transition from regular employment to self-employment requires prior
planning and consideration.
There are several things to consider when preparing for the transition.
Efficient Utilization of Resources:
Your success in self-employment is pegged on your ability to manage resources like time, money, and employees effectively.
You have to organize your activities so that you have time for your family and your entertainment.
You may have to make a few sacrifices, such as cutting down on TV and movie time. Personal Production Methodology Coaching:
It is often not easy to have everything done and get the results you expect.
Consider enrolling in a coaching class to learn better methods of managing everything and having everything done.
Most of the training are available online, in the books, audios, and videos. Such programs can be very helpful most of the time.
Have Enough Time for Sleep:
Most self-employed people suffer from fatigue resulting from inadequate sleep time.
Without a proper plan and schedule to handle the tasks at hand, you often get trapped trying to catch up with job-related activities.
It leaves you with less time to sleep,
a factor that could considerably affect your productivity, health, and motivation.
You need a regular and adequate sleep pattern to be productive during the day.
Learn to be Frugal: You have to change the way you handle your finances.
You need “cost versus benefit”kind of thinking.
It does not mean that you have to be a tightwad, it’s about being prudent.
Your choices need to be based on the total cost and the value.
There are many ways in which you can practice the technique.
It all starts from day-to-day decision making and develops to long term strategic decisions that will carry you throughout your business.
You could find better ways to manage your bills, cut down unnecessary utility services and manage resources in a more prudent way.
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Money Management Skills: You have to learn money management skills.
These are the skills on how to get and retain more money than you spend over time.
Self-employment means that you have to keep your financial house in order.
Your credit cards need to be in order.
Learn to Save: You have to put your credit cards in order and have something to save.
Get a high yielding account in which you keep every cent you have.
Part of your savings will provide the capital you need once you make the move. Communication and Networking Skills:
These are core competencies that you need to work on as part of the groundwork
These skills are essential as you need to communicate confidently
and build quality connections.
These are skills that you can only learn by practicing.
You could also enroll in mentorship and coaching class to grasp the skills faster.
Some mentorship and coaching classes are available online.
Introspection You need to spend time pondering and answering some
fundamental questions regarding your life.
Introspection should point you in the right direction you ought to take.
It is through introspection that you get to answer the primary questions you need to get answered before you give it a go.
When setting up for self-employment, there are particular considerations:
What is your purpose in life?
This is a fundamental question that you must get right.
How do you go about it ?
Simple, on a blank sheet of paper, write the heading, “What is My Purpose in Life ?”
Go ahead and write any answer that comes to your mind.
Write anything, even if it is an incomplete sentence.
Continue writing up to the point you write down an answer that brings tears to your eyes
or a smile or a sense of peace.
That is your purpose in life.
The same technique could be used to extract your core values.
In a list of a hundred or more values, there are a few that will give you some inner feelings and touch your heart.
These could be your core values.
After you determine your core values and purpose in life,
you set your priorities in line with your goal.
You are likely to be at peace with yourself when doing something closer to your purpose. Passion Matters: When brainstorming possible business ideas,
you need to figure out where your passion lies.
What do you enjoy doing ?
To make the right judgment, you need to take a long-term view of your day to day activities. Are there particular tasks that you enjoy doing and you are comfortable doing them continuously ?
It could be writing, cooking, coaching, and gardening/ farming or any other activity.
Are there Limitations to Your Talents ?
You need to know what your talents are and the limitations that could present a roadblock to your dreams.
The restrictions are not always obvious; in fact,
you might not have an idea of your limitations.
You may need to evaluate yourself and determine your weaknesses critically.
Your friends and colleagues are in a good position to help you through this process.
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Once you get to know your weaknesses,
you need to formulate a plan to deal with these shortcomings.
Building a Plan After you have everything (the personal habits, the mindset,
and the resources) in order, the next step is to lay the groundwork for self-employment. Building the foundation before jumping into self-employment is a sure way to avoid troubles associated with the first few months of self-employment.
Brainstorming Ideas After discovering your passion and talents,
it is time to turn them into ideas that can work.
The ideas should be generated from the connection between your
passions and your skills.
Make two separate lists; one of your talents and the second one for your passions.
Try connecting the two and finding out how many ideas you can come up with that
marry your passions with your talent.
If your passion is strategic board games and your talent is writing,
you could connect the two and come up with several ideas.
The possible ideas include blogging about strategic board games, writing articles for publication, organizing gaming events, and running a gaming shop among others.
Not everything you write down will excite you, and some may not even be realistic,
let alone work. However, if your list is correct,
you will quickly narrow down to an idea that works for you.
Get into Researching As much as books, videos and audio packages about self-employment are rich sources of ideas and information relating to starting and running a business;
they are never full sources of information.
Be patient, take all the time you need to go through as many sources of information
as possible, but customize everything to fit your personal situation.
Not everything you read is true and will work;
you need to employ your wisdom in choosing what is relevant and what is not.
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In addition to gathering information from entrepreneurship packages, consider having a chat with a friend, relative or any person currently running a business.
You are likely to gather more relevant information by sharing your thoughts and ideas with a friend in the similar business.
Most people will be glad to offer information and the advice need,
all you need is to find the right person.