Category: Self-employment

Is Self-employment Right for You? First, Ask Yourself These Questions

~ The Regal Writer ~ Leave a comment
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Remember to check out this week’s writing prompt on my home page.

Many of us have dreams of hanging out our own shingle and taking charge of our livelihoods. For most of us, that’s all it is – a dream.

Many people who have started a business often wind up closing up shop within a year or two. They had difficulty finding clients or lost money before deciding that they weren’t as prepared for the solo gig as they thought. So they went back to working for someone else, preferring the stability of a steady gig and paycheck.

Working for yourself is hard work. Harder than most people expect when they start out.  The fact is, not everyone is cut out to own their own business. It’s more than the financial support and resources that can keep the business going; it’s your own mental and emotional make-up that can put a kink in your plans. Some people simply don’t have the fortitude, organizational skills and network to make the business work. Others don’t like the uncertainty about the future or fear rejection.

I fell into my solo writing career accidentally. I had left a job to manage a small business part time, but I was miserable. I quickly realized that this was not what I wanted to do. My former boss reached out to me to do a writing assignment for him, which led to other assignments. At the time, I wasn’t sure what I wanted to do (although I knew I wanted to get out of the business management gig). Did I want to freelance full time, or were these writing assignments just a temporary fix until I could figure things out? Seven years later, I’m still trying to answer that question.

Looking back at that period of my career, I wish I had taken more time to think things through. I would have liked to have had a handbook or a self-assessment worksheet to help me figure out whether going solo was the right path for me.

The folks at the career site Vault have put together a really nice infographic that outlines a number of questions to ask yourself before deciding if freelancing is right for you.

Below are some questions taken from this infographic as well as a few of my own I wish I had asked myself. Hope these questions help you decide whether you’re ready for a solo career or not.

  1. Why do you want to work for yourself? Knowing why you want to work for yourself can help you feel grounded, especially when things don’t go as smoothly as you hope. Whenever you feel lost on your solo journey, come back to your why. It will help you refocus on your career goal.
  2. Do you have an established network and support system in place? Just because you decide to go solo doesn’t mean you work alone. You still have a support team around you, such as an attorney and/or accountant, a marketing person if you don’t plan to do it yourself, maybe someone to handle social media. Then there is your personal support team – your spouse, friends and family, and former colleagues who can pitch in when you need help.
  3. Do you enjoy working for yourself? Some people love working alone and have no trouble being in quiet surroundings. Others need to bounce ideas off other people. They’re more productive working in a collaborative environment. If you need to be surrounded by people in order to be productive, you may struggle working on your own. Then again, there are always libraries and coffee shops to make you feel you are surrounded by “co-workers.”
  4. How much of a financial foundation do you have? Most financial experts suggest having a nest egg of six months for living expenses while you launch your business. I would suggest more than six months, at least a year. For one thing, things are more expensive than you realize. Second, you’ll need cash on hand in case of emergencies, like a root canal or household emergencies.
  5. Do you have your first client or project to start? It might help your solo venture if you already have a client or two in place. They’ll provide the moral and financial support you need to build on for the future.
  6. How do you respond to uncertainty? Once you’re on your own, you’ll no longer have a steady paycheck, which means the future is very uncertain. That uncertainty can be too scary for some people. If you prefer the steadiness of a routine paycheck, then working solo may not be right for you.
  7. How are your time management skills? When working on your own, you won’t have to follow someone else’s schedule. You’ll be in charge of your own, or that of your client’s. In fact, if you have multiple clients, you’ll have to juggle priorities and that means having solid time management and organizational skills to keep track of them all.
  8. How much of a risk taker are you? This question might be easier to answer on a spectrum of one to 10, one being not much of a risk taker at all and 10 being “bring it on.” Knowing your comfort level with risk can help you determine what you’re willing to put up with as a solo artist – and for how long. Taking the leap into your own business is a huge risk, one that not many people are willing to take.
  9. How long are you prepared to go it alone? Experts say that most businesses don’t last longer than one year. One year is the barometer to decide if a solo venture is going to work out or not. For others, they simply run out of money or they lose heart in the project after six months to a year. If you’re in it for the long haul, then going solo may work out for you.
  10. How much experience do you bring from your chose field? Someone with only five years’ experience may not find as much success on their own as someone who has done the same work for more than fifteen years.
  11. How do you respond to new challenges? Some people welcome new challenges, and in fact, actively seek them out to spice up their lives. These people are more likely to succeed as solo business owners.
  12. How do you deal with rejection? Rejection is part of business. The most successful business owners will likely let the rejection slide off their backs or use it to fuel their next venture. They don’t give up. If you are easily discouraged by rejection, then working for yourself may not be right for you.
  13. How confident do you feel about your skills and prospects for success? The more confident you feel about yourself, the more positive impression you will make on clients and customers.
  14. How resilient are you? This question goes along with the rejection question. Are you able to bounce back after disappointment, such as a lost client or failed sales call? Most successful people working on their own are able to bounce back more easily because they understand that it’s only a temporary setback.
  15. Are you comfortable wearing many hats? Working on your own means doing a variety of tasks, everything from accounting, marketing, recruiting, even housekeeping. All of this in addition to your own unique skill, whether that’s copywriting, graphic design or pet care. You might be good at what you do and the reason you want to work for yourself, but you may not feel comfortable or have the skills to do the other tasks. You’ll have to figure out what you are willing to do and what you should outsource.

