Today at the Book Case, we're welcoming author Sara Morgan, an entrepreneur who explains how readers can achieve success on their own terms in a new book, No Limits: How I Escaped the Clutches of Corporate America to Live the Self-Employed Life of My Dreams. Today she shares her top 10 tips for successful self-employment with Book Case readers. Give your own in the comments, and you'll be entered to win a free copy of No Limits!
Top 10 tips for successful self-employment
I have been self-employed for the past four years, and in that time I have learned a few things about what to do and what not to do. The following are what I consider to be the top 10 tips for finding your way to successful self-employment.
#1 – Do something you are passionate about. Without passion, it will be very difficult for you to deal with the inevitable problems that will arise. Don’t pick a business just because it promises a lot of money. I think many small businesses fail because the person running the business did not really love what they were doing.
#2 – Don’t wait till the last minute to consider things like taxes. Schedule a consultation with a CPA if you need to, but don’t put it off until the end of the year unless you enjoy facing stiff penalties.
#3 – Use an accounting program to get organized—I recommend the online version of Quickbooks. It is very affordable and easy to use. Don’t make the mistake of trying to manage your finances with a pen and paper. You may quickly become overwhelmed.
#4 – Ask for help. Don’t be afraid to reach out to others. This includes not only your family, but people in your community as well. You may be surprised to find out how helpful people really are.
#5 – Consider having multiple streams of income to ensure that you are able to survive financially, even in the event of a downturn or unforeseen circumstance. Just be careful not to take on too much. You do not want to compromise your primary business by putting too much on your plate.
#6 – Trust your instincts. Too many times we ignore our instincts, but research has shown that our instincts are typically correct.
#7 – Become a feedback machine. Get advice from everyone you can before starting out on your own and even after you are established. Don’t think of it as criticism, but rather a source of valuable information.
#8 – Schedule breaks and stick to them. It is very easy to let things get away from you when you own your own business. Resist the urge to over work yourself. You will not be doing your business or family any favors if you are stressed out from working too much.
#9 - Never give up. Most often people fail because they gave up too soon. Running your own business can be hard, but it can also be very rewarding. Hang in there, even during the tough times.
#10 –Don’t forget to have fun. Your business and life should be fun. If you’re not having fun, then it just ain’t worth it.