As with most things in the working world, being self-employed means experiencing some major highs and a few lows. It’s important to know what you’re getting into before making the leap, and to consistently check in on your activities to make sure you’re being proactive in preparing for obligations. This checklist will serve you for both!
How to Manage Yourself
- Be realistic with how you work and manage your time. Hopefully you gave this some thought before starting your own business but it’s always wise to check in with your productivity behaviors and make adjustments.
- Become a time management expert. To piggyback on the previous tip, once you have an idea of what your most productive work flow is, capitalize on it and make sure to accomplish your most important tasks during this time.
- Combat procrastination and distractions. A real killer to getting things done in a timely manner and with attention to detail is not providing yourself the space and time to do it. Some people claim to work well under stress but before making that a habit, maybe give the opposite a go for awhile? We bet your work will improve!
- Know when to say yes and no. It’s tempting to take on allllll the work when you first start out but burnout is very real. Again, be realistic with your time and choose projects that are well-suited to your growth goals and schedule.
- Stress management. Like we mentioned earlier, it’s tempting to overload yourself with work, and while we recommend that you avoid doing so, some projects simply take A LOT of time and energy. Familiarizing yourself with stress-management skills is paramount to avoiding burnout. Identify what helps to calm your nerves and practice it every day.
How to Manage Your Business
- What kind of self-employed are you? Are you a consultant working with various businesses or a business owner? The distinction is important! Understanding where your classifications lies can help you prepare for taxes or with unemployment qualifications, to name just a few.
- Speaking of taxes, understand them! It can be difficult for the self-employed to prepare for taxes. Oftentimes they get nice checks and oops, don’t set some money aside. But the tax bill will come, that’s guaranteed, so start setting that money aside right away.
- Keep personal and business accounts separate. Again, we repeat, keep personal and business accounts separate. You’ll thank us later.
- What kind of insurance coverage do you need? Look into this before you start your business and every year after. It’s worth the extra effort to make sure you’re properly covered.
- Protect your future! We’re not being much fun telling you to save your money but it simply couldn’t be more important. Savings and investments are the best way to take control of your future. You’ve already been proactive with launching your business. Now it’s time to do the same with retirement!
Running your own business is no small feat. We’ll leave you with one last tip: know when to ask for help. Oftentimes it is a business owner’s network of industry partners that help them navigate complicated tasks. Here is where an experienced HR team like Eos HR can help. We make sure small businesses are successful in maintaining the practices that support a productive and profitable future. Schedule a free consultation today to learn more.
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