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2018-12-09 22:21:43Advice for EntrepreneursEnglishThinking about taking the plunge and joining the entrepreneurs of the world? Before you say goodbye to the 9-5 grind, we’ve busted a few...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/08/iStock-536663914-1.jpghttps://quickbooks.intuit.com/au/resources/advice-for-entrepreneurs/7-myths-about-being-self-employed/7 Myths About Being Self-Employed | QuickBooks Australia

7 myths about being self-employed

2 min read

Thinking about taking the plunge and joining the entrepreneurs of the world? If you are ready to live out your passion and hustle hard, you might just be the perfect candidate for self-employed life. But before you say goodbye to the 9-5 grind, we’ve busted a few myths about what it’s like to work for yourself. Here are seven myths about being self-employed.

1 You will have more time

Nope. Sorry. In fact, you might just have less time. While being self-employed does afford you the chance to sleep in once-in-a-while or knock off early on a Friday, you will probably end up working longer hours than your regular 9-5 job. When you run your own business, it becomes your everything, which means you end up putting your heart, soul and time into every little detail.

2 You are your own boss

While this is true and you are the boss, at the end of the day, your customers, clients, readers or fans are ultimately your boss. Your business success will heavily rely on your business relationships, and while you can sign off on your holiday leave, being your own boss doesn’t mean you can just do whatever you want, whenever you want.

3 You have to do everything yourself

This is a common frustration for self-employed business owners, particularly in the early days. Instead of having a workload shared amongst a wider team, you now have to shoulder all the responsibility. Thankfully, these days, help is just one click away. You can easily hire freelancers or a virtual assistant to help with your day to day tasks, without having the financial burden of hiring permanent staff.

4 You don’t have a real business

Many people often think that if you don’t have any employees or a traditional boss, then you can’t possibly be running a real business. But this is the day and age of the solopreneur. You can indeed be running a successful business of one. And over time, your business may grow and end up employing a number of staff.

5 You’ll have a clean house

Just think, without that pesky commute, you’ll have so much more time to do housework. While you may have visions of clean laundry and a tidy kitchen, being self-employed can sometimes mean your house is worse off – especially if you are working from home. Instead of the house being relatively untouched during the day, your paperwork will follow you all around the house.

6 You need a big network

While having connections in the industry can be a blessing when you’re starting a business, you don’t need to have a wealth of contacts on LinkedIn or a strong network of like-minded entrepreneurs behind you. In fact, this is something you will develop over time. Be willing to attend industry events, conference or casual meet-ups and you’ll be well on your way to meeting great people and building up plenty of valuable contacts.

7 You’ll feel isolated

While there will definitely be an adjustment period if you are used to being in a busy office, working for yourself doesn’t have to be a lonely experience. If you aren’t one to enjoy working from home, find an affordable co-working space or set up shop in the local cafe. Find and connect with other entrepreneurs in your niche and be sure to take regular breaks to spend time with your family and friends.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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