Wednesday, February 19, 2020

Irons In Every Fire: Setting Up A Fully Functioning Self-Employed Income

Going it alone is exciting and intimidating in equal measure. Perhaps you are someone who has been working from home on a side hustle but now it's time for you to take the next step. For plenty of people, going from part-time hustler to full-time self-employed is a considerable stress. It's not just about the finances, but it's about making sure that you are able to keep yourself competitive in the big wide world. But what can we do to ensure that we are earning a fully functioning self-employed income?

Diversifying Your Financial Portfolio

Our finances cannot come from one area. Starting a self-employed life means that you've got to find other methods of earning money, especially when there's significant downtime. During the first year or so when you're trying to acquire clients, you've got to find other ways of keeping your finances afloat. Side hustles are a great option but you may also want to think about investing. Investing is a long-term process but the sooner you start the more you can get out of it. A lot of people look to cryptocurrency and specifically bitcoin. If you want to buy bitcoin Swyftx is one of many platforms to get you started. But it's not just about stocks and shares; you've got to think about your worldly assets. Becoming self-employed can mean a rough couple of years at the outset which means that you've got to think about being as diverse in your earning potential as possible.

Gaining Experience

Many self-employed people go to freelance platforms like Upwork, and as beneficial as they are, they can be oversaturated with competition. Gaining experience is crucial to bring in more money. But it means you have got to build up your skills and improve your craft. One of the best ways to do this is to go local. You may think that by expanding your reach and getting more work is about going international but if you find local connections there will be less competition and more trust. It's the perfect opportunity to make these personal connections and improve your soft skills. After all, every business will receive emails from strangers offering their services. Doing it in person gives you that extra edge.

Don't Underestimate The Work From Home Platforms

There are quite a few companies that exclusively hire people to complete odd tasks. Ideally, we need long-term work while we are building up our client base. Companies like Pactera and Appen are always on the lookout for people to complete administrative tasks like voice recognition or transcribing. And with a lot of these contracts, you get paid for what you work. It gives you that freedom to do as much or as little as you can. And when freelancing becomes such a feast or a famine