2016-07-08 00:00:00Starting a BusinessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Starting-Up-Myths-about-being-Self-Employment.pngMyths about being Self-Employed

Myths about being Self-Employed

2 min read

When it comes to self-employed myths, different doubts or questions may affect your decision to establish your own business. It is important that you discard the self-employed myths and consider only the realities when venturing out on your own. The world of entrepreneurship and being self-employed can be exciting and when you begin with open eyes, it can become truly fruitful both for you as an individual as well as for the business that you establish. In this post, we will examine commonly associated with self-employed myths.

  • The Risk is High

    Starting your own business is often associated with a risk of failure and being an employee of another organisation is seen as a less risky enterprise. This is not necessarily true. Comparing the two situations, there are different risks to both. While you may put up your own money and hours to start your own business, as an employee your job security, income and work is often in the hands of other people. As with most things, starting a business involves evaluating the risks and then making informed decisions and taking calculated risks.

  • You’ll love every minute of it They say do what you love and you will be happy. While this is mostly true, this glosses over the fact that in any business, hard work matters as much as your passion for your business. As with any job, it comes with its responsibilities and stresses. In fact, as the business owner it is essential that you have both feet on the ground to make the best of your business. There may be unpleasant facets to running your business e.g. following up on payments or ensuring your employees are productive, these are properties that come with owning your own business that you will need to get comfortable with in order for your business to thrive.
  • Don’t mix business with your personal life

    Old wisdom adjured us to keep our private life completely separate from the personal. But increasingly, most entrepreneurs have found that they can have solid business relationships with friends, family and their spouses. As long as the demarcations between the personal and business relationship are clear and one does not feel like they are making all the effort, a business partnership with someone in your personal life can reap a magnitude of rewards. An important step to take when entering into any kind of business relationship is formalising the agreement and ensuring that all parties concerned are compensated for their time and efforts.

  • Stress and Long Work Hours

    These are the two most common myths surrounding self-employment. Most entrepreneurs are perceived by the outside world as having the weight of the world on their shoulders and having to work more than normal, long work hours. The truth is that entrepreneurs, just like any employee needs to work on and maintain a healthy work-life balance in order to do well, personally and professionally. As a business owner, it is crucial that you don’t have a hand in every pie but instead build a solid team that you can trust. The key to any solid business is proper delegation.

Remember before you take the leap, entrepreneurship can be extremely rewarding if you make the right decisions. Don’t be afraid to ask for help and finally, make your business a space where employees would love to work because they form the foundation of any successful business venture.

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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