As you can see, working for yourself requires more than just basic business skills. It requires emotional and psychological strength to withstand the challenges of business ownership. By answering these questions honestly, you can decide if working for yourself is the right career path for you.

Is a Co-Working Space Right for You?

~ The Regal Writer ~ Leave a comment

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Whether you work as a freelancer or a remote employee, sometimes working at home or at a coffee shop just doesn’t fit the bill. What other options are there?

For many, co-working spaces – where for a fee you can reserve a desk or private office – is the ideal solution. Co-working spaces have become a BIG thing these days. A new one seems to open up each week.

As more and more individuals gravitate toward freelancing and working remotely, co-working spaces provide a place to work away from home without the long-term commitment or cost of a permanent office. But just like anything else, co-working spaces have their pros and cons.

Amenities
Pro: Co-working spaces offer numerous amenities, similar to what you might find in a typical office environment. You’ll find open desks, wi-fi, complimentary refreshments, and meeting rooms. Some larger co-working places may offer support services, workshops and networking events to help you with your business. If you want to treat your business as a business, not as a temporary hobby, working in a co-working space can put you in the proper mindset.

Con: There may be a limited number of private offices available for use, and usually at a higher cost than an open desk. Because of the limited supply of offices, they may not always be available when you need them. Open desks are usually available on a first-come, first-served basis, which means you take your chances that one will be available when you show up. It also means sharing those desks with other people, and transporting your own materials back and forth.

Cost:
Pro:  Co-working spaces offer a range of cost options, depending on how much you plan to use the space and in what capacity – from monthly fees to hourly rates and packages. Co-working spaces are more affordable than renting a commercial office. If you’re established in your business or if your employer is willing to pay for part or all of your rental expense, a co-working space may be a solid choice.

Con: Even at the lowest price range, co-working spaces can still be costly, especially if you don’t have a steady income or you’re just starting your business. Which is why many freelancers and remote workers opt for the local coffee shop or library.

Commuting:
Pro: Many co-working spaces are becoming more localized. Because so many are popping up within local neighborhoods, there may be one close to your home, accessible by walking or biking.

Con: Commuting distance may have been one of the reasons you left your former job in the first place, so commuting to a co-working space may not hold much appeal. You have to allow for travel time, traffic and the cost of transportation.

Community/Networking:
Pro: Many remote workers seek out co-working spaces for its networking potential, to connect with other remote professionals. You never know who you might meet there – a graphic designer to help you redesign your client’s logo, for instance. Many members of co-working spaces appreciate the sense of community that the space brings.

Con: While co-working spaces are great for building your network, they may not provide a lot of privacy. Since you are surrounded by other workers, the lack of privacy may be detrimental to your work.

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Photo by Pixabay on Pexels.com


Working Around Others:
Pro: It can be difficult to work alone at home without anyone to talk to. Many freelancers and remote workers claim that the one thing they miss is the camaraderie of the office environment. Co-working spaces replicate the traditional office environment in that respect. Many remote workers prefer working in public places like coffee shops and co-working spaces because they like having people around while they work. They claim it helps them be more productive. If you want to break up the monotony of work, there is usually someone around to chat with.

