Self-employment is a challenge, to say the least. There is no one to rely on but yourself and the people you hire. You are ultimately responsible for all of your successes, and all of your failures. This can obviously be exhilarating…and terrifying.
However, self-employment is no small industry. According to recent surveys, 3 in 10 Americans are self-employed or work for people who are self-employed. This is a huge number, and it makes it even more important than those who are self-employed properly care for their business.
Everyone knows that self-employment is different, but there are many ways that this is the case. Here’s an overview of 4 things to remember when you are self-employed.
Outside Assistance Will Be Necessary
One of the first things you have to keep in mind when you are self-employed is that you can’t do everything on your own. There will be legal questions that you have to answer, accounting issues that need to be tackled, and human resource questions that you need to handle properly. Failure to address these issues the right way or trying to take shortcuts will result in dangerous failure and potential legal or accounting problems.