4 Things People Don't Tell You About Being Self Employed

Are you thinking about starting your own business and entering into the world of self-employment? This can be a fantastic decision and a wonderful opportunity for the typical worker. It will mean that you will be able to avoid having a boss breathing down your neck constantly and guarantee that you have a high level of career independence. You have probably already spoken to people who are self-employed themselves and they might be telling you just how thrilled they are that they made this decision. However, there are a few details they might leave out that you should be aware of. Let’s take a look at some of the key points here. 

The Tax Man Cometh 

One of the crucial points that people often forget when they start their own business is that they are suddenly responsible for paying taxes for a company. Now, you might think that this is just like paying your personal tax, however, it’s not quite that simple. Paying business tax can be quite complex and a lot of new business owners slip up here. For instance, you might need to fill out a 1099 form if you are using independent contractors in your business and if that’s the case you could require a 1099 tax calculator. 

The big danger here is that you underpay on your tax. If that happens, you can bet that you will be visited by the IRS at some point. The problem is that people accidentally underpay their tax for years and then when the IRS does arrive they are faced with a massive bill that they can’t possibly afford. It can cripple a company and cause closures. This is why it might be worth using a professional service to manage tax payments in your new business. In doing so, you can avoid this hurdle completely. It can be worth paying a little more to ensure that you get a professional service too. 

Legal Woes

Some business owners believe that avoiding legal trouble with their company is simply a matter of not breaking the law. To an extent this is true, however, the line between legal and illegal in the business world might be a tad more blurred than you think. Indeed, it’s possible that you cross over that line without even realizing it. This is due to the fact that regulations and laws are constantly changing and it can be difficult to keep up.

It’s also worth noting that a lot of legal regulations are not designed to be understood by the typical layperson. Some require a law degree to fully comprehend all the ins and outs of the regulation in question. Take data protection as an example. If you’re trading internationally, you need to understand the different regulations for parts of the world. Companies were given two years to prepare before the GDPR was officially introduced. For many, this still wasn’t enough time. 

That’s why you do need to hire a legal consultant and ensure that they are able to assist you whenever the needs may arise. This will keep you on the right side of that legal line at all times. 

You’ll Need To Outsource 

Assuming your business is quite small, it’s important to manage your spending effectively. One of the best ways to do this is to make sure that you are using outsourcing solutions. Outsourcing simply means that you pass off areas of your business to other companies and let them handle things for you. The benefit of doing this is that you won’t need to worry about expensive costs. Instead, you can keep things under a tight level of control. If you choose the right company, you will also be able to access a high-quality service. This is important because customers won’t know you’re outsourcing. So, if there are any issues with quality, they’ll blame you directly. 

Time Management And Productivity 

Finally, you might be thrilled by the idea of not having a boss pushing you to complete deadlines or make a sale. However, there is a benefit to this type of set up. It helps ensure that you remain productive and reach a high level of potential each day. Without a boss, the responsibility for ensuring this happens will fall squarely on your shoulders. It’s easier said than done too, particularly if you are working at home. As such, it’s important to make sure that you do plan out a schedule for each day and each week. Set measurable goals to ensure that you remain on the right track with your new company. 

PROS AND CONS TO STARTING A HOME INSPECTION BUSINESS

As with any business, there are advantages and disadvantages of starting your own home inspection business. Here are a few things to think about if you are thinking of starting a company that inspects homes for any issues that need repairing.

Advantages

·       Be your own boss

Being your own boss can be amazing in many ways. You can choose the days you work so that you can achieve a perfect work-life balance. This can be especially helpful if you have a family as you are able to choose hours that will work around all the responsibilities that come with being a parent.

·       You can start big or small

Home inspection businesses often begin at home, so it is perfectly viable for your business to start off small. There is a lot that goes on behind the scenes when you begin a home inspection business, such as studying to get certified to complete a home inspection report, so being able to do this from the comfort of your own home is definitely an advantage. Beginning small also means that there is little start-up cash needed, and you only need a few tools, to begin with, and over time, you can grow your kit as you begin to make larger profits.

