Deciding to be your own boss is a major decision. It comes with responsibility and hard work. And although it can certainly be profitable, it takes more discipline to be a entrepreneur than it takes to be an employee at a nine to five.
Making the decision to be an entrepreneur full-time or part-time can be a life altering experience, not only for you, but for those around you who watch from the sidelines.
First, know what it is you want to do. What do you want to accomplish? What are your goals?
If you want to be a freelance journalist, you’ll need basic office supplies, computer, pencils, paper, file cabinets, printer, and accounting books.
Or maybe you’ve had a long-life desire to own your own corner store. Your buddy has one, why not you? In this case, you would need state registered licenses, learn how to manage people, and set-up a business banking account.
Secondly, one of the benefits of having a job is that you have a forced schedule. You’re motivated to follow this schedule and set rules or there will be consequences. As an entrepreneur, you don’t have the luxury of consequences (at least, immediate consequences) so you have to set your own schedule and create consequences if you don’t follow them daily with discipline.
Next, make an effort to ignore the negative minded people who will pop up from time to time to throw you off track. Don’t be surprised when you learn some of your family members are against going the self-employment route because for most, it’s a taboo topic in a society where a 9 to 5 is the norm.
Let your success speak for itself.
Keep positive people around at all times, and get rid of the unsupportive weight in your life. It’s almost impossible to operate successfully when you’re surrounded by negative family and friends.
Finally, One of the best things about being self-employed is the tax benefits.
Even with small purchases, don’t think it’s not worth the effort to record everything you spend money on. Come tax time, you’ll be amazed when you add up your receipts how much money was spent to run your business and what tax breaks you qualify for you don’t get as a average employee.
It’s good to keep financial records anyway so you know how much money is coming in or out for the year. The money you spent on supplies and start-up will likely put you at a loss initially, so you won’t owe much in taxes. However, if you make more than what it cost you to run your business, it’s possible you may end up owing taxes.
Not such a bad thing when you can play by your rules, and live life on your terms as a self-employed entrepreneur.