{"id":9539,"date":"2022-03-20T14:11:12","date_gmt":"2022-03-20T21:11:12","guid":{"rendered":"https:\/\/www.surveyjunkie.com\/blog\/?p=9539"},"modified":"2022-04-13T07:12:44","modified_gmt":"2022-04-13T14:12:44","slug":"how-to-become-self-employed","status":"publish","type":"post","link":"https:\/\/www.surveyjunkie.com\/blog\/how-to-become-self-employed\/","title":{"rendered":"HOW TO BECOME SELF EMPLOYED AND QUIT YOUR JOB"},"content":{"rendered":"<h2><strong>What is Self Employment?<br \/>\n<img decoding=\"async\" class=\"alignnone size-full wp-image-9581\" src=\"https:\/\/www.surveyjunkie.com\/blog\/wp-content\/uploads\/2022\/03\/Type-of-Self-Employment-1.jpg\" alt=\"what is self-employment\" width=\"1224\" height=\"390\" \/><br \/>\n<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Self employment is when you\u2019re the only person on payroll. Right? Or is self employment when you\u2019re a consultant at a company who participates in staff meetings but can say \u201cyes\u201d or \u201cno\u201d to work anytime, for no reason because it says you can in your contract? Are Lyft and Uber drivers self-employed? This article will answer all these questions and more so you can consider whether you\u2019re a <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/independent-contractor-self-employed-or-employee\"><span style=\"font-weight: 400;\">self-employed<\/span><\/a><span style=\"font-weight: 400;\"> kinda person\u2026or not.<\/span><\/p>\n<h2><strong>The Pros and Cons of Being Self-Employed<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-9579\" src=\"https:\/\/www.surveyjunkie.com\/blog\/wp-content\/uploads\/2022\/03\/Pros-Cons.jpg\" alt=\"the pros and cons of becoming self-employed\" width=\"1224\" height=\"390\" \/><\/span><span style=\"font-weight: 400;\">It&#8217;s basically the pros and cons of being single vs. being married. OK, that\u2019s not exactly a perfect analogy, but when you\u2019re self-employed, you can have multiple partners, go where you wanna go, do what you wanna do. When you\u2019re an employee, your employer is your loyal spouse who expects a minimum 40 hours per week of your time, sometimes more, because the pace of the online economy is HELLA FAST. And if you\u2019re really committed, you\u2019ll have a 401K that grows over time, plus really amazing health insurance for your whole family.\u00a0<\/span><\/p>\n<h3><strong>The Advantages of Being Self-Employed<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">If you are a natural driver of your own life, switching to self-employment can be a dream. In the driver\u2019s seat, you are in complete control of the speed, direction and pit stops. It can be a very freeing, new reality for someone who has been trying to fit into a more traditional style of work dynamic. Is this you? If so, the next question to ask yourself is, \u201cWhat kind of driver are you?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0If you\u2019re fast and a bit reckless while knowing exactly when to turn,\u00a0 you might totally thrive as a self-employed person. You\u2019ll rarely get bored as there is always something to do, something to say, something to negotiate, something to learn.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your natural driving pace is easygoing, weaving in and out of traffic like a meditating monk and taking breaks when you need to, you can also thrive as a self-employed person, especially if you have clients who value quality and thoughtful work that is time-intensive.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of how you drive, communicating your style to your clients is key.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Self-employment can also be <\/span><a href=\"https:\/\/www.lifehack.org\/articles\/work\/10-benefits-being-self-employed.html\"><span style=\"font-weight: 400;\">rewarding<\/span><\/a><span style=\"font-weight: 400;\"> in terms of finances and work routine. When you become self-employed, you are in full control of your work. You can structure your work environment however you want. For example, instead of commuting to an office, you can set up a desk at home and work remotely, or sit in a cafe where you can meet other self-employed people.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You do not have to follow the many rules and policies of established companies and you can make your work decisions by yourself. This way, you can set your goals and achieve them with dedication and the spirit of entrepreneurship.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Becoming self-employed also allows you to create your own schedule. This way, you find a work-life balance. When you create your own schedule, all you have to consider is your own vision. You would know the precise hours of work you need to achieve your business goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The flexibility of self-employment will also let you have your time off when you wouldn&#8217;t have to request a leave approval. Besides the freedom of making your own schedule, you&#8217;ll also have the freedom of creativity. It means that you can be creative without the limitations and restrictions that come with being an employee.