Make Money Working For Yourself! This Is How To Be Self Employed

how to make money working for yourself be self-employed

Did you know that almost 30% of Americans are self employed? There are plenty of reasons why people choose to be self employed even after years of working for someone else. If you have been looking into working for yourself, we put this post together to teach you how to be self employed. 

Keep reading to learn everything you need to know about becoming self-employed. 

Make The Decision 

Before you can become self employed, you have to make the decision that you will be working for yourself. This might feel strange at first especially if you are used to being an employee and working for someone. 

When you make this decision you have to realize that you are the person that will have the final say on everything. You are the only one that can make the decision that you want to do it. 

What's Your Niche? 

Next, you will have to choose what niche you want to work in. As a self employed person you can't afford to be in the business of everything like Google. You simply will not have the global reach that bigger companies have. 

Take the time to pick a specific niche that you are interested in. Ask questions such as "what will your product or service solve?" and "What kind of knowledge do you already have in this niche?" 

The goal is to get as specific as possible about what you plan to do. Being specific will give you more options because you will be able to focus on one piece of the market instead of spreading yourself thin. This will also help you identify your target market easily. 

Your Target Market 

Once you have your niche figured out, you want to get very specific on who you want to serve with your product or service. No one can truly serve everyone and trying to serve anyone that can benefit from what you have to offer will not give you any actionable insight into who your target market is. 

You want to have a specific solution for a specific set of people. Figure out who these people are, what they care about, and where they work. The more specific you are, the better you can serve the market. 

Finances 

Most businesses will require you to invest some type of money. You have to get your finances in order if you want to save yourself headaches in the future when it comes to managing your money. 

If you do not have experience when it comes to accounting then look for an accountant that is familiar with your niche and your line of business. We do not recommend you take the DIY approach unless you understand the ins and outs that come with accounting and bookkeeping. 

It is up to you to understand your business' finances and to monitor them. Even if you hire an accountant, you do not want to be in complete denial about the finances in your business. 

Take Care Of Legalities 

Next up is all of the legalities that come with being self employed. You will need to learn more about setting up business insurance to make sure that you are covered in case of any situation. This is also the time to decide how you will structure your business. 

Will you structure it as an LLC or as a sole proprietorship? Do you need any special permits or special licenses in order to run your business? 

Invest In Systems 

You want to figure out the systems that you will need in order to run your business effectively. If something looks like it would work, test it out to make sure that it is a good fit. When you are trying a new system, go into it with an open mind just because you are trying it does not mean that you are stuck with it long term. 

Look for systems that will help you stay on top of your day-to-day details. You also want system to bill your clients and to keep track of your losses and profits. Without the right systems in place, you will eventually become disorganized and overwhelmed. 

The correct systems will help you run everything like a well-oiled machine. Keep in mind that as you grow you might have to use new systems and change how you take care of things such as invoicing or emailing customers. The more organized you are in the beginning, the better it will be in the long run to not lose track of any important information. 

Market Your Business 

In order to stay in business, you will need to get the word out about it. You won't be able to attract customers if no one knows your business exists. This will be an ongoing process and there are endless ways to do it. 

In this digital age, you want to dive into content marketing, social media marketing, direct mail, SEO, etc. The more you market your business the easier it will be to stay in profits, which is the reason that most people get into business. 

Now You Know About How To Be Self Employed 

Although not everyone was born to work for themselves, many people are and they become very successful at it. If you too have the entrepreneur spirit now you know how to be self employed and can start taking action towards this journey. 

Did our blog post on how to become self-employed help you today? Visit the Business section of our Frugal Finance Blog to learn more about entrepreneurship. Please come back soon to never miss our latest, subscribe today!