2019-06-06 15:46:49 Accounting & Bookkeeping English Learn how to use your creativity and experience to start your own small business with helpful self-employment advice. Start your new career... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2019/06/GettyImages-909076396.jpg https://quickbooks.intuit.com/ca/resources/finance-accounting/turning-your-expertise-into-profits/ Starting your own business in 2019: Self-employed advice

Starting your own business in 2019: Self-employed advice

7 min read

If you find yourself growing increasingly frustrated with your current job, it might be time to make the most of your talents and enjoy being your own boss.

While self-employment takes a lot of hard work and involves its own set of challenges, a growing number of people have found the pros far outweigh the cons. Exchanging a corporate career for a life of entrepreneurship puts you in the driver’s seat of your future and in today’s economy, finding your niche yield significant profits.

Do yourself a big favor and take full advantage of any self-employment advice you can get. You will learn a great deal by heeding the tips, tricks, and techniques offered by entrepreneurs who have already decided to strike out on their own. These folks are best-equipped to help you make the switch from working for others to running your own successful business.

Communicate Your Vision for Your Self-employed Business

No matter how many fantastic ideas you may have, when you work for others, the person that controls the payroll also controls the final product. Once you’re self-employed, that’s no longer a concern, because from an idea’s inception to the result, you are the one who communicates, oversees the development and presentation of your ideas.

This ensures the final product delivered by your self-employed business remains true to your original vision. Greater control over communication will minimize misunderstandings, and this will keep your desired tone and attitude at the forefront of everything you do.

When you have complete control over how information is relayed, you can pitch all of your ideas with confidence. Now that you’re the one who is in charge of your time, you should make it a priority to personally interact with others regularly to promote your business. This face-to-face networking will keep your business momentum going and give you indications when there are changes that need to be made. These personal gatherings will also lead to additional meetings with other business owners and managers, making it easier to grow your sphere of influence and support as well as your client base. One great way to get involved with other business owners in your area is to join the local chamber of commerce. Another great source of self-employed advice is the business group BNI, which is an excellent resource for the self-employed.

Develop Your Brand

As you dig in and get started with the nuts and bolts of building your business, you should make it a point to periodically reflect upon your company’s mission which will help you to develop a reputation that attracts the sort of clients you are most interested in serving. Owning your own company affords you full creative control over the development of your brand, so you can ensure that the image it portrays will lead to the types of projects that put you on the map. Use of creative branding improves product recognition and advertises your business, establishing your company as a leader in the field. Be flexible enough to adjust your methods and change course as necessary when the market becomes stale or your company’s direction changes. Experiment with new branding ideas as you expand your market, taking advantage of your increased decision-making power to guide the growth of your self employed business.

Feel free to be as selective as you like about the types of jobs your company accepts. This freedom of choice reinforces your company’s image by staying focused on the sort of projects that are most compatible with the reputation you’re striving to build. With around 600,000 new businesses formed each year, taking advantage of the self-employed advice that best helps you stand out from the crowd is crucial to your success. Enjoy the satisfaction you get from seeing your incredible visions come to life without a boss or other superior altering and taking credit for your ideas. It’s amazing what you can get done once the risks you take are driven by a desire to let your creativity flow and share it with the world. Once you have grown comfortable with the self-employment concept, expand your circle of contributors by bringing in others who have been hand-selected because they understand and respect your vision.

Build Relationships With Other Self-employed Professionals

It is vital that you match your expertise with client needs, keeping in mind all of your particular strengths and weaknesses. You should always carefully vet potential clients and work to build relationships with people who clearly understand how you do business. This process will ensure that every client you take on is a proper fit for the way your company operates. Being selective regarding who you work with is one of the most excellent perks you’ll enjoy while running a small business. When you’re happy about the deals you make and the people you have chosen to work with, it’s easy to engage in face-to-face meetings, and keep the conversation going toward a productive result. Trust your instincts and let go of existing clients or turn down potential clients when it becomes clear that the relationship isn’t a good fit. This will free up your time and resources to focus on projects that are more in line with your company’s goals. Following this advice will put you well on your way to building mutually beneficial long-term relationships.

You should apply the same principles when it comes time to hire employees for your business. Surround yourself with people who firmly support the goals and objectives stated in your mission statement, and cut ties with all of the naysayers who drag you (and your company) down. Move forward with a team that gives you the confidence and optimism you will need to master the self-employed business arena. Carefully select team players who are capable of filling in the gaps for you in any areas where you lack expertise or knowledge because this is how you will best improve your chances of success. These hiring decisions will allow you to allocate more time and energy to those areas in which you excel while building a strong foundation that promotes business growth.

Find a Balance with Good Time Management Techniques

Make sure to strike a balance between your professional and personal life with a flexible schedule that lets you determine when your workday begins and ends. Personal obligations and responsibilities don’t have to take a back seat to professional demands when you’re the one calling the shots. Self-employment allows you to manage your time so that you can take care of priorities without any need to call in sick. Keep it real by learning how to manage your time wisely so that you never have to choose between doing the work that you love and making a living. Perform your job when the mood strikes, using proper time management techniques to get the job done without sacrificing quality.

As a self-employed entrepreneur, you have the opportunity to reap the rich rewards of pushing your passion to its limits while saving or investing your company’s profits according to your own timeline. Taking early retirement or an extra day or two of vacation doesn’t have to be a pipe dream if you’re free to choose when, where, and how often you work. Be realistic about how much time the job requires and structure your schedule to make room for both business and pleasure. Flexible work hours allow you to accomplish more during the periods when you’re at your most productive without punching a time clock. If your work environment is as mobile as you are, you can work anywhere you like — from a cabin in the mountains to a cabana at the beach. As the business owner, you get to decide when and where to work as well as when it’s time to call it a day and enjoy some leisure activities.

Broaden Your Horizons

Don’t be laser-focused upon a given route to riches: make sure that you adjust your vision to include both traditional and non-traditional sources of income. In spite of paying higher tax rates, good self-employment advice suggests you can still make a profit by being creative when it comes to cash flow. For example, don’t forget to find and take all of the myriad tax deductions you’re eligible to claim. Furthermore, small business owners have the freedom to navigate uncharted territory to extend their earning potential while also utilizing the more tried-and-true methods. If you challenge yourself to think outside the box, you will frequently find new and unexpected ways through which you can express your talent while you earn money. Opportunities for advancement are limited only by your imagination, willpower, and proficiency, which makes the exploration of your talents and abilities an exercise in profitability. As your own boss, you can reap the personal and financial benefits that come from delivering your best work as you learn to generate income in new and unexpected ways through a multitude of sources.

Are you self-employed and looking for the best way to track your expenses and cash flow? Maybe you just need a quick and convenient way to manage your business finances on the go. Higher sales and better marketing aren’t the only ways to put more cash in your pocket. Small business owners across Canada use Quickbooks to monitor their business and help it thrive. Try it today.

 

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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