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Entrepreneurship requires creativity. If you have that mindset, the chances are that you will feel trapped in a work environment that diminishes your creative side. Thus, it is time to say goodbye to monotonous work and set up your own business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Building your own business will let you shape every component of your work life. Another advantage that comes with becoming self-employed is that you can design and sell your products or services according to yourself. You can work whenever you want.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are other advantages of self-employment.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can build your own network<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You follow your own business plan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your income depends on your work initiatives<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You&#8217;re the business owner\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You do not have to follow pre-existing rules<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No toxic workplace environment<\/span><\/span>&nbsp;<\/li>\n<\/ul>\n<h3><strong>The Disadvantages of Being Self-Employed\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Continuing with the analogy of driving, if you are the type of person who prefers someone else in the driver\u2019s seat while you play games on your mobile phone, you may want to think twice about switching to self-employment. As an employed person, you usually have a set schedule and a paycheck you can depend on every two weeks or once per month. Your employer will take taxes out of your paycheck for you, manage the accounting and navigate the business strategy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not so once you become self-employed!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Being your own boss means there is no room for procrastination. You have to get things done, which means you may end up working more than 40 hours per week <\/span><span style=\"font-weight: 400;\">because you\u2019re doing the jobs of several people. <\/span><span style=\"font-weight: 400;\">You&#8217;re responsible for managing your taxes, health insurance, vacation time, sick leave, retirement plan and building networks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some other <\/span><a href=\"https:\/\/getpenta.com\/en\/blog\/self-employed-and-employed-the-advantages-and-disadvantages-of-both\/#:~:text=Disadvantages%201%20No%20employee%20benefits.%20Probably%20the%20biggest,a%20client%20base%20and%20your%20products%20and%20services.\"><span style=\"font-weight: 400;\">disadvantages<\/span><\/a><span style=\"font-weight: 400;\"> of self-employment.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Initially, you will have an unstable income<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It will take time to build a target market\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No guarantee of success<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You may need to take on debt via loans, credit card, etc.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Down the road, you can hire a virtual assistant to help with the multiple tasks of self-employment, but this is dependent on how much you\u2019re earning and how much you can afford out of your bottom line. In other words, running the business of ME,Inc all day long, seven days a week can be exhausting. If you prefer the passenger seat, at least from a professional perspective, self-employment may not be for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But if you\u2019re not spooked by these disadvantages, read on!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>The Types of Self-Employment<br \/>\n<img decoding=\"async\" class=\"alignnone size-full wp-image-9580\" src=\"https:\/\/www.surveyjunkie.com\/blog\/wp-content\/uploads\/2022\/03\/Type-of-Self-Employment.jpg\" alt=\"types of self-employment\" width=\"1224\" height=\"390\" \/><\/strong><strong><br \/>\n<\/strong><\/h2>\n<h3><strong>Freelance<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Freelancers are like the professional football and basketball players who travel from team-to-team. Or the traveling nurses you\u2019ve heard so much about during the pandemic. Freelancers fill out a <\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1099-misc\"><span style=\"font-weight: 400;\">1099-MISC form<\/span><\/a><span style=\"font-weight: 400;\"> in exchange for a service. They can work for hourly or flat rates through platforms like Upwork.com or Thumbtack. It all depends on the agreement between customer and freelancer. Freelancers who make more than $400 per year, have to file taxes. Freelancers also need to make <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estimated-taxes\"><span style=\"font-weight: 400;\">quarterly estimated payments<\/span><\/a><span style=\"font-weight: 400;\"> to the IRS.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h3><strong>Consultant<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">This is probably the most fancy of the self-employment types. It\u2019s like, \u201cI am an expert in this subject and now I am charging a premium for my IP.