Con: Along with the occasional productive conversations in a public office space, there’s also the potential for loud talkers and chatty, gossipy co-workers. It can be tempting to get caught up in lengthy conversations with other workers, distracting you from your work. You might overhear conversations that you prefer would be kept private. Regular users of co-working spaces suggest bringing a set of headphones to block out the noise and let people know you are too busy to converse with them.

Schedule:
Pro: Many co-working spaces operate nine to five, offering the same set schedule of operations as a typical office environment. So if you’re used to working a nine-to-five job, you can work a similar schedule in a co-working space.

Con: If you work at odd hours, are on a tight deadline or are part of a start-up, the traditional nine-to-five office schedule may not benefit you.

Business attitude:
Pro: A co-working space may put you in a stronger business mindset. Knowing you have a place to go once a week or more frequently helps you treat your business as a business and not as an interim hobby until a real job comes along. Because the co-working space provides meeting space, it’s a more professional setting to meet with clients than a coffee shop or your home.

Con: Even in a co-working setting, you may still be faced with the same temptations – daydreaming, staring out the window, browsing your favorite websites, reading your horoscope. As long as there is no one looking over your shoulder or checking in on you, there will always be the temptation to take lots of little breaks to get through your day. You need self-discipline to accomplish your daily tasks, no matter where you work.

As the population of remote workers and freelancers continues to grow, expect to see more co-working spaces open up to accommodate them. But co-working spaces are not for everyone. Know the pros and cons before you decide to invest in one.

Relevant Articles
6 Pros and Cons of Joining a Co-Working Space
Before You Commit to That Coworking Space, Know the Pros and Cons
Pros and Cons of Coworking Spaces

Two Surveys Give Differing Perspectives of Freelancing

~ The Regal Writer ~ Leave a comment

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Image courtesy of Hubspot

What is it really like to work as a freelance professional? It seems many Americans are gravitating toward that kind of work lifestyle these days. According to the 2018 Freelancing in America survey by Upwork, nearly 57 million Americans worked as a contractor or freelancer in 2018, making up roughly 35 percent of the workforce. That percentage is expected to grow to 50 percent by 2027.

In Upwork’s survey, a majority of freelance workers work independently by choice, not out of necessity. While many freelancers surveyed admit they earn less money, they also enjoy better work-life balance (77 percent).

With so many freelance professionals flooding the workforce, it might be helpful to learn more about this independent work arrangement. What is so appealing about working  freelance? What are the pros and cons? What type of work do they do? How do they find clients? What are the benefits and challenges?

A survey by Flexjobs.com of 1,000 flex workers and freelancers provides some valuable insights, including some that are surprising and unexpected.

According to Flexjobs, the typical worker whose freelance work is their sole source of income is a female, generation Xer working in the marketing, editing, writing and creative career fields, primarily for small companies and individuals and juggling two to three clients at one time. She has been freelancing for at least three years and plans to continue freelancing for the long-term.

Interestingly, that conflicts with the Upwork survey, which indicates that Millennials and Generation Z workers are the driving force behind freelance work. I suspect that many of Upwork’s estimated 12 million site users fall into those demographics, while Flexjobs’ users are older, more experienced professionals.

Flexjobs reports that while 45 percent of respondents have been freelancing at least three years, 38 percent have been doing so for less than one year. That’s an awful lot of newbies in the market. Interestingly, that percentage dips to 18 percent for one to two years. My guess is the drop off occurs because the newcomers have decided to return to full-time work or that the first year of freelance was to test the waters.

While most freelancers work in multiple fields, the highest percentage are writers (29 percent) followed by customer service professionals (23 percent) and administrative professionals (21 percent). While writing is still considered a valued skill by employers, it seems they’d rather hire them out on a project basis than full-time.

Roughly 24 percent report that their work is a combination of freelance and employee jobs while 45 percent choose to freelance full-time. While 39 percent of freelancers work between 21 and 40 hours per week, 35 percent work less than 20 hours a week. I suspect those working fewer hours are new to freelancing and have yet to build up a steady client base. Or perhaps they choose to work freelance on a part-time basis.

