For those of us who have chosen it, being able to work from home, especially if you can do it in a business of your own, is the ultimate freedom.
Being able to do what you want, when you want, and how you want comes with many rewards. You truly are “your own boss”. If you’re serious about creating your own small business success story, take a look at these tips for self-employed success.
Set Limits On Your Time
Just because you work from home doesn’t mean that you have to work at all hours of the day or evening. Just as with any al job, you should try to set a schedule and stick to it, especially once your business is on the ground (early days of starting a new project can require longer hours to get things rolling). Set limits on your working hours both for yourself, and for your clients or customers. Try to have a set time each day by which you shut down your email and turn off your phone. Also, consider getting a separate cell phone for work so that clients aren’t calling your personal number – this can better help you maintain your “off hours”. To get the full enjoyment out of being self employed, you need to strike a balance with your time and remember that, although there is a time in the day for work, there also needs to be time that is strictly “personal time”. Because you are working from home, its easy to forget where the boundary between two, and its up to you to maintain it.
Manage Your Money Wisely
Unlike just a paycheck from a normal job, when all the money the business makes is rolling in and coming directly to you in good months, it can sometimes be easy to overspend. But you need to be sure that you are also setting aside enough cash to keep you covered if you have a few less-than-stellar sales months. You also have to keep in mind the fact that you are responsible for your own taxes (unlike when your employer makes monthly deductions from your paycheck). And keep in mind any other business related expenses that you may still have to pay out of your earnings (for example, invoices from suppliers at the end of the month, if applicable), so don’t spend it all at once! Make sure you’re managing your accounting and handling your finances realistically. A lot of home based businesses find it really beneficial to hire the services of a book keeper or accountant beginning very early on to make sure all of the money is be accounted for appropriately. The price of getting help will be much less than the price of making mistakes.
Keep Yourself on Track
Hard work is important, but without having clear goal for your business, you’ll never be able to realize your full potential. Make sure that you know where you’re trying to get to and what you’re really trying to achieve. Monitor progress along the way and make sure every step you take lines up with your end goal.
Never Stop Learning
To really do well at anything, and to continue to do well even after you are established and successful, the process of learning never ends– if you’re not constantly learning and improving, you’re not going to remain valuable or relevant; you’re going to be at risk of losing ground, falling behind, or failing to keep your business moving forward. Every successful person knows that you have to continually be learning and adjusting to give yourself the best advantage in whatever business or field you’re in. The most successful people in the world have a constant hunger to learn and are always actively engaged in the learning process. People like Martha Stewart, Oprah Winfery, and Donald Trump have admitted that this plays a big part in explaining their success.
Do you have your own small business or do you work from home? Share your own words of wisdom from your own experiences in the comments below!