\u201d No judgments. It\u2019s a great way to <a href=\"https:\/\/www.surveyjunkie.com\/blog\/the-best-online-jobs-for-college-students\/\">make way more money<\/a> once you\u2019ve accumulated knowledge as a freelancer or as a full-time employee. Just make sure you\u2019re actually an \u201cexpert\u201d by taking a personal evaluation (see below!). Consultants also need to make <\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estimated-taxes\"><span style=\"font-weight: 400;\">quarterly estimated payments<\/span><\/a><span style=\"font-weight: 400;\"> to the IRS.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><strong>Small Business<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A small business can sell services or goods or both. Unlike freelancers and consultants, small businesses have their own branding and products. A small business is a local beauty salon while the beauticians inside the salon are freelancers or consultants.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Sole Proprietor or Sole Trader<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A sole trader is a business owner that keeps all the profit after paying taxes. Sole traders are also known as sole proprietors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The sole proprietorship is operated by self-employed individuals who take complete responsibility for unlimited liabilities. Thus, they generate an income from the cheapest business structures. Like sole traders, they manage every aspect of their business. <\/span><a href=\"https:\/\/www.ridesharingdriver.com\/driving-with-an-llc-or-corp-how-to-send-your-ein-to-uber-or-lyft\/\"><span style=\"font-weight: 400;\">Lyft and Uber drivers<\/span><\/a><span style=\"font-weight: 400;\"> are technically classified as sole proprietors.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Startup<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/s\/startup.asp#:~:text=A%20startup%20is%20a%20company%20that%27s%20in%20the,founders%20and%20may%20attempt%20to%20attract%20outside%20investment.\"><span style=\"font-weight: 400;\">startup<\/span><\/a><span style=\"font-weight: 400;\"> is a company in its initial stages of business. This means that the founders finance the startup and earn a very limited income until the business stabilizes. Startups also attract outside investment. But startups require a high initial cost of setting up and generating limited revenue. After the business takes off, a startup can become a successful company that generates stable income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Startups come with one major downside, which is the risk of failure. To minimize this risk, you must have innovative strategies and funding sources. Funding sources include family, friends, crowdfunding, loans \u2013 not to mention the most important funding source: revenue generated from the actual startup.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Startups have a certain allure to them because they\u2019re in the idea phase before an investment banker comes along and asks how the startup generates revenue. In other words, you need a business model to demonstrate your success potential. Either that or someone doing it better may replace you! Yeah. It\u2019s brutal out here, as <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=OGUy2UmRxJ0\"><span style=\"font-weight: 400;\">Olivia Rodrigo<\/span><\/a><span style=\"font-weight: 400;\"> sings.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>How to Become Self-Employed<br \/>\n<img decoding=\"async\" class=\"alignnone size-full wp-image-9582\" src=\"https:\/\/www.surveyjunkie.com\/blog\/wp-content\/uploads\/2022\/03\/Type-of-Self-Employment-2.jpg\" alt=\"how to quit your job and become self-employed\" width=\"1224\" height=\"390\" \/><br \/>\n<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Now that we have discussed the various types of self-employment along with the advantages and disadvantages, it is time for you to rethink your job. Let&#8217;s begin by doing a personal evaluation that will lead to self-employment.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Do a Personal Evaluation and Make a Decision to Work For Yourself<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Remember when your teacher or boss gave you evaluations? Like, on a scale of one to 10, how\u2019s your attention to detail? Are you responsible? Do you make up imaginary deadlines all the time so you can finish projects? Do you say yes to every project or can you sometimes say no in order to better curate your time? There are a few <\/span><a href=\"https:\/\/www.recruiter.com\/i\/even-entrepreneurs-need-performance-reviews-5-tips-for-conducting-a-self-evaluation-as-an-independent-professional\/\"><span style=\"font-weight: 400;\">online personal evaluation tools<\/span><\/a><span style=\"font-weight: 400;\"> that can help you take your own temperature before diving into the cold waters of self employment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Personal evaluation is necessary because it helps you understand your motivation towards your business objectives. You need to ask yourself why you&#8217;re starting your own business and what set of skills you can utilize to make your startup successful.