·       Learn in spare time

Due to online home inspection programs, you have the ability to be in control of the pace at which you learn. This gives you the ability to learn in your own time, which means that you can continue to work full-time if needed whilst working towards improving your future.

·       Perform an important service

A home inspection business can be fulfilling on a personal level as you are able to help people within your community. As a home inspector, you are able to answer questions that the average homeowner would not know, which gives you the opportunity to educate your customers. This is fulfilling as you are not only helping them to find their new home, but you are also giving them the ability to build their own knowledge. Knowing you’ve helped someone is very rewarding.

·       There is lots of money to be made

This industry can turn over a significant profit before you know it! Unlike other businesses, you shouldn’t have to wait years for your business to return the money that you have invested in it as the home inspection business can grow a lot quicker than other industries. This means it may not be as risky as starting up a firm in a different sector.

·       New techniques and certifications always happening

There are always chances to increase your knowledge of the ever-changing policies that come with being a home inspector. Not only is it healthy to improve your knowledge, but it also gives you the opportunity to stand out against your competitors if you have a wider and more up-to-date breadth of information.

·       Every day is different

You spend most of your life at work, and if you do the same thing every single day, it will soon become monotonous and boring. With a home inspection business, every day is different. This can ease the burden of having to get up and out of bed every morning.

Disadvantages

·       Industry standards vary

Regulations and other industry standards vary in different areas, neighborhoods, and states. This means you will have to update your education as well as your knowledge of policy changes and new requirements in the industry. For example, if you were to move, you may have to re-register with another state. This can be a hassle as you may have to become certified all over again. However, your skills as a home inspector will always be relevant, so training again shouldn’t be a problem.

·       The market is saturated

This means there is a lot of competition out there. You will have to work hard to stand out from the competition. With some companies, they will have devoted clients and more experience, so it might be harder to compete against them. However, as long as you work hard to create a good reputation and a recognizable brand, you can still succeed.

·       There is a lot of pressure to get it right

As with all industries, the stakes are high in a home inspection business. After all, people are paying you to get it right. One mistake, and you might be looking at a large lawsuit. However, don’t let this put you off because as long as you are insured, the burden can be taken from your shoulders if things are missed or mistakes are made. There are risks in every business, so don’t let them stop you from pursuing your goals.

If you are looking at starting a business, here are some great ideas for teens or anyone on a shoestring budget. These business ideas are easy to start, do not require a lot of upstart capital, and can be done from anywhere. They are a perfect opportunity even if you are looking at adding a side hustle to your full-time job.

Smart Solutions To Common Small Business Conundrums

Whatever type and size business you run, there will always be obstacles to overcome. Of course, when you are operating a small business, there are some conundrums you are more likely to encounter. The good news here is that they are often very solvable in simple, smart ways. Keep reading to find out more. 

Lack of staff skillset 

One of the issues small businesses often face is that they do not have enough employees to cover all of the skill sets they need. For example, a small online t-shirt retailer won't have an IT specialist to build their site or run their network. There are also unlikely to have a marketing professional to create their strategy.  

Luckily, two solutions can be applied to this problem. The first is to outsource the projects that you cannot complete yourselves. This is an option due to the gig economy. Of course, with outsourcing, you will still need to shoulder a significant cost, as the best people do not come at a cheap price. 

Alternatively, you can remove the need for additional specialist skills in your business—a task that is now possible by using products like SimplyClouds hosting service. In fact, this service is designed to be so simple to use and manage that you won't need any specialist IT services.

Smaller marketing budget 

Smaller businesses often come with smaller budgets. Of course, this applies to all departments, including marketing, which can be problematic. After all, marketing your business lets your customer base know what you have to offer and helps to convince them to buy. Without marketing your small business, it could struggle to sell as many products as it needs to be successful. 

There is hope here, however! This is because effective marketing doesn't have to be expensive.

