Potential entrepreneurs frequently have misconceptions about what self-employment entails. They often picture those who own their own businesses as having plenty of time for activities such as long, leisurely lunches. Although this is sometimes the case, fledgling entrepreneurs generally need to do their time in the trenches before they can reap the rewards of self-employment. Business analytics studies show that those who understand and apply a few basic principles of self-employment typically have greater success rates than others. Following are five things that anyone who is considering starting their own business should know.
Create a Firm Line Between Work and Home
If you are thinking about starting a home-based business, you may be tempted to set up shop in the corner of your living room so that you can combine work and family activities. However, productivity will suffer without a designated work area. If your home is short on space, choose the area with the least amount of household traffic to set up your home office.
Establish a Daily Routine
Having a clear daily routine will help your new business develop into a thriving enterprise because it will help keep your motivation level high. It’s easy to lose momentum when your work hours are scattered throughout random times of the day.
Create a Distraction-Free Workplace
Turning off your cell phone and resisting the temptation to take even a small peek at social media sites will make it easier for you to concentrate on the task at hand. It’s also wise to make it clear to family members and friends that you are not to be disrupted during work hours except for cases where actual emergencies exist. It’s also a good idea to set up an email account strictly for business rather than using your personal account.
Manage Money Carefully
Self-employment frequently means that you’ll be dealing with an irregular cash flow, and you will also be responsible for paying your own self-employment taxes. You should also set up a bank business bank instead of combining money gained from business transactions with your personal account.
Establish Your Daily Routine Around Carefully Chosen Times
Because part of the reason that you’re choosing to work from home is to have greater flexibility for family commitments, it makes sense to schedule your work hours for times when family needs are at a minimum, such as when the children are in school. Some entrepreneurs get up an hour or two before the rest of the family in order to get a good start on their workday.
About the Author:
Madyson Grant is a small business owner who enjoys spending time with her family in the outdoors. She is currently blogging about different programs and business analytics that have helped her business become more profitable.