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Suppose you&#8217;re passionate about cooking, and you want to set up a restaurant. In that case, you need to evaluate your cooking skills and understand how to monetize them to bring something new to the market. This way, you can think of ways to make your business stand out from competitors. So it&#8217;s vital to do your research to make the idea viable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should also consider timing. Most businesses take some time to flourish. Until then, it is wise to hold onto your job because it provides you with some financial security until your business setup starts generating stable revenue. This means you should also be prepared for long work hours and setbacks when you execute your business plan.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h3><strong>Choose Your Niche and Target Market<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Huh? What\u2019s a niche? What\u2019s a target market? Great questions.\u00a0<\/span><\/p>\n<p><b>Niche<\/b><span style=\"font-weight: 400;\"> is a French word to describe whatever little quirk of the human experience you are attempting to leverage. For example, creating <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Data_visualization\"><span style=\"font-weight: 400;\">data visualizations<\/span><\/a><span style=\"font-weight: 400;\"> is a niche skill and product within the data analytics industry.<\/span><\/p>\n<p><b>Target market<\/b><span style=\"font-weight: 400;\"> is a demographic or group of people you know are interested in your services and\/or products. Journalistic or information-based organizations will be the target market in need of data visualizations. That\u2019s the most obvious target market. But if you can identify more specific target markets, this can separate your niche from competitors. For example, Etsy targets people looking for handmade art, clothes, furniture and more. Etsy is not an obvious target market for data visualizations, but if you search for \u201cdata visualization\u201d on Etsy, the results are totally different from what you\u2019ll find on search engines or Amazon.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you choose a niche, you should have a fair amount of knowledge about it. This will help you speak more authentically and passionately to the target audience. You should also choose a profitable niche that is in demand. Therefore, you won&#8217;t have to convince your target audience to invest in your service\/product. It also helps to find a \u201cpain point,\u201d which is a specific problem faced by current or prospective customers in the marketplace. Then you can position your product or service as a solution, and your target audience will be willing to invest money. For example, maybe the data visualization skills you use\u00a0 to create interactive maps and graphs in the health tech industry can also benefit writers who want to visualize the ups and downs of conflict in their screenplays or novels. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h3><strong>Make Your Business Legal<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Now that you\u2019ve chosen a niche, it\u2019s time to decide on the structure for your self-employment. Should you set up an LLC? Inc? S Corp? B Corp? No corp? Which one is the correct one for you?\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Sole Proprietor<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As described above, <\/span><a href=\"https:\/\/www.ridesharingdriver.com\/driving-with-an-llc-or-corp-how-to-send-your-ein-to-uber-or-lyft\/\"><span style=\"font-weight: 400;\">Lyft and Uber drivers<\/span><\/a><span style=\"font-weight: 400;\"> are technically classified as sole proprietors.<\/span><\/p>\n<p><a href=\"https:\/\/www.indeed.com\/career-advice\/career-development\/business-structure?aceid=&amp;gclid=CjwKCAiAjoeRBhAJEiwAYY3nDJhTIBaaFbyj2d82lVUB8bI_5LujZP4z3JSztkvLaSqI4ZFkY1yFJxoCMRgQAvD_BwE#soleproprietorship\"><span style=\"font-weight: 400;\">In<\/span><\/a><span style=\"font-weight: 400;\"> a sole proprietorship structure, one person owns the business and runs its operations. It is the most common business structure because it is the simplest to set up. If you plan to work alone, this may be the right structure for you. Keep in mind that in a sole proprietorship, you, as the owner, are personally liable for all of the business&#8217;s financial obligations such as debt and losses. This structure works well for low-risk, home-based or retail businesses. A sole proprietorship can also allow an owner to test their business idea before creating a more formal company.<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Partnership<\/b><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.indeed.com\/career-advice\/career-development\/business-structure?aceid=&amp;gclid=CjwKCAiAjoeRBhAJEiwAYY3nDJhTIBaaFbyj2d82lVUB8bI_5LujZP4z3JSztkvLaSqI4ZFkY1yFJxoCMRgQAvD_BwE#partnership\"><span style=\"font-weight: 400;\">In<\/span><\/a><span style=\"font-weight: 400;\"> a partnership business structure, two or more people own and operate the business. There are two types of partnerships:<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">General partnerships:\u00a0 The partners hold an equal role in owning and operating the company as well as liability for its debts, other partners\u2019 actions or financial obligations. This type of business structure is also known as a \u201climited liability partnership (LLP).