Of course, now with social media, search engine marketing, and SEO, it is possible to create marketing content that fulfills your small business goals—all without having a sky-high budget. In fact, the focus is now on content that is entertaining, informative, and engaging, rather than slick big-budget campaigns and productions. This means that small businesses have just as much chance of being successful in their marketing campaigns as any multinational conglomerate. 

Restricted income stream

Finally, an issue that can plague many small businesses is limited income streams. When a company only has a single stream set up, this makes the whole enterprise risky. 

Planning to have multiple streams of income from the outset of launching your business is the way to go. You can do this by appealing to different demographics or by diversifying the products and services you offer. This approach will help you to create a stable income for years to come.

Please note, this article contains affiliate links.

Being An Entrepreneur Starts With The Basics

When it comes to business, we may think that too many people are jumping right into this, without first thinking about the basics of business. It’s now so appealing to be your own business, and to have a company of your own that’s providing you with a solid income. It’s well known that working for a company, and being stuck in the corporate cycle is just not something that’s appealing anymore.

But this large influx of people who wish to set up their own business is creating a crowded market, so now is the best time to think about doing it. But diving right into it without first understanding the basics is one of the worst things that you can do. But naturally, not everyone is geared up to run a business, or to understand everything that it entails.

Given this, this article is going to aim to introduce you to the basics of business, and how being an entrepreneur can grow from something you’re doing on your own, to something that’s going to grow into an empire. So have a read of the points we’re going to make below, and see if you can learn something you didn’t know before.

Technology Is Power

Business is now led by technology with more people setting up businesses that are online based. Your basic brick and mortar shop seems to be dying out, but that’s only because our generation and the generation we’re raising, is now so focused on technology and using it. So as a business, especially those of you who are web based, you need to think about all of the software you can have that will benefit your work. Even the basics, such as the Microsoft Office Suite for Mac, is becoming ever so important.

You can do so much with this from creating contracts to send to customers or suppliers to managing your finances through spreadsheets. But the software you can use extends further than this. There are software solutions that can help you to manage money, time, marketing… the lot! You just have to do a bit of research, and find out which one is going to really benefit your business.

Reputation Is Key

As a small startup, reputation is something that can be hard to build, and is often not focused on from the beginning. But you’ll admit that when you’re just starting out, this is the time that you’re most likely going to make mistakes, and perhaps build a bit of negative feedback, but that’s only because you’re getting used to how your business works.

So right from the beginning, focus on the basics of building a good customer rapport, which will in turn build an even better reputation. The more people you can get talking about you for all of the right reasons in the beginning, the more attention you’ll attract. Try actively encouraging customers to leave positive reviews on your social media pages, and web pages, for all to see. Word will spread as long as you market your company well alongside this.

Please note, this article contains affiliate links.

Qualities And Characteristics You Need For Success - And How To Acquire Them

Photo credit: https://unsplash.com/photos/_6HzPU9Hyfg

Success is a wonderful word that we all want to be associated with in one way or another. When you hear the word, you immediately visualize good things. It can put you in a better mood instantly, just by the power of imagination. 

But who’s to say what success actually is? How is it measured? Sure, a lot of people picture a successful person as someone with too much money and all of the thriving business in the world. If that’s how you solely picture success, then good for you – you have high standards, and you’ll probably push yourself to reach them. Not everyone will reach the pinnacle, however, because it’s a place that’s reserved only for a select few. 

Success is defined as the accomplishment of an aim or purpose, and that’s how most of us view it, too. Whether it’s perceived as something small or big, it’s that feeling of achievement. In order for anyone to find success in anything, they need to have something about them. Nothing ever falls comfortably on our laps (well, perhaps they do for some people). 

Whether you’re tackling something that nobody has ever managed to tackle before, whether you’re trying to reach a personal milestone, or whether you’re trying to overcome a personal hurdle, you’ll need to have certain qualities. You don’t have to be Mr or Mrs Perfect and be flawless at every task you face, but it helps to have the skills to accompany your mission.