More than half of respondents said they found gigs through networking (56 percent) and from job sites (47 percent). While you would think large companies would be the source of most assignments, that isn’t the case. Instead, most freelancers work for other individuals (56 percent) followed by small companies (46 percent), and mid-sized companies (30 percent). Freelancers worked for large companies only 17 percent of the time. The takeaway from this is if you want to find work, the best sources will be other professionals or small businesses.

Another surprising tidbit: Three-fourths of freelancers do not have a website to support their freelance business. If your work is good and you perform client assignments well, word gets around. Clients will find you. Don’t underestimate the power of a strong referral. A website may not be as necessary for your long-term freelance success as you might believe.

The biggest benefits of being a freelancer are flexible schedule (84 percent), work-life balance (66 percent), freedom to work where they choose (61 percent) and no commuting (60 percent). The desire to be your own boss was cited the least (49 percent)

The biggest challenges for many freelancers are finding clients, cited by 65 percent, and having a steady income, cited by 64 percent. That’s nothing new. Despite the romanticized view of freelancing, often by traditional employees working 60-hour work weeks, freelancing is hard work. One critic of the Upwork survey and the rosy picture it painted of the freelance industry said this: “People who don’t have to freelance love to romanticize freelancing – the actual truth is that making a living as a freelancer is harder than hard and sucks a ton of the time.”

Bottom line: Not everyone is cut out to be a freelancer or entrepreneur.

Despite the challenges, two-thirds of freelancers in the Flexjobs survey reported a better overall quality of life. Sixty percent said freelancing helped them become healthier, 66 percent are less stressed than when they worked in a traditional job and 59 percent are less financially stressed.

Anyone considering freelancing needs to consider the good, bad and the ugly side of the business. For all its outward glamour, the freelancing lifestyle still requires a lot of hard work just to make half of what you earned in a steady gig. Upwork may boast 12 million freelancers using the site, but only 400,000 of them actually earned money in 2018, says Stephane Kasriel, Upwork’s founder.

“Like any business to be successful, specific competencies are required, and our most successful freelancers are painstakingly aware of what they need to do to remain successful. That means having and investing in the right technical skills. But it also means having the right entrepreneurial skills, the ability to sell, deliver, evolve your skills and keep improving over time,” says Kasriel in a Forbes interview.

Which might explain why so many freelancers and small businesses struggle within the first year. Freelancers don’t think about the extra time and work involved to evolve their skills or to sell their services when they set up shop. It’s important to think about these factors when considering joining the freelance movement.

Tips for Creating Work-Life Balance as a Freelancer

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When you work as a freelancer or independent contractor, you are your own boss. You can set your own schedule, goals and priorities. You can take time off when you want to. You have more freedom. 

Sounds idyllic, doesn’t it?

But the fantasy rarely lives up to reality. More often than not, that self-imposed schedule and responsibility can get out of hand if you’re not careful. While it doesn’t happen often, freelance work can result in forty-hour plus workweeks. For many freelancers, the opposite is true. There isn’t enough work and they’re scrambling to find new clients. Constant fear and worry can nag at you about making ends meet or getting clients to pay on a timely basis.

When you work for yourself, it’s easy to focus more on your clients than your own family. Even more than your own well-being. It’s easy to lose track of your schedule. It’s easy to forget that you have a social life.

But take heart. There is hope for all freelancers. According to the 2018 freelancer survey by Upwork, 77 percent of full-time freelancers reported having a better work-life balance since becoming self-employed. It is possible to achieve that balance. But like everything else, you have to work at it, and you have to plan for it.

Having work-life balance is critical for your well-being for several reasons. It helps prevent burnout so you won’t feel overwhelmed by all your responsibilities. It helps you feel more energized and refreshed so you can face each new challenge. It helps clear your head so you can think more clearly.

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Once you decide to begin working for yourself, it’s important to establish work-life balance early on in your freelance career. When you shift from a full-time job with a fairly set schedule to not having a set schedule at all, it can be easy to lose your sense of balance. As your own boss, it’s up to you set create that balance. Make it a part of your business planning. But how do you do it?

Here are a few ideas to help you create more work-life balance in your freelance career:

1. Set a regular work schedule. Establish consistent work hours and stick to them. If you worked a nine-to-five job previously, establish a similar type of schedule when you first start out. Make sure you give yourself two days off each week. Setting up a regular schedule with two off days keeps you in a routine that you can sustain.

