Self Employment Tips

[thrilledtear]

In about a years time, I plan to be completely on my own with my line of work... (i.E Photography, Music, Web design, Video editing, ect.)

 

And I was wondering if any veterans have any tips for people like me... because it is quite daunting be so self reliant for the first time ever. Furthermore, what is like to be self employed, whats the day to day like, is it scary at times, is it overwhelming, ect.

 

* I am asking specifically about being self employed * 

 

Thank you so much for your time!,

 

Bryan 

[Volbet]

Well, I can only imagine that it depends on what field you're selfemployed in.

I'm a selfemployed network and server technician, and I work as a freelance programmer, which I guess is a form of selfemployment.

 

My day-to-day is basically to fo to whatever place had employed my services and do whatever they're paying me to do. 

I also have phone hours in the morning and the evening for cutomers to call in order and for us to make arrangements. 

And I do my taxes once every three months, with a larger one each spring. 

 

As for tips: Put yourself out there. You're basically your own ad agency so people you need to inform your customers about who you are. 

[NinJake]

You need to have a good portfolio. You mention doing web design and photography/music/video editing so this should be a breeze. Set up a webpage where you display your skills, and show different aspects of each of those things  you want to do solo. You will have to set up SLA's for whomever you decide to do business with and make sure you do your taxes properly.

 

Doing solo work requires a ton more work than working for a company, you will most likely have to stretch your days from the standard 8 hour shift to "being on call" almost 24/7 depending on the needs of your userbase (once you build one up). This will get covered in your SLA with each company however the rewards can be great. I have read a lot of stories of people who try to do the solo route and end up settling for a more standard job so they can focus more on friends/relationships and family. (Not to mention having free-time again.)

 

Best of luck to ya.

[techswede]

Well might both be insightful and a cautionary tale.

 

I spent three years running my own business. (Excavation and general contracting) 

First and foremost. Know your local laws. Read up on as much as you can. Especially tax laws. 

Personally i absolutely loved being my own boss. BUT as NinJake mentions above me you rarely work 8 hour days. 

For me it was 8 hours on site. 2-3 hours in my office and sometimes 1-2 hours of equipment maintenance. I'd say maybe 12 hour days on average. 

Then on top of that i spent a few hours on some days going out and looking at possible jobs and meeting future customers.

Some jobs i wanted to finish quickly so i worked all night and such. I took time off about four times in three years. (Don't be that guy)

 

It can be terrifying. It can get overwhelming. But those are the lows. It can also be invigorating and exciting. 

 

My advice would be. Pace yourself. Don't bite off more than you can chew. If you can then i'd suggest getting started on it on your free time at first.

So you still have your old job to keep you floating until your own business starts to become viable as a main source of income. 

You'll also have the benefit of being able to keep your prices real low to attract customers at the very start.

And try to keep at least one day a week off. And don't let it take over too much. Your health is important.

 

I worked a bit too much. So i ended up burning myself out. And you don't want to end up there. And bankruptcy is a shit-show. 

So have a solid business plan. Pace yourself. And have a fallback plan. Discipline is also very important since you'll need to get shit done to make money.

Then again. Don't do it for the money. At least don't have the money as your main motivation. Do it because its something you enjoy doing.

Even though i'm still dealing with the fallout of my old business. I'd do it all over again. 

I loved it. Maybe you will too. Best of luck with it if you choose to go for it.