5 Common Self-Employment Mistakes and How to Avoid Them

Written by promotiondept

September 20, 2018

Last Updated: Aug 13, 2018Making Business mistakes when you’re self-employed can have serious consequences. Here are 5 common mistakes people who work for themselves make – and tips for avoiding them.  Self-employment is an attractive option for a lot of people. in fact, according to a 2014 report from CareerBuilder and Economic Modeling Specialists intl, […]

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Lst Updted: ug 13, 2018
business mistkes when you’re self-employed cn hve serious consequences. Here re 5 common mistkes people who work for themselves mke – nd tips for voiding them. 

Self-employment is n ttrctive option for lot of people. In fct, ccording to 2014 report from CreerBuilder nd Economic Modeling Specilists Intl, roughly 10 million mericns re currently self-employed. Given the schedule flexibility nd the potentil finncil upside of working for yourself, it’s esy to see why the prctice hs become so populr, but self-employment is without its pitflls either. Below re some of the most common mistkes tht self-employed individuls mke long with tips for how to void them.

While hving your own business cn certinly offer some flexibility, you still to mnge your ppropritely. Even though it cn be nnoying to hve boss peering over your shoulder, this kind of supervision is spur to productivity. So when you work for yourself, it’s importnt to be self-er nd mke sure you’re working at optimum efficiency. Conversely, it’s crucil to mintin cler seprtion between work life nd e life. If you work out of your house, it cn be tempting to respond to client emils or clls t ll hours of the night. However, estblishing firm stopping for ech dy will help keep you from getting burned out nd llow you to spend qulity with fmily nd friends.

RELTED:  Time Management Tips for the Self-Employed

For most people, their smll business is reflection of the things they’re pssionte bout, nd tht pssion probbly doesn’t include pesky tsks like bookkeeping. Unfortuntely, keeping n ccurte record of revenues and expenses is must for ny entrepreneuril endevor. Don’t just scribble your trvel milege down onto n old receipt or ssume you’ll remember how much client pid, either. t the very lest, you should keep trck of ll this informtion in spredsheet, nd most self-employed individuls invest in some type of ccounting softwre to properly trck their business finnces.

Once you’ve gotten client to n on the dotted line of contrct, you cn rest ssured knowing the del will go through, right? Well, mybe . If you’re deling with estblished corportions, especilly lrger ones, then it cn be remrkbly esy for them to renege on contrct. This lesson is one tht mny smll business owners lern the hrd wy, nd since self-employed persons don’t typiclly hve corportion-sized legl tem behind them, they’re often left without vible recourse.

The best wy to counterct this problem is to build solid reltionships with ll of your clients. fter ll, customers re less likely to bck out of dels with individuls they hve met nd know personlly. dditionlly, it’s good ide to mintin n open line of communiction with ll of your clients to mke sure their eecttions re being met. By keeping in constnt contct, you cn hopefully hndle smll problems before they snowbll into reltionship-ruining ctstrophes.

RELTED: 5 Ways to Keep the Sale

Some people pursue self-employment with strs in their eyes, looking forwrd to the vst mounts of money tht their business will bring them. Sure, money is importnt, nd it’s entirely possible tht you could mke lot of However, the most successful entrepreneurs seek to crete long-term vlue for their businesses, simply ern short-term profits. gret wy to dd vlue is through brnding. Figure out wht your compny does tht nobody else cn do nd then crete business identity tht highlights this uniqueness. By creting n identifible brnd, you cn ensure your clients to see your smll business s n individul, fct tht cn boost loylty for the long hul.

It’s no secret tht tx is no one’s fvorite prt of the yer. Unfortuntely, when you smll business, your tx hedche only increses, nd mny people find the tx complictions tht come with being self-employed prticulrly mddening. Fortuntely, the IRS hs specilized tax center on its website devoted to ll the ins nd outs of being self-employed. This resource cn prove invluble s you crete your compny nd mnge its dy-to-dy finnces.

When it comes to txes, lot of self-employed persons mke two big mistkes. For ers, they forget to ccount for the dreded self-employment tx. On top of your regulr income tx, the federl government chrges n dditionl 15 percent self-employment tx to cover the FIC money tht most people hve tken from their pychecks. While hlf of this tx cn be deducted, it’s still good ide to set side round 20 percent of the money you tke in to put towrd tx pyments. Secondly, people who re self-employed re often wre of ll of the available tax deductions. For exmple, money spent on trvel, permits, mrketing, Internet, nd phone is deductible, so you should be sure to tke dvntge when tx rolls round.

Going into business for yourself is n exciting nd chllenging endevor. Without question, there is steep lerning curve, nd while you’re certinly going to mke mistkes long the wy, with proper cre nd plnning you cn void the most common pitflls.

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