2. Stay connected with family and friends. When you work for yourself, it’s easy to fall into the trap of believing you are alone. That’s not true. No matter how busy you are setting up your business and pursuing new clients, don’t forget about your family and friends. They are your support system, and they can give you proper perspective when business gets too hectic or if things don’t go as smoothly as you planned.

3. Don’t be afraid to say no. No to assignments that would be a waste of your talents, no to outside obligations until you meet your deadline, no to clients who don’t pay on time or change their requirements. Know your limits. Know when you’ve had too much on your plate. Pass on the assignment or refer to another professional.

4. Keep your calendar organized. Keep all appointments in one place, both personal and professional so you don’t accidentally overbook yourself. Also set clear goals and priorities and list them in your calendar as a quick reminder of your obligations.

5. Detach and disconnect from devices. Information comes at us 24/7 via our devices, social media, computers and TV screens. It can be difficult to shut it out. It’s up to you to do that. Set aside a day or a weekend to do a digital detox. It might be helpful to put those detox dates in your calendar.

6. Set up a “fun” account. Small Business Trends, an online publication about small business practices, suggests setting up a separate bank account to be used solely for fun activities. As you get paid from clients, set aside a set amount into this fun account so you have money to splurge on that weekend spa getaway or ski trip you’ve had your eye on.

7. Practice self-care. To be your best for clients, you need to live healthily, suggests experts at FilterGrade.com. Eat properly, get proper sleep, practice meditation and yoga, or take long walks. Do anything you can to clear your mind and center yourself.

8. Keep up with personal interests. Maintain your hobbies, whether that’s playing tennis, reading the latest best-seller or attending concerts. Volunteer with your favorite cause. Sometimes when you spend time with those less fortunate, it puts your own troubles into perspective.

Whether you’ve been freelancing for for some time or are just starting on your journey, setting aside time for yourself is as critical to your success as helping your clients. When you work for yourself, it’s up to you to make work-life balance a priority.

Related Articles
7 Strategies for a Better Work-Life Balance in the Freelance Economy, Forbes
Here’s Why the Freelance Economy is On The Rise, Fast Company

Fresh Start to 2019: From Hobbyist to Entrepreneur

~ The Regal Writer ~ 2 Comments

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For many folks, the start of 2019 means the start of a new career path. And sometimes that path may have started from the humblest of beginnings: a hobby.

Consider the story of an old acquaintance of mine. Janelle decided to turn her experience of completing her family’s genealogy into a new career for herself. She enjoyed the project so much she decided that she wanted to help others research their family history. Her plan, as Janelle explained to me at that time, was to move to Europe where she had traveled numerous times and set up shop in Germany to promote her services to American tourists and Europeans. She already knew French and German to communicate with the locals, and because she had researched her own family genealogy, she was familiar with the organizations she would need to contact for research.

Janelle also had saved up enough money to make the move to Germany. Once she had her plan in place, she bought an airline ticket with an open-ended return date good for up to a year. That gave her enough time to test out her business idea.

Janelle is one of thousands of people who have converted a hobby into a new career. But making the jump from hobbyist to a new career takes a major leap of faith and is not to be taken lightly. It takes guts, and it also takes a lot a creativity and planning. Janelle’s move occurred after long, thoughtful consideration of her priorities, abilities and goals. Experts say this thoughtful approach is necessary to make sure you don’t overlook any minor detail.

People choose to turn a hobby into a career for a variety of reasons: to seek more independence, express creativity, have a more flexible schedule, have more free time for family and travel, achieve greater work-life balance, or simply get more enjoyment out of the work they do. Many others do so because they are bored or dissatisfied with their current job, which can often backfire because you are running away from something rather than toward a new venture. Jumping ship to get away from an unpleasant environment without a plan or a safety net can quickly turn into a dead end.

Whatever your hobby may be, there is sure to be a way to earn money from it. Love playing piano? You can give piano lessons or provide musical accompaniment for live stage shows. Bakers can sell cookies at farmers’ markets, bikers can lead tours through the countryside, and writers can conduct writing workshops or help someone publish their life story.

The key to a successful transition from hobbyist to careerist is good planning, just as Janelle did. Experts at Legal Zoom suggest the following tips to successfully turn your hobby into a money-making venture.