\u201d<\/span><\/h4>\n<h4><span style=\"font-weight: 400;\">Limited partnerships:\u00a0 A limited partnership (LP) includes general and limited partners. The general partners hold the same role and liability as they would in a general partnership. The limited partners, usually investors, have limited control or input into the company along with limited or no liability. Profits are reflected in personal tax returns.\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">A partnership is the simplest structure for multi-owner companies or professional groups. It also allows owners to test a business idea before establishing a more formal company<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Limited Liability Company (LLC)<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A limited liability company (LLC) is a hybrid business structure that lets you take advantage of aspects of partnerships and corporations. To set up an LLC, you must file paperwork with the secretary of state of the state in which you plan to do business. This structure works well if you have a medium- or high-risk business, want to protect your personal assets or pay a lower tax rate than you would with a corporation.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Corporation<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a corporation, the company is considered an entity that is independent of its owners. This makes it more complex and expensive than most other business structures since it must comply with more regulations, record-keeping and tax requirements. You may want to choose a corporation structure, also known as a \u201cC corp,\u201d if you have an already established medium- or high-risk business, need to raise funds, have plans to take the company public or sell it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are other types of business structures, but these are the most popular for self-employed people. You may want to find a lawyer and an accountant who can guide you through setting up a legal business in your city. It would help if you also made separate business and personal accounts to manage finances.\u00a0<\/span><\/p>\n<h3><strong>Create a Business Plan\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re still reading at this point, you\u2019re probably ready to draft a business plan. It can be hard to do this if your expertise is NOT business. <\/span><span style=\"font-weight: 400;\">The best way to start is by gathering some facts:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What are my personal goals?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What is the purpose of my business?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who is my target audience?\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How do I target that audience?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who are my competitors?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What is my product\/service description so my audience understands what my business offers?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who is on my team and what are their responsibilities?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What do my finances look like?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How much are my costs compared to my income?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Then you need to develop a vision to understand the future of your business by identifying strategic objectives and making tactical plans to achieve your business objectives. Yeah, it\u2019s like playing chess, so if you naturally lie awake at night, envisioning strategic moves like the main character in the <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=b3uOClkoW2w\"><span style=\"font-weight: 400;\">Queen\u2019s Gambit<\/span><\/a><span style=\"font-weight: 400;\">, you\u2019ve got the right mindset for self-employment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A blueprint of your business will help guide you in the startup process and push your business toward success when it is in the early stages. Making a business plan does not have to be difficult, especially if\u00a0 you narrow your focus to the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An executive summary of your plan so that you know what you want to accomplish<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The financing required<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A business description (an industry overview)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A marketing strategy to help attract consumers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Analysis of competitive set and identification of your own strengths and weaknesses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your product\/service description showcasing your business offer<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Management and operations to describe team member responsibilities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial plan that details associated costs and your path to a stable income<\/span><\/li>\n<\/ul>\n<h3><strong>Get Financed and Make Investment<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Once you have your business strategy in black and white, it is time to get financed. So how do you take out the startup cost for your business? When starting, it is common for businesses to run from savings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, you need to have a financial plan to fund your business in the long run. Here are some ideas that will help you manage your business finances.