We love that more people are choosing to work for themselves, and we are seeing the rise of the self-employed business. Throughout 2020, so many people have realised they can be self-motivated and productive while away from the office. And if that’s the case, why shouldn’t you work for yourself doing something you love, so that you feel truly rewarded for your efforts?
Working for yourself means the freedom to have time off and holidays when you want. You can work where you want, choose what you want to do, and reap all the rewards of your hard work. That said, it isn’t always sunshine and daisies.
Here are the essential things we think you need to know about working for yourself so that you can avoid the common pitfalls of going solo.
You’ll need to be great at multitasking
Of course, being working for yourself is predominantly doing whatever it is that brings in the money. If only that’s where it ended!
More often than not, when first starting out, you’ll be responsible for everything. Sales, marketing, bookkeeping, banking, stock control, customer service… and a myriad of other things. Some people juggle these responsibilities perfectly by simply keeping track of what they do on a spreadsheet. However, when the business grows it can be hard to keep all those balls in the air when you’re on your own. And if you drop one, be prepared to spend the day picking everything up off the floor!
We always say it is best to start off in the right way, so that you’ve got all the systems and processes in place to make things more efficient and cut down your administrative time when business picks up. Think about your legal obligations (tax, insurance etc) and make sure you have the basics covered.
Designing and documenting your processes is a must, so that it’s easier to pass on knowledge if you decide to take on a team in the future. And remember – taking on staff may free up some of your time, but it’ll also add more responsibilities to your list.
Working for yourself takes self-control
One of the greatest things about working for yourself is having the freedom to work when you want. You can choose to spend the day with your kids and then work when they’re in bed. You can sleep until 11am if you so desire. The idea of working to your own schedule sounds idyllic, and lots of sole traders and freelancers rejoice in being able to work when they’re at their most productive or creative.
When you first leave employed life and can finally bin the boring routine, it is utterly liberating. But after a while, especially if you’re working from home, the line between work and leisure can become a little blurry.
When your laptop is calling you from the other side of the room, or your phone is pinging with the 5th work email notification of the hour, it can be hard to switch off.
It’s incredibly important to have a clear distinction between work and rest. Otherwise, you’ll not be able to make the most of your personal time and work will become a chore, no matter how much you love what you do.
Avoid burnout by setting a limit on the number of hours you’ll work and stick to it. Be flexible over your hours and working days if that’s why you work for yourself, but always stick to your weekly working limit.
It can get a little lonely
As lots of people have discovered working from home during the COVID-19 pandemic, working by yourself comes with its own challenges. It’s easy to take it for granted that working in an office means you can ask a colleague a quick question and have an immediate answer to your question. When working alone, firing off an email or text and having to wait for a reply doesn’t have quite the same effect. When working for yourself, you’ll need to be able to work independently. You’ll also need to be prepared to stop what you’re doing to research your next steps.
It’s easy to take quick chats with your co-workers for granted when in employment. But you soon come to miss them when you’re working for yourself. It isn’t as easy to have a moan about how busy or stressed you are when the people you’re interacting with most are your customers or clients. Not really a good look.
The key here is to build a network of people that can support you, whether it is a local business group or an online forum full of like-minded business owners. Not only can they help you with practical advice when you need it, but they can also sympathise with the difficulties you face.
Imposter syndrome is real
There may be a time where you wonder if you’ve done the right thing. When you’ll question whether you’re capable of running your own business. You might think you should pack it all in and go back to the 9-5 so that you don’t have so many responsibilities.
Imposter syndrome is a real phenomenon that can leave you feeling like you’re not capable of what you’ve set out to achieve, and that one day, someone is going to figure it out and your world will crash down around you. Some studies have shown that up to 70% of us will feel like an imposter at some point.
With that in mind, an important thing to note is that it is totally normal to feel this way and can be seen as conducive to good performance. Perfectionists, natural learners and independent workers can fall victim to imposter syndrome as they have naturally higher standards for themselves.
Your support network can work wonders for when you feel this way. If you’re open about how you’re feeling, you’ll find you’re not alone and there are people who can help you celebrate your achievements and boost your confidence.
You don’t have to do it all by yourself
The most important thing to know is that you don’t have to do everything by yourself. If there’s an aspect of your business you struggle with, consider outsourcing those responsibilities to someone else. You could even do a skills-swap with another small business owner so it doesn’t need to cost you money.
If the help you need is less practical and more about your business mindset, a business coach can help you. A business coach is there to be a soundboard for your ideas and can give you support with decisions you have to make for your business. They can also give you that all-important pep talk when you need it.
If you would like to find out more about working for yourself, and how we can support you through the process, see our services page!
