More Problems Associated With Being Self Employed
Copyright © Seppo Lamsa
http://www.SefiSuccess.comDo you have the right personality to be self employed? If you are
determined, driven to achieve your goal, and able to keep your vision in the crosshairs at all times, then you will most likely be on your way. If less than complimentary clients and even those who harshly criticize your ideas do not deter you from trying, but perhaps are actually spurring you on to try even harder, then you are most certainly on your way to success. Yet what about the financial ability to see it through – are you ready? Can you weather an equipment failure, loss of data, and the need for upgraded equipment without having to resort to using your personal credit cards? Are you able to survive if one or more client do not pay you one time but leave
you hanging for a few months?
If you answered yes to the first two questions you may be well on your way to self employment, yet you are not quite there! There are still some problems associated with being self employed that you need to be aware of before bidding farewell to your boss. Perhaps one of the biggest fear factors is the IRS. These initials are sufficient to drive the fear of doing business into even the most hardened entrepreneurs, and you may be no exception. After all, you will need to be meticulously organized and instead of only paying taxes once a year, you will find yourself at the taxman’s office every quarter. Furthermore, you will need to be prepared to pay your Medicare and FICA and up that point in time of being self employed, it was your boss’ responsibility to do so. Before dismissing that guaranteed paycheck, make sure you will be able to traverse the narrow path the IRS has set forth for the self employed.
On a personal note, self employment for those with family is fraught with another set of problems. A steady paycheck keeps a family well supported and many money worries at bay, while self employment may be more akin to times of feast or famine. Are your family members willing to help you achieve your dream of being self employed? Do they understand the implications of no longer being able to count on the bi-weekly direct deposit in the bank account? It is imperative that everyone involved knows what the changes will mean and get on board with you. Failure to paint an honest picture will result in misunderstandings, feelings of betrayal, and such an increase in strife that you will find yourself scouring the help wanted ads simply to keep peace in the family. Sorting this out ahead of time ensures that everyone is on the same page and ready and willing to support your dream and perhaps even make it their own!
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