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How To Be Self Employed

There are many reasons why one might seek out self employment.  The flexibility, the independence, the ability to potentially earn more money.  With the upside also comes some risk, however, so anyone looking to transition to a state of self employment should definitely map out a game plan on how to be self employed for yourself.

If You’re Currently Employed

If you’re currently employed but want to move towards being self employed, it’s important to map out a clear strategy prior to giving up you’re income.  Here are a few questions to consider:

  1. How do you plan to earn money?
  2. Will the business revenue be personal income or will you have any business expenses?
  3. How soon will you be able to bring in money upon launching?
  4. Is there any licensing, certifications, or registration that you need to get through?
  5. Do you have customers and/or clients already lined up?
  6. Is there any equipment or gear you need to purchase in order to begin work on your own?

I would suggest writing out on paper answers and plans according but not limited to the above questions.

Additionally, prior to “jumping ship,” I would definitely encourage you to do as much as you can including actual revenue producing work while you’re still employed.  With some discipline and time management, you can do much of what is involved in being self employed while you still work your other job.  If and when you get to a point where you’re generating sufficient money to suggest that you can bail on your main job, then go for it at that time.

If You’re Unemployed

You’re situation is a little different if you’re unemployed.  In this situation, you just need to generate income and fast.  Due to the circumstances, you may not have the ability to execute a prolonged planning period prior to jumping into your new business, but I would still encourage an examination of the questions listed above.

To generate income immediately, you might consider jumping into some immediate contract work with some odd jobs, while mapping out your more long-term self employment strategy.

You may consider working a number of odd jobs and contract jobs for a period of time while you ramp up income on your long-term business.  As I’ve talked about many times in my quest for online income, it takes time to ramp up the income.

I encourage you to continue to read the regular content on this blog for more advice on how to be self employed.