Challenges and Options for the Self-Employed

by Janet Attard

Final up to date: March 25, 2019
Because the variety of self-employed employees will increase, competitors for work additionally will increase. Right here is an outline of the present challenges for folks working for themselves in addition to options to unravel them.

Picture Supply: iStock.com

Self-employment is a lifestyle for hundreds of thousands of individuals in the USA. What number of hundreds of thousands? Effectively, the reply to this query appears to rely upon the statistics you learn.

A report from the US Bureau of Labor Statistics (BLS) signifies that there have been 9.6 million self-employed employees in the USA in 2016. One other BLS report states that there have been 15 million in the USA in 2015. In the meantime, a report on freelance work revealed by Upwork in 2018 revealed that there are 56.7 million self-employed employees in the USA . It’s seemingly that the variations in numbers are associated to the definition of self-employment and freelance in every report.

Nevertheless, most reviews and predictions about self-employment agree that self-employment will improve. This development appears to be a problem for freelancers and impartial contractors right now.

Enhance in self-employment leading to elevated competitors for work

Based on the outcomes of a brand new survey performed by QuickBooks Self-Employed, an amazing majority (85%) of these surveyed who responded to the impartial survey stated that they had been experiencing greater than than prior to now, and 71% stated that competitors affected their actions.

The monetary safety many hoped for by turning into their very own boss additionally appeared elusive for a lot of respondents. Whether or not the cash issues are due solely to elevated competitors or different points such because the cost and upkeep of a relentless money movement, two-thirds of the 753 individuals who responded to the Survey primarily based in the USA reported feeling "considerably" or "very" in a monetary safety state of affairs. "

Lack of money and time limits development

Individuals who work for themselves should fulfill roles. Planning, gross sales and advertising and marketing, stock administration, order taking, manufacturing and supply of products and providers, buyer relations, web site and social media administration and accounting are simply among the duties that must be managed. And everybody takes time. The hiring of different folks to delegate a few of this work requires cash.

It’s subsequently not stunning that time and cash are the principle development challenges for the self-employed. Almost a 3rd of respondents (31%) stated financial issues had been an obstacle to development, whereas practically 18% cited time as a significant problem for development. One in seven (14%) reported working greater than 50 hours per week and plenty of reported having two jobs: one on their very own, the opposite for an additional employer.

Lack of measurable aims

It’s fascinating to notice that whereas 57% of these surveyed stated their objective was to extend enterprise by 40% or extra, solely half of these surveyed stated their development targets had been measurable. The opposite half had no development goal or was unable to measure most of its development aims. Measurable and measurable enterprise aims will help enterprise house owners keep centered on their success and see their progress, if not their absence. Operating a enterprise with out measurable targets quantities to throwing a cork right into a lake hoping that it’s going to attain itself on the opposite facet of the highway.

The way to overcome the challenges of self-employment

To beat the obstacles that hinder you, you should establish them and make the suitable modifications. These recommendations will assist:

Consider the state of affairs

Step one in assembly the challenges of self-employment is to take a seat down and consider your state of affairs. What’s the power of the necessity on your services or products? Does the necessity improve or lower? Do you could have new prospects, repeat orders and references? If not why not Who’s the competitors and the way are they? Is there something they provide that you’ll not have Or vice versa?

Ensure you have written and measurable targets

Ensure you checklist the steps needed to realize your targets and monitor your progress. Objective monitoring and time administration varieties will help you keep centered.

Implement cost-effective methods to develop your online business

Lack of cash shouldn’t restrict the expansion of your online business. When money is scarce (and even when it isn’t!), Learn to implement growth-hacking ways to develop your online business. Determine and implement methods for others to speak about your online business and level you to you. Phrase of mouth has lengthy been a significant supply of enterprise for the self-employed and different small companies.

Search methods to streamline your work and save time

You possibly can improve your productiveness with out working extra hours by studying to focus and block your time. For instance, as a substitute of logging day by day to your social media accounts, take the time as soon as per week to put in writing a number of messages on social media. Then, use a social media planning device comparable to Hootsuite to automate the sending of posts to all of your social media accounts, to the times and instances if you need the posts to seem. Handle your time higher by scheduling and prioritizing duties. Spend much less time on emails by turning off e mail alerts and studying and writing emails solely in accordance with the schedule you set. Unsubscribe from mailing lists that don’t curiosity you. Transfer any non-important mail to the "Learn Later" folder to focus solely on vital mail.

Systematize your work so you’ll be able to delegate it

You possibly can develop your online business quicker in the event you will pay another person to do some routine give you the results you want. However to get good outcomes, you will want routine techniques and procedures in place you could simply clarify to the folks you rent.

Competitors, lack of money and time have lengthy been a problem for freelancers and different freelancers. However you’ll be able to nonetheless develop your online business by studying to work extra effectively and cut back your advertising and marketing prices.

© 2019 Attard Communications, Inc. All rights reserved. Is probably not reproduced, reprinted or redistributed with out the written permission of Attard Communications, Inc.

In regards to the Creator:
Janet Attard is the Founding father of the Award-Successful Enterprise Know-How Web site for Small Companies and a Supply of Info . Janet can be the creator of The House Workplace and Small Enterprise Reply E-book and Enterprise Know-How: An Operational Information for House and Small Enterprise Enterprises with a restricted finances. Observe Janet on Twitter and LinkedIn

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