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You’re a self-employed professional in Business Services. What’s the best way to avoid common pitfalls?

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Being a self-employed professional in business services can be rewarding and flexible, but also challenging and risky. You have to manage your own time, finances, clients, and reputation, while delivering high-quality work and staying on top of your industry trends. How can you avoid some of the common pitfalls that can derail your success and satisfaction? Here are some tips to help you navigate the ups and downs of working for yourself.

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Margo Masri

Fractional CFO | Advisory Accounting & Tax Planning Firm | Speaker
Diandra Nieves

Simplifying Sustainability for Brands | Purpose-Driven | AI Explorer?
Emeka Ikwukeme

Founder/CEO at Taxgoglobal/ Parcel-King

1 Set clear goals and boundaries

One of the benefits of being self-employed is that you can choose your own projects and clients, but that also means you have to be clear about what you want and what you can offer. Set realistic and measurable goals for your business, such as revenue, growth, or impact, and track your progress regularly. Also, establish boundaries with your clients, such as your scope of work, rates, deadlines, and communication preferences, and stick to them. Don't overcommit or undercharge, and don't be afraid to say no to requests that are outside your expertise or capacity.

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Margo Masri

Fractional CFO | Advisory Accounting & Tax Planning Firm | Speaker
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In self-employment, the freedom to choose projects is empowering, yet it's crucial to have a clear vision. As someone who has navigated the real estate industry's highs and lows, I've learned that setting realistic goals and firm boundaries is not just about maintaining professionalism, but also about self-respect. It's important to value your time and expertise, and communicate that to clients. Patience is indeed a virtue, especially when building a business that reflects your values and capabilities. Remember, a cheerful 'no' to a misaligned opportunity is a resounding 'yes' to your business's integrity and future success.

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Larry Potter

We spend our time & money to find savings for your business.
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Here are two of the best ways to avoid common pitfalls in business services while being self-employed: 1. Know your market and plan accordingly: - Conduct thorough market research to understand your customers, their needs, and pricing sensitivity. - Develop a business plan that includes a market analysis, financial projections, and contingency plans. 2. Delegate and prioritize effectively: - Understand that you can't do everything alone; delegate tasks to build a team. By focusing on these two key areas, you can avoid common pitfalls and increase your chances of success as a self-employed individual.

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2 Plan your finances and taxes

Another challenge of being self-employed is managing your cash flow and tax obligations. Unlike a regular employee, you don't have a fixed salary, benefits, or deductions. You have to invoice your clients, collect payments, and save for expenses and emergencies. You also have to pay taxes on your income, which may vary depending on your location, business structure, and deductions. To avoid financial stress and penalties, plan your budget and cash flow ahead, set aside a portion of your income for taxes, and consult a professional accountant or tax advisor if needed.

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3 Build your network and reputation

As a self-employed professional, your network and reputation are your most valuable assets. They can help you find new opportunities, referrals, and support, as well as enhance your credibility and visibility in your industry. To build and maintain your network and reputation, you need to invest in your relationships, both online and offline. Connect with other professionals in your field, join relevant groups and communities, attend events and workshops, and share your insights and feedback. Also, showcase your portfolio and testimonials, ask for referrals and reviews, and handle any complaints or issues promptly and professionally.

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Sarah Songalia, CPA

Management Consultant. Financial Advisor. Speaker. Inspiring people to live financially healthy lifestyles.
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One thing I have found helpful is to keep sharing your knowledge to your audience. That way you become the word of mouth and top of mind when they finally need your services.

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4 Keep learning and improving

The business services sector is constantly evolving and changing, so you need to keep up with the latest developments and best practices in your niche. You also need to improve your skills and knowledge, as well as expand your offerings and diversify your income streams. To keep learning and improving, you need to dedicate some time and resources to your professional development. You can take online courses, read books and blogs, watch webinars and podcasts, or hire a coach or mentor. You can also experiment with new tools, methods, or markets, and get feedback from your clients and peers.

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Emeka Ikwukeme

Founder/CEO at Taxgoglobal/ Parcel-King
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Regular update of your knowledge and skill set. In the professional world it is called continuous professional development because as a professional your continue learning and developing yourself

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5 Balance your work and life

One of the most common pitfalls of being self-employed is neglecting your work-life balance. You may feel pressured to work long hours, take on too many projects, or be available at all times. This can lead to burnout, stress, or isolation, which can affect your health, happiness, and productivity. To balance your work and life, you need to set a regular schedule, prioritize your tasks, delegate or outsource some of your work, and take breaks and vacations. You also need to take care of your physical and mental well-being, such as exercising, eating well, sleeping enough, and socializing with your friends and family.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Diandra Nieves

Simplifying Sustainability for Brands | Purpose-Driven | AI Explorer?
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There's no recipe to avoid mistakes. The most important thing is to have a clear understanding of how you want to collaborate and with whom (Audience + Impact). If you're doing what you're passionate about and helping the right people, the rest will follow. The recipe might just be patience and a positive attitude. :)

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You’re a self-employed professional in Business Services. What’s the best way to avoid common pitfalls?

1

2

3

4

5

6

1 Set clear goals and boundaries

2 Plan your finances and taxes

3 Build your network and reputation

4 Keep learning and improving

5 Balance your work and life

6 Here’s what else to consider

Business Services

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You’re a self-employed professional in Business Services. What’s the best way to avoid common pitfalls?

1

2

3

4

5

6

1 Set clear goals and boundaries

2 Plan your finances and taxes

3 Build your network and reputation

4 Keep learning and improving

5 Balance your work and life

6 Here’s what else to consider

Business Services

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