Factors to consider before trying to be self employed

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Bisolami

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Heatman said:

There is always a possibility that you're not going to get enough work to do as a self-employed person which is why you have to make sure that you have different alternatives of making money from.

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There are even some people working under some other people and they also have their own company which means they do two things at a time but it depends on how they are able to handle the two businesses

 

cherry123

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Being self employed is good but knoe that You would bear all the losses without a good safety net. You would not have anyone to bail yoi out and no extras from anywhere

 

freelancermaria

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Before you become self-employed, keep in mind that you will not be able to take advantage of employer benefits like health insurance. You must obtain it on your own, so look into your options. In addition, you must improve your skill set to compete with others.

 

Starmix

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It might be terrifying without a job. There's no surety of self employment not unless you have a huge capital. In self employment we have to consider the forced savings for retirement unlike in having a job retirement deduction in the payroll is automatic.

 

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When trying to start the self employment business you should make sure that you make proper research for the marketing and promotional procedures for the business for the truth of the matter.

 

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olaniyi

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You are right that there are challenges in setting up one business but there are many advantage of setting up one business compare to the task ahead because you all your profit and you rest at your convenient time

 

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cherry123 said:

it is good to be self employed but this comes with its challenges. You need to think about this before going ahead. So consider the factors of

Doing it yourself challenge. You do a lot of things yourself especially when it comes to decision making

You would bear all the losses without a good safety net

You only get the income you have worked for, no extras from anywhere

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You might also be the only one running your business and get to do everything yourself without assistance from any other person which may make work slower and also hectic.

 

Kera

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Those factors listed by @cherry123 might seem discouraging but it is the pure truth that we have to know so we can get our minds prepared for entrepreneurship.

 

Shavkat

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Personally, I will be in this situation if I have a stable business. I wish I could have it the sooner though.

 

nomad

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You need a lot of money in your emergency funds, and you also need some sort of passive income before you try to become self employed

 

cherry123

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Employ good hands and consider the third party level of expertise as you intend to partner with them

 

Hate2Wait

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I can talk about myself, If I am able to earn at least $500 per month and I am consistently able to make it from online or any other way then I can work as self employed

 

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I can say that one should have saved enough money to start the business and have like three months budget for the personal expenditure.

 

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Ratine

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One must figure out the amount of income that the intended business can really pay them.

 

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King Belieal

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If self employed in this context means business, you have to really consider the gestation period before the business yields.

 

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Kosi G

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You would have to consider if you have the mental capacity to handle all the mental and physical rigours of running a business.

 

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timewo

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• #37

Lack of orders, paid work remains a major problem for a self employed person , especially in the internet sector, so only if a person has sufficient savings, they should consider being self employed .

 

cherry123

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it is to be sure you can do things yourself. You do a lot of things yourself especially when it comes to decision making so think about it

 

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• #39

Your points highlight some of the important factors that anyone thinking about self-employment should ponder. The DIY nature of the job, financial risks, and the direct correlation between effort and income.