For most people, working for themselves is often a daydream and for those lucky enough to be able to do it, it is a dream come true. But there are many aspects to being your own boss and there are some essential skills for self-employment that you need to learn first.

Being your own boss isn’t as easy as it sounds and you will have to be hard on yourself if you are going to get anything done. 

It’s too easy to take a day off or go home early and this type of behavior should be corrected because apart from the actual job you need to do, you will also have to contend with the following:

  • Finance
  • Admin
  • Health

Routinely checking your finances can be tedious but is a vital part of the business while clerical duties also include vital client liaison and keeping yourself healthy ensures you are actually able to work.

Someone Has to do It

Doing the dreaded taxes is only one part of financial tasks and if you are to succeed in business you will need to learn the basics of financial planning. Sure, the taxes are involved but there is much more. Every action needs to be planned carefully, especially if it is going to cost money and these will need to be incorporated into a budget. 

Budgeting might require specific steps such as income vs. expenditure accounts, setting up necessary business bank accounts, and deciding what to pay yourself from the business’s funds. 

Many people struggle with finances as it is a difficult subject but there are many options available such as accounting software like Sage, apps such as Intuit or Quickbooks or you could consider getting accounting help from Tri-Merit.

Might Need Office Space

On top of the financial side of things, you will also have to be your own administrator. If only for tax purposes alone, everything that you or your business does will need to be recorded as well as any scheduling you need, paperwork that needs filing and how any employees are going to be paid.

Most people will engage with you via email or phone and just one bad experience can prevent a potential customer from ever returning, and in the current days of social media and ratings, this could have an extremely negative impact on your business.

Because of this, learning how to speak to people is an essential skill since you may need to take bookings for jobs, arrange payments or answer queries. 

Look After Number 1

While being self-employed can be a dream job for many, one of the downsides is that there is no right to any kind of sick pay or benefits should anything befall you. Therefore it is vital that you look after yourself either by eating well, exercising or both.

You should also take great care to follow any and all health and safety procedures when carrying out a job of any kind since time off work means no money at all. If you should strain your back, for example, this could put you out of work for months which means no income.

A good tip would be to put some money aside each month just in case the worst should happen and this might go toward holiday pay as well for when you need to take a break, which you should do as part of your health plan.