You’re considering self-employment. What are the biggest myths to avoid?

At the start of tour business or consultancy, you will work more hours and take up more roles than when you worked for someone else. This is probably the biggest shocker for people that become self employed. The flexibility in your schedule is there, but the work won't go away!

When thinking about self-employment, it's crucial to steer clear of common myths. Firstly, the idea that being your own boss means more free time is often misleading. In reality, self-employment usually demands long hours and dedication. Secondly, the myth of instant success can set unrealistic expectations. Building a successful business takes time, effort, and perseverance. Lastly, the misconception that self-employment guarantees financial stability can be risky. Income can fluctuate, so it's important to plan and save for leaner months. By avoiding these myths and being prepared for the challenges, you can set yourself up for a more realistic and successful self-employment journey.

Coming from my own experience of being self-employed, I've learned that while the idea of setting your own hours sounds great, the reality of self-employment often means sacrificing your weekends and working long hours during the initial stages. During the first six months to a year, full-time hours to laying the foundation and setting things in motion. While it might take a lot of time and effort at first, the end goal of setting up systems that can run on their own can give you more flexibility later on.

As you consider self-employment, it's crucial to dispel myths such as the idea that it's easier or guarantees more freedom than traditional employment. Self-employment requires dedication, discipline, and often involves longer hours and financial uncertainty. Additionally, it's essential to understand that success may not come overnight, and it's important to have a solid business plan and financial backup. By recognizing these realities, you can make informed decisions and set realistic expectations for your entrepreneurial journey.

D E L E G A T I O N ?? Whether you choose to hire permanent or temporary staff or you outsource key aspects such as marketing and finance, the earlier you realise you can't do it by yourself, the better for you. Delegation is a skill that all successful business owners must master.

While being your own boss offers flexibility, pricing must be strategic. Consider market rates, competition, and your value proposition. Overpricing may deter clients while underpricing undermines your worth. Strike a balance, aligning rates with industry standards and client expectations.

By analyzing your strengths and what services you can provide, you need to define your target customers i.e. buyer persona. With years of experience, you can review your performance to see from where you got optimum results through your service. Thereby, you can restructure and direct your service to your target customers.

Self-employment is the opportunity to learn and grow alongside your business. By embracing 'Trial and Error' moments, you continuously adapt and evolve. Each challenge and success becomes a valuable lesson, refining your expertise and business strategies.

When you plan to work self-employed, you need to strategize of what you need to learn. Based on your budget and your knowledge level, you might have to avail free online certified courses, like for inbound marketing, you can try HubSpot Academy to build your fundamentals. As you progress your business, you'll analyze you need to improve somewhere, so, you might need someone to consult for it.

Being self-employed sure have some uncertainty with regards of getting income, if you receive acceptance from clients. Especially within this era, there's more of competition, so you need to be sure what you pitch. Make sure to utilize multiple platforms and experiment with them to acquire more clients, and know your value.

Myth: You Don’t Need to Market Yourself Reality: Marketing is crucial for attracting clients and growing your business. Without effective marketing strategies, it can be challenging to succeed. Just because you have opened up your shop and you have a great track record does not mean that you will have customers (or clients) lining up at your door. You may have to work very hard to set up a reliable and sustainable customer base.

This has been the best question I have had to contribute to on this series. Probably because I left paid employment and I have experienced many of the truths shared here over the past 3 years. In all, I must add that self-employment is truly rewarding but yiu must learn to be tough and resilient. If you are new to the journey, get mentorship, hang in there. Everything good will come. I am rooting for you. ??

One of the major myths to avoid is that this venture of self-employment is not a bed of roses, there are thorns on the bed, so you have to prepare to grow a thick skin to counter its impact if you must thrive in it.