To be or not to be self Employed – To be
Many people dream of being self-employed. They dream of the fact of not having a "boss" to answer to. This situation seems appealing to many, but you really need to do your homework before you jump into the world of self-employment.
I have been living in this ever growing world of self-employment for ten years now. Let me tell you, it is not always as pretty as it may seem.
There are many factors involved when making this decision. You will need to decide what you would like to do. There are many options for you.
1. Independent Contractor.You can be an independent contractor for a company, which means, you are not their employee but a contractor that they hire to complete projects on an ongoing basis.
This is a great option if you do not want to have to advertise your services on your own. You can simply apply to companies that hire contractors. Since workloads may vary by company to company, you can work for several different companies at the same time. Just be sure not to overbook your time. Most companies have strict deadlines to have the work completed and in order to get on-going assignments from the same company, you will need to demonstrate that you can meet their deadlines and submit exceptional work.
2. FreelanceAs a freelancer, you will work to secure your own contracts from companies needing your services.
This is more difficult because, not only will you need time to complete assignments within a specific time period, but you will also need to make time to market your services.
Also, with freelancing, their may be times when you do not have any assignments, therefore, no income will be coming in.
If you choose to be a freelancer, make sure you have the finances readily available to you for periods when you do not have an incoming income.
3. Start a businessStarting your own business is also an option. This option will usually require start-up seed money. The amount needed will depend on what type of business you decide to start.
Businesses can range from quite simple, such as, a word processing service, to as complex as purchasing a franchise. It really depends on your skills and interests.
Once you decided which route you plan to take, you are not finished yet! You will need to check with your local tax office to complete any required paperwork for the appropriate taxes you will need to pay, as well as any licenses you may need in order to be complying with your local laws. Laws can vary from state to state and city to city, so you will need to find out the proper procedures for your area.
I enjoy being self-employed and would recommend it to anyone who wishes or needs to have a more flexible schedule, but don't take the jump blindfolded. You do need to do the research first to avoid major problems later.
