The Entrepreneur lifestyle has become a glorified dream for young professionals and established workers who are tired of being told where to go, what to do, and how to do it.
The independence gained when you work for yourself is liberating but there has to be a little give and take. When people begin to work for themselves, they need to be aware of the new challenges and responsibilities they are taking on.
What follows is some important things you need to take into consideration before you get your self-employed lifestyle started:
1. Income Is Your Responsibility
Let’s start with the most obvious. When you aren’t employed by someone else, you no longer have that reliable paycheck. Now, you rely on yourself. This could become a challenge in many different ways.
You might have troubling creating a product or service that people will pay for. You might have trouble finding clients. Both of these mean no income and that is a problem for anyone.
Many businesses also have a fluctuation in the demands for their services throughout the year. This means income will be inconsistent. You need to know what your income requirements are and if realistic expectations can meet these needs.
2. Managing Relationships Is An Essential Part of Your Job
Whether you are working with clients, employees, or both, the management that these relationships require is critical to your success. Especially if you are accustomed to a lifestyle where your schedule is made for you, this change can be difficult to manage.
The likelihood is you’ll need customers before you have employees. More importantly, you’ll need happy customers and if you can’t manage the relationship well, they won’t be. For up-and-coming entrepreneurs, even managing the needs of only three or four clients can be a strain. Thinking about CRMs, invoicing tools, and online scheduling are all good places to start. Just remember, these are the relationships that support your livelihood.
3. You Have To Control Your Time
Having control of time is one of the biggest motivating factors for newly self-employed people. But, this blessing is also an obstacle in disguise. You need to account for the many things that demand your time in and out of the business. This includes spending time with family, personal relationships, taking time for personal chores, and managing your health with meals and exercise.
When working for someone else, this is all taken care of, because you know when you are working and when you have time for other things. When you are self-employed, there are no boundaries to guide your lifestyle.
If not carefully monitored, this can lead to an unbalanced lifestyle. And, if one of these parts of your life falls apart, they both do. You need your business to support your health and personal life but you also need your health and personal life to be strong and support your business. It is a delicate balance that is not easy to manage.
4. Personal Relationships Could Suffer
Building off your personal and professional life, some people will not be happy that you are making changes or going with a new career path without an initial guaranteed income. This could include former colleagues, personal friends, or even family. Some people have their ego attached to their network doing what they are. Being ambitious could make them defiant and resentful.
If people resent you for the things you are working to accomplish it is going to be a struggle to keep them in your life. You must weigh how important these relationships are against the importance your new endeavors. This can be emotionally taxing and your choices could create rifts in other relationships.
Do not ignore these issues. If they are not confronted, they will drag on and compromise your success and happiness. Try to over-communicate. Be direct and honest with the people that are showing resistance. Identify the relationships that may need to end and decide if you are okay with it.
This is not intended to make you throw away your dreams of working for yourself. Nobody can stop you from making that leap.
Spending a lot of time planning may mean you’ll spend too much time thinking and never get started. This is a delicate balance in itself. Make sure you are considering the realities of this new lifestyle but don’t think you can prepare for everything.
No matter what, some things are going to take you by surprise, and that is one more thing that you need to be okay with as a self-employed entrepreneur.