Don’t Fall For These Self-Employment Myths

Here’s the thing about self-employment. It could be the best thing for your life.

If you have spotted the signs that it’s time for a career change, or if you want to escape the rat race altogether, then setting yourself up in business may be the perfect option. It might also be the thing to do if you are currently struggling to gain employment anywhere else.

However, the reason why many people don’t go down the self-employment route is because of the common myths that seem to prevail. While there is a hint of truth in some of these myths, you should never let them rule your thinking if you have been considering setting yourself up in business.

Myth 1: It’s expensive to get started

Not necessarily, as you might only need a computer and a cheap web hosting company to host your business website to get you up and running. It depends what kind of business you are considering. However, most banks offer business loans, so provided you have a plan in mind, it’s not too difficult to secure funding if you need it. However, it’s still worth having a little money saved up at the beginning, as you will be able to opt for a smaller loan, and/or you will have something to see you through the first few months when you are trying to make a profit.

Myth 2: Self-employment is too risky to consider

 

Sure, there are risks involved, but there are ways to mitigate them. If you are currently working full-time, you don’t have to quit your job to go self-employed. There may be financial consequences for you, otherwise. However, you could begin self-employment as a side-hustle, and then give up your job when profits come in, and you have experience on your side. Another way to reduce risk is to market yourself. The more you can do to push your business, the better. There are some marketing ideas here that you may find useful. And the other way to reduce risk is to know the competition. Find out what they are doing, and then take steps to be better than them. Again, for your information, we have some tips here. You see, here’s the thing. There are risks in most things we do, but to get what we want, some risks are worth taking, so don’t be swayed otherwise.

Myth 3: You have to have a head with numbers

Being in full-time employment with a regular employer is useful. You don’t have to manage your own taxes, and you probably don’t have to manage such things as receipts and other administrative burdens. But when you go self-employed, you will be faced with the need to sort out your own accounting needs. If you have a head for numbers, then this shouldn’t be too much of a problem for you. However, if the idea of managing your accounts fills you with dread, know that you don’t have to go it alone. An accountant can help you with your tax and accounting needs, so you will have somebody to offer you help when you need it. And if you can’t yet afford the expense of hired help, then there are plenty of accountancy apps available to help you deal with this side of the business.

So, if you’re thinking about going self-employed, don’t give up the dream. Follow our advice, continue by doing more research online, and then take a step of faith into what could be a life-changing possibility for you. We wish you every success going forward.

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