If you’re interested, let’s go through a bunch of different skills, traits and characteristics that are possessed by successful people.      

Organization 

In order to reach a good level in terms of your work or your overall standard of doing things, you need to have a degree of organization about you. Nobody ever got very far by stumbling along and hoping for the best. Being organized means having everything together – and that means everything. From your general plans and schedule to the bits and pieces that are assembled on your desk. People that manage to get lots done often have a working plan ahead of them. Hopping from task to task on a whim might sound like an easier idea, but it’ll only get you so far.  

Perpetual Motivation 

Motivation is something we all need just to function on a daily basis. Without it, we’d all just be sat around wondering what the point is. If you want to reach your goal and reap the rewards, you’ll need to be mentally switched on at all times. The way we get up in the morning is all based on how motivated we are to get the jobs done. 

When you’re struggling for motivation, it can be quite hard to pull it out of seemingly nowhere. You can, however, train your mind and get the motivation you need. You can watch videos, listen to podcasts and read up on the stories behind successful people. The law of attraction is also a popular method of getting what you want and being driven to do so.   

Bravery

We’re not talking about immense levels of fearlessness in terms of risking your life, instead, having the courage to commit to something. When you first set out to do something, you’re free to drop out at any time and continue on with whatever tame plans you had before. Heading in a new direction or pushing yourself to do something higher-octane takes some boldness. This doesn’t always have to be regarding something that could be detrimental or that stresses you out massively, though. There’s a fine line between bravery and stupidity!

A Sociable Personality

When you’re a person that people can bounce off of comfortable, you’re going to be in with a bigger chance of getting what you want in life. That’s just a fact. Popular and well-liked figures often get more out of life than reclusive types. As a more bubbly and sociable person, you’ll get to know more and more people. Thus, more opportunities can be found, and more networking can be done. Furthermore, when you’re good with people, you’ll develop a good reputation amongst them, and they’ll be more inclined to include you in things. 

Constant communication will mean you are subconsciously practicing. You won’t notice it as it’s happening, but your brain will constantly be taking in words, phrases, behaviours and mannerisms. These learned aspects of communication could turn you into an impeccable leader someday as leadership is more than just being the face of a group. Being a leader requires many skills, and being able to talk with everyone properly is a big one.  

A Constant Willingness To Learn

It’s very easy to slow down your pursuit of knowledge when you feel like you’ve reached certain levels. It’s understandable because you’ve gotten to the position you’ve needed. The learning was a necessary piece of the puzzle on this particular journey. If you want to constantly improve and build on any success you’ve already found, then you should always remain a keen student. It doesn’t matter whether you’re an expert in a particular field; you’ll never know it all. You could spearhead a big firm, like Mark Zuckerberg, Cynthia Telles, Jeff Bezos, and many others – it doesn’t give you the right to stop studying. Approach everything and everyone with the attitude of an amateur – you’ll be benefited hugely.  

Honesty 

This is split into two ideas: being honest with yourself and being honest with others. If you can’t look at yourself and honestly evaluate where you are, then you might not make progress that you want. Often, when people either lie to themselves or continue wishing the truth was something else, they operate around something that doesn’t exist and any issues they had become exacerbated.

Being open and honest with others is the second point here. Say you’re a boss and you have people working under you. When you need to have a chat with them, do you want to get the best results for both yourself and them? Sure, you do. The way you do that is by being completely sincere and frank. When you lie to people, regardless of the situation, it always comes back to bite you in the backside. Even if the truth is sore, you have to speak it. 

Self-Belief 

While it’s not totally necessary to have it in droves, it’s quite important that you believe in your own ability to do things. Some are born with loads of it, so they don’t need to worry about backing themselves. For those who are a little short of confidence, however, it can be worked on. Constantly studying, getting qualifications, experience – these will all boost your self-belief in a lot of subjects. 

