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Working For Yourself: What You Need to Know

Millennials are now in a situation where they don’t always feel the same loyalty to the companies they work for as previous generations have.

Nowadays, job security in the corporate world doesn’t mean getting a job at sixteen with one business and staying there until you retire fifty years later. It now requires employees to be on their toes looking for the next best opportunity for them.

Working for yourself can actually be more secure

Of course, there are risks associated with becoming self-employed and you need to make sure you plan properly for every outcome, but in the long run it can actually provide more security.

Put a plan in place, make sure your ideas are workable. Set SMART goals for your working projects and make sure you invest in efficient task management software so you can keep track of anything and everything you do during the course of your working day.

It takes time, persistence and energy but as someone who is self-employed you don’t need to risk all your earnings, and you can mitigate any potential risks in a number of different ways to increase your security.

  1. Firstly, you could work on launching your own business venture as a side hustle to begin with, alongside your full time job.  This means that your income will come from a couple of places and you can save for the time when you feel confident enough to strike out on your own.
  2. Secondly, there are so many people now who freelance that it is no longer prohibitively expensive to start a business up. In fact, some entrepreneurs have zero funding when they set out and simply use tools such as social media to connect and develop their connections.
  3. Thirdly, being self-employed means there is less risk, you have more control over your work and what you do and at the end of the day, any rewards are all yours.
  4. Fourthly and finally, you’re the one who makes all your own business decisions. You can choose to make sure your income is diverse and doesn’t just come from one source.

You don’t have to be an entrepreneur to be self-employed

You can be an entrepreneur who actively goes out and seeks people to invest in a million dollar startup, but that really isn’t the be all and end all of becoming self-employed.

For instance, you could work as a freelancer with a simple website setup and market yourself through that, social media and a regularly updated blog to get good outreach.

You could work as a solopreneur, someone who has a relatively small business set up and who takes on subcontractors to help them out.

At first, you could continue to be a full time employee and simply use your self-employment as a handy side hustle to gain extra income. You’ll keep all the perks of your day job, but also earn a decent income on the side doing something you love. If it takes off, it’ll give you the confidence to jump ship and go it alone, and best of all, you will have lost nothing.

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