* Go slow. Before taking the leap, try a short-term solution. Experiment as a side gig or get one or two steady clients before saying good-bye to your day job. By going slow, the transition is likely to “stick.”

* Establish a financial safety net. Make sure you have enough savings to support you or fall back on until you begin to earn income from your hobby.

* Brainstorm multiple ways to earn money from your interest. If you enjoy acting, consider doing more than just acting in plays. Consider doing voice over work, puppetry shows which require some acting skills, or teach acting classes.

* Have an emotional support system in place. Surround yourself with people who support the work you plan to do. During times of stress or self-doubt, these individuals can be a source of strength.

* Develop a business plan. No money-making venture should start without a business plan, which outlines your business goals and strategies for achieving them. Be sure to review the plan quarterly to make sure you are on track.

* Create a brand for your hobby-turned-business, and stick to it. Think about what you want your business identity to be. What do you want to be known for? Then use that brand to create your business name, logo and website.

* Learn to market yourself. This is especially important if you don’t have a marketing background. If you don’t market yourself, no one will find you or seek out your products or services. If you are uncomfortable with marketing yourself, have someone help you, such as a marketing college graduate looking for experience.

Want more help? Check out the Small Business Administration or local community college for workshops and classes about marketing and business development. SBA also offers a mentoring program to guide you through the startup process.

As the saying goes, “Do what you love and the money will follow.” By following these helpful tips, you can turn your passion into a more satisfying career that gives you greater independence, flexibility and creativity.

To Build Your Portfolio and Good Will, Try Bartering

~ The Regal Writer ~ Leave a comment

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If you’re just starting out on a new business venture, it can be difficult to gain traction in your chosen industry. Just because you hang an “Open for Business” shingle doesn’t guarantee that clients will come flocking to your door. In today’s competitive environment, bartering can help you gain exposure for your services. It’s low-cost, low-risk approach is ideal for business owners and entrepreneurs looking to gain new clients, or for anyone looking to start a side business.

Bartering is the trading of one product or service for another of equal value. Usually, there is no exchange of cash. The exchange can take place between individuals and businesses, or it can take place through a third-party like a barter exchange company. Learn more about barter exchanges by visiting the IRS website and reading this Bloomberg article.

The concept of bartering is not new. Think of trading Halloween candy with your friends when you were a kid, or exchanging your apple from your lunch for a bag of chips from someone else. But the same concept can hold true today. Wash dishes at a small diner in exchange for a free meal, or clean a fitness center in exchange for free classes. For a small startup business or entrepreneur, bartering can help you get your foot in the door.

Here are a few tips for successfully bartering your product or service.

1. Work with someone you trust. Ask family members, friends, anyone you know, for referrals for potential clients for your services. Working with a business owner that someone you know has worked with previously ups the trust factor considerably.

Another option for finding clients is to walk around your neighborhood. Look for newly-opened businesses that may not have the resources to hire employees. The manager of a fast-food joint might be willing to offer a free meal or two in exchange for social media assistance.

2. Talk out all the details in advance. Do a lot of talking. Be clear about what you want to do for them and what you would like in return. Many businesses are open to ideas that will help their own business. If you focus on how you can help them, they will listen.

3. Put the arrangement in writing. It does not have to be a formal, legal document, nor does an attorney have to be involved, but the details should be written down. Even if the details are worked out through emails, you have a paper trail that outlines what both parties have agreed to do. It protects everyone in case any issues arise.

4. Do your homework. Check the IRS website or talk with your accountant to determine if there are any tax ramifications for bartering. There probably isn’t, but you need to cover all the bases.

5. Understand that this is a short-term solution. Bartering is not meant as a catch-all solution to cash flow problems, but it can put you in good stead with business owners and managers who can tout your services in the future. Even better, they can refer you to other businesses who may need your services.

6. Remember to thank your client. Show your gratitude by posting a positive review on Yelp or writing a testimonial for their website. Likewise, don’t be shy about asking for referrals or a testimonial from them to put on your own website. That’s the mark of a true exchange.

Bartering your services in exchange for like-kind services can help both parties improve their businesses. It can help you gain meaningful experience, attract new clients and help build good will. And that can be the best building blocks for a successful, long-term business relationship.