Patience

Good things come to those who wait is how the old adage goes. And when you want something good, it’s going to take a while to reach you. Sure, some lucky souls hit the bigtime overnight, but those are one in a million instances. You need to have patience because, without it, you could give up way too soon.

You may feel as though you’re wasting your time when you’re just around the corner from something special. Patience is also a wonderful trait possessed by leaders in terms of teaching, passing down advice and working together with contacts. 

A Positive Mental Attitude

Finally, and this is often smirked at by many, but people at the height of success view life with a glass half full kind of attitude. There’s always a brighter side to any outcome. There’s always an opportunity to capitalize on. If you’re moping around with a negative mindset all of the time, you’re going to get nowhere fast.

Please note, this article contains affiliate links.

Data Loss: 4 Ways to Help Your Small Business Recover

By Amy Collett

Data is invaluable to any modern-day business and losing it can mean the death of a company. According to Clutch, 58 percent of small businesses are not prepared for data loss. Because of this, the majority of small businesses that lose their data are forced to shut down within six months of an event. Don't let this scare you just yet! If you act quickly and take the correct next steps, your business can recover and you can prevent this problem from occurring again. 

1. Call in Professionals

When you first notice missing data, don’t try to recover it yourself. It’s very possible your data is still accessible somehow, but messing around in your storage system can lead to permanent loss. Specialists like Secure Data Recovery know their way around hardware and software, which makes them the best bet for safely recovering data without causing additional damage. They can also help you keep your important business operations online while you work to recover from the loss. Until the pros can conduct an analysis of your problem, it’s best to shut down your computer completely.  

2. Determine the Cause of Data Loss

Most often, people have no idea why their data is missing. Try to find out what went wrong so you can help your data recovery specialists get your data back and prevent the problem from happening again. Data is most often lost due to human error, technical failure, or targeted attacks. For example, it’s easy to accidentally delete the wrong files or overwrite existing files when updating your business records. On the other hand, your data loss may be the result of a virus or malware. In this case, it's very possible that attackers are stealing data rather than simply deleting it. Look out for the signs of a data breach if you suspect this may be occurring. 

3. Write a Letter to your Customers 

Most states have laws in place requiring businesses to notify their customers if their data is stolen. Although this can hurt your company’s reputation, it’s much better than facing class-action lawsuits. You may be required to send your customers a written notice detailing everything you know about the data breach. Two of the most important things to include in your notice are what your business is doing to fix the situation and what specific actions your customers can take to protect themselves.

4. Be Prepared Next Time

Just because you already lost your data once doesn’t mean it won’t happen again. Preventing data loss is an important part of business planning and should be one of the first things you do as your business recovers from this setback. Set up a solid recovery plan and a system for conducting regular backups. Mashable recommends backing up your files to more than one computer and storing at least one copy off-site. Ideally, you should back up your important files every day and a minimum of once per week.

An IT disaster recovery plan should also be developed so you know exactly what to do the next time you’re faced with a major system problem. This should include a way to quickly switch your operations to run on backup data so you can reduce downtime. 

Finally, be on the lookout for signs of a failing hard drive: 

●      Frequent error messages

●      Slower computer performance

●      Scrambled file names

●      Frequent program crashes

●      Files and folders that disappear

●      Grinding or clicking sounds in your computer

If you notice any of these problems, back up your data immediately and have a professional take a look at your system. Your computer's hard drive is the device that stores and retrieves digital information. When it goes, your data goes with it. 

Although being faced with significant data loss will likely cause immediate panic to any business owner, there’s a very good chance you can get it back. The greatest cost to your business will be the downtime you're forced to endure as you get everything back up and running again. This is why you should turn to professionals who know how to fix the problem as quickly as possible.

About the Author:

Amy Collett is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand. She is author of the upcoming book, You, Exemplified: The Role of Personal Branding in Your Professional Life. When she isn’t helping clients boost their careers or businesses, she enjoys coaching her daughter’s soccer team and training to become a yoga instructor.