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Tap Your Savings<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Once you know the costs of your startup, you can choose to use your savings to fund your business. According to Indeed.com, you should be able to successfully run the business for a minimum of six months without any profits from customers or clients. If not, keep your job and build your business as a side hustle. This way, you can use your salary from your part-time job to support your business until you start making profit.<\/span><\/p>\n<h3><strong>\u00a0Take a Business Loan<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">If you don&#8217;t want to pull funds from your savings account, a loan might be an attractive alternative. You can apply for a small business loan from a bank, which will ask you to provide a business plan. Then you can use the loan to <\/span><a href=\"https:\/\/howtostartanllc.com\/business-loans#:~:text=Getting%20a%20small%20business%20loan%20is%20done%20by,and%20even%20increase%20the%20value%20of%20a%20business.\"><span style=\"font-weight: 400;\">resolve<\/span><\/a><span style=\"font-weight: 400;\"> cash flow problems and leverage growth opportunities.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Use Crowdfunding<\/strong><\/h3>\n<h4><a href=\"https:\/\/www.investopedia.com\/terms\/c\/crowdfunding.asp\"><span style=\"font-weight: 400;\">Crowdfunding<\/span><\/a><span style=\"font-weight: 400;\"> is the practice of funding a project by raising money from different people, usually online. Platforms like Kickstarter, GoFundMe, or Indiegogo allow you to set up a profile with your funding goal. When you share your profile with your network, those who are interested can donate in exchange for rewards from your company. There are restrictions on the uses of the funds, depending on the platform, so be sure to match your needs with each platform\u2019s guidelines.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Launch a Marketing Campaign<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Crowdfunding can be a marketing campaign in itself, but a larger, ongoing marketing campaign is crucial for attracting the target audience to your product or service. Delivering good products and services in itself is also part of a larger, overall marketing strategy to convert target audiences into clients.<\/span><\/p>\n<h4><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Make Connections and Build Your Network<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Do your friends and family know what you do? You may be surprised that your aunts and cousins have no idea what you\u2019re doing on your computer all day long. They may assume you\u2019re playing video games or watching cat videos on YouTube. But if they know you are building, designing and managing websites for nonprofit organizations, they can refer you when they meet someone who needs that service.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Making connections to build your network is vital in establishing a successful business. In the early stages of self employment, you need as many brand ambassadors as you can get, so it\u2019s important your networks understand what you do. LinkedIn is the social media platform of choice for many self-employed people to create awareness about their business. Building a network will also help you get feedback. You can use the feedback to improve your business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should set up your business website because this becomes your digital business card when meeting new, potential clients and customers. This way, more people will trust your business.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\"><br \/>\n<\/span><strong>Quit Your Job and Become Self-Employed<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Once you come up with a smart business strategy, utilize it to set up a steady flow of customers and clients, and generate income higher than the salary at your full-time job, it\u2019s probably a good time to call yourself officially \u201cself-employed.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can safely resign from your full-time job. Take your time with thinking through this decision before you go ahead with it. And good luck!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Self Employment? Self employment is when you\u2019re the only person on payroll. Right? Or is self employment when you\u2019re a consultant at a company who participates in staff meetings but can say \u201cyes\u201d or \u201cno\u201d to work anytime, [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":9541,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HOW TO BECOME SELF EMPLOYED AND QUIT YOUR JOB - Survey Junkie Blog<\/title>\n<meta name=\"description\" content=\"What is Self Employment? Self employment is when you\u2019re the only person on payroll. Right? 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