fbpx
Potentash
  • Business
  • Entertainment
  • Fiction
  • Lifestyle
  • Travel
  • Skin + Beauty
  • Health
  • Relationships
No Result
View All Result
  • Login
Potentash
  • Business
  • Entertainment
  • Fiction
  • Lifestyle
  • Travel
  • Skin + Beauty
  • Health
  • Relationships
No Result
View All Result
  • Login
Potentash
No Result
View All Result
black woman at her workplace image from http://www.theoklahomaeagle.net/home/2018/03/20/im-exhausted-from-trying-to-be-the-right-kind-of-black-girl-at-work/

black woman at her workplace image from http://www.theoklahomaeagle.net/home/2018/03/20/im-exhausted-from-trying-to-be-the-right-kind-of-black-girl-at-work/

Business: 10 Things To Know Before Venturing Into Self Employment

Faith Wambui by Faith Wambui
April 18, 2019
in Business, Business Tips, Entrepreneurship, Running a Business
Reading Time: 4 mins read
115 1
0
139
SHARES
773
VIEWS
FacebookTwitterWhatsApp

Leaving your 9 to 5 job for self-employment is a leap of faith. You’re leaving behind a certain comfort and venturing into the unknown. With enough preparation and research, this can be highly rewarding. However, some find themselves running around like a chicken with its head chopped off due to lack of knowledge. Here are some things to know about self-employment.

  1. It’s Not Easy

Fair warning, it’s not easy. If you’re looking for an easy route, this isn’t the way. Managing a business or working freelance will take a toll on you emotionally, physically and mentally – at least for the first few months. You must be prepared for lots of disappointments and a couple of nos. Here is how you can do  Budgeting For Variable Income (Freelancers, The Self Employed, Consultants etc)

  1. Responsibility Rests On You

When you’re in self-employment, you’re the centre of your business. You handle everything marketing to customer service. If anything happens, you have to take responsibility for it. This requires a hands-on approach and might take up most of your time.

  1. The Law Is A B*tch

The last thing you want is your new business being shut down by the government. Make sure you have all the permits and licenses and you are well-acquainted with laws governing the kind of business you want to start. Additionally, you can seek assistance from a legal practitioner.

black woman at her workplace.image from http://www.theoklahomaeagle.net/home/2018/03/20/im-exhausted-from-trying-to-be-the-right-kind-of-black-girl-at-work/
  1. Lack Of Motivation

Since no one is holding you directly accountable in self-employment, it’s hard to stay motivated. You also lack the guidance of a mentor and can easily lose track of your goals. It’s therefore important to know how to motivate yourself. Productivity: Working From Home: 10 Ways To Make It Work

  1. You Get Flexible Hours

It’s not all bad. In fact, this is one of the biggest perks of self-employment. With good time management, you can be able to tend to personal matter like picking your kids from school or taking up a hobby. It may take up more hours than a corporate job but it will be worth the quality time spend during your free hours.

  1. Risk Protection For You And Your Business

When going into self-employment, you’re basically your own boss. This sounds good on paper but it’s risky if you don’t have a cover. Taking a personal and business insurance protects you in case something happens to you or your business.

  1. The Power Of Online Marketing

Social media is a marketing haven for freelancers and business owners since it has a wider audience reach. Knowing how to use this tool is necessary. You might even need to take an online marketing course if you’re serious about self-employment. Check out 5 Short Courses You Can Take On Coursera

  1. Know Your Numbers

Did you bite off more than you can chew? You’ll find yourself asking these questions many times. It’s totally normal. However, it’s good to have your finances in check so as to have realistic expectations. Additionally, you should set your day rates if you’re a freelancer factoring in the weekend and holidays.

    1. Pay Your Taxes

As long as you earn more than the minimum taxable income (Ksh 12,000) from self-employment, then you’re required to file your taxes. You’re also in charge of figuring out the amount to pay. Needless to say, it’s not the most exciting thing to do. How To Legally Reduce Your Tax Liabilities

  1. Have A Retirement Plan

Hopefully, you won’t have to “retire” and your business will grow to a perpetual level. However, you need to think about your retirement plans either way. How will you survive when you can tend to the business anymore? There’s no right answer to this and you just have to choose what works for you. Finances: Essential Retirement Moves To Make In Your 20’s And 30’s

Productivity: Working From Home: 10 Ways To Make It Work 

Share56Tweet35SendShare10Pin13
Previous Post

Ndoto Zetu: How Owning A Mkokoteni Saved A Man’s Life And Gave Him Hope For The Future

Next Post

The Singlehood Series: My Fiancé Is A Serial Cheater With 9 Kids From Different Women

Faith Wambui

Faith Wambui

I am a creative writer and blogger with interests in lifestyle and fashion. I have previously worked in the scriptwriting industry and I am looking forward to new experiences. My biggest fear is a wearing the wrong shade of foundation

Next Post
Man holding an engagement ring image from https://www.salon.com/2013/05/12/why_are_men_still_proposing/

The Singlehood Series: My Fiancé Is A Serial Cheater With 9 Kids From Different Women

Please login to join discussion

Recommended

Love letters 9 – the love story Techie Love

October 2, 2014
1.8k
Russian Matryoshka Stacking Babushka Wooden Dolls. Image from http://legomenon.com/russian-matryoshka-nesting-dolls-meaning.html

The Russian doll Matryoshka shares characteristics with Russian women

February 5, 2016
362

Popular Stories

  • Muthoni Maingi

    Pearls And Heels: Muthoni Maingi

    217 shares
    Share 87 Tweet 54
  • 5 Different Ways To Cook Pilau

    6688 shares
    Share 2675 Tweet 1672
  • My Divorce Left Me Broken

    57 shares
    Share 23 Tweet 14
  • Skincare: How To Do A DIY Vajacial At Home

    8455 shares
    Share 3382 Tweet 2114
  • Pearls And Heels: Wambui Kamiru Collymore

    775 shares
    Share 310 Tweet 194
Potentash

Potentash is an award-winning lifestyle blog. We publish lifestyle content that intersects with health, women, beauty, travel, business, relationships, finances and entertainment.

Categories

  • Ethics Statement
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

Copyright © 2022. Potentash, In Partnership with Decima

  • Login
No Result
View All Result
  • Business
  • Entertainment
  • Fiction
  • Lifestyle
  • Travel
  • Skin + Beauty
  • Health
  • Relationships

Copyright © 2022. Potentash, In Partnership with Decima

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In