What do you do if your self-employment in sales is putting your financial stability at risk?

Assessing risks in self-employment, especially in sales, involves a thorough review of your financial health and business model. A common mistake is not having a clear understanding of your cash flow, expenses, and revenue streams, which can lead to financial instability. To mitigate this, regularly analyze your financial statements, identify areas where expenses can be reduced, and diversify your income sources. It’s also crucial to have an emergency fund and a plan for lean periods. By understanding your financial situation and planning accordingly, you can better navigate the uncertainties of self-employment.

In my experience, I did evaluate all the pluses and minuses, and decided to go back to the office company. Sometimes you just have to admit your defeat and move on.

When cutting costs in self-employment, it's essential to prioritize expenses that directly impact your business's success. A common mistake is indiscriminately slashing costs without considering their long-term effects on productivity and growth. Instead, focus on eliminating non-essential expenses, negotiating better rates with vendors, and leveraging technology to streamline operations. However, be cautious not to compromise the quality of your products or services. By carefully evaluating each expense and its potential impact, you can make informed decisions that maintain financial stability while supporting business growth.

I'm of the opinion that the brick and mortar small business is the most expensive way to market products. The overhead each month, especially during crisis times in country...Covid.....can put a small business out of business in a few months. I am more prone to build a small business by aligning with a BRAND PARTNER that has already invested in all the start up costs/expenses. My role is to market the products via word of mouth, social media and referrals. I still have ownership in my ASSET as I build a network of customers, part time business associates and the 5% who are leadership types focusing on training other leaders to build 'franchises' of consumers and have the opportunity to earn recurring income on monthly reorders.

Diversifying income streams is crucial for self-employed individuals to mitigate financial risks. However, a common mistake is spreading oneself too thin across multiple ventures, leading to decreased focus and effectiveness. Instead, focus on complementary income streams that align with your expertise and passions. Additionally, ensure adequate research and planning before venturing into new opportunities to avoid investing time and resources in unprofitable ventures. Regularly review and adjust your diversification strategy to adapt to changing market conditions and optimize your income potential.

I've long said Multiple Income Streams are a MUST to survive the ups and downs of the economy, stock market, emergency fund depleted, major medical incidence etc.... Cross pollinate your business with a product or service that plays into advancing or complementing current business. You'll find it's is a win win for both owner and customers. Example: You market Nutrition Products; Unique , One of a Kind and monthly consumable. You have no Skincare to offer from the line.....find a company with the same values, ingredient philosophy and price point to cross sell in a one stop shopping advantage.

Upgrading skills is essential for staying competitive in the dynamic sales landscape. However, a common mistake is solely focusing on technical skills while neglecting soft skills like communication and emotional intelligence, which are equally crucial for building relationships with clients. Additionally, some individuals may pursue certifications or training programs without thoroughly researching their relevance or impact on their career advancement. To avoid this, conduct thorough research to identify the most valuable skills for your industry and invest in targeted training that aligns with your career goals. Regularly assess your skillset and adapt to emerging trends to remain relevant and competitive in the sales field.

Investing in continuous skill development is crucial in sales, especially when self-employment poses financial risks. By mastering new techniques and staying updated on industry trends, you not only enhance your sales strategies but also build stronger client relationships. This proactive approach can significantly boost your business's financial health and ensure long-term stability.

Before even taking that dive for independence/entrepreneurship you need to have a 'Come to Jesus' talk with yourself. The questions better include: What am I skilled at AND passionate about. What industry/markets are green and growing. Does my Product or Service have a large market in demand of it? Am 'I' comfortable in my own skin and willing to take the punches upfront and navigate the choppy waters UNTIL I hit a momentum period then stabilization time in my business? A lifetime journey of Upleveling Skills, Mind Mastery, Self Growth are key. Just as important connecting with a Mastermind of self employed who are doing BETTER than you so you can grow!

I love this question because in traditional business it seems there is more of a competitive streak 'v' collaborative effort. I'm of the opinion that when you find the right company, with timing that = growth, products that are unique, emotional and consumable....add to that a compelling compensation structure AND a built in COLLABORATIVE TEAM that only wins when I win. The importance of stepping up to those mentors who you aspire to be like are also built into this marketing model. Asking for help is welcomed.....There is no 'I' in TEAM.

If self-employment in sales threatens financial stability, assess your situation, cut expenses, and seek additional income streams. Review sales strategies, seek professional advice, and explore alternative employment if needed. Stay proactive and seek support to regain stability and ensure long-term success.