5 Tips for The Self-Employed to Build Businesses That Fund Their Lifestyle

fundThe truth is, people start their own businesses for many reasons. Whether it’s due to necessity as a result of being laid off or the fulfillment of a dream deferred, there are tons of reasons why to start a business. And believe it or not, not everyone starts a business to hit it big – there are some, like Ralph who is featured in this week’s episode of Incredible Factor TV, who just want to work for themselves versus working for someone else.

Check out his question:

“Hi Darnyelle, I have to be honest, I’m almost embarrassed to ask my question. But I’m wondering is it ok if as a business owner I only want to replace my job’s salary and have a little more but have no desire to become a mogul, millionaire or anything else that would lead to sacrificing what’s most important to me?”

See my response in this week’s episode of Incredible Factor TV:

As I share in the episode, it’s your world. You don’t have to answer to or make sure anyone else is on board with YOUR dream. If a business is simply a means to an end for you, so be it. Whatever you do, do it with confidence and conviction so that it works for you. But, remember it is still a business and there are some specifics that you want to have nailed down to ensure its success and not see yourself back in the “work for somebody else” job market.

Deciding to build a business that is profitable, successful and internationally known is an individual decision. And the truth is, not everyone is looking to make millions. Some people aren’t willing to do the work (and guess what?! – It’s okay if you’re one of them.)

Ralph is truly self-employed – a category of business owners who start a business to earn a living without the demands of working for someone else. If you have decided to be self-employed, here are five tips that will carry your self-employment all the way to your goals:

1. Get a clear vision and understand your big why. There is no right or wrong way to live your life and to work. By getting clear about what you want for your life, you’ll be able to establish the ground rules and boundaries for living your best life. When you’re clear why you’re doing what you do, the work will be pleasurable and the means to an end.

2. Give your self-employment the same respect you gave your job. It’s very important that you create and adhere to a schedule. Take frequent breaks and eat lunch away from your work area. Just because you work for yourself doesn’t mean that you can’t have balance.

3. Be fiscally responsible. If your purpose for working is to pay your bills and maybe have a little bit extra, be sure to think about your taxes, your health benefits and other important financial matters that require your fiscal responsibility. You may want to participate in a automatic savings plan to save for vacation or holiday shopping.

4. Spend time with other self-employed people for motivation, innovation and stimulation. Just because you work for yourself, doesn’t have to mean you have to be alone. Consider a shared working environment, join a mastermind group or networking group so that you get out and get stimulated to what’s happening out in the world. One of the biggest drawback to working for yourself is the time you have to meet with and engage other minds.

5. Participate in an annual review process. Although you’re your own boss, doesn’t mean you can’t be evaluated for your effectiveness. Rather than it being a performance appraisal per se, you may complete a yearly SWOT Analysis to ensure that you are looking at ways to improve your productivity and effectiveness.

Now I want to hear from you, what’s your two cents?: What tips would you offer to the self-employed? Regardless of which decision you made, what was key in making that decision?

©2015 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, MBA, The Incredible Factor Business Optimization Coach and Mentor, is the founder of Incredible One Enterprises®, Incredible Factor University® and the Leverage Your Incredible Factor System®, a proven step-by-step program so you experience financial and spiritual abundance in your life because of your business. For more information and a FREE audio CD “7 Critical Mistakes Even Smart Entrepreneurs Must Avoid for Clients, Connection and Cash Flow!” just fill out the form below.

move to millions

Leave a Reply

Your email address will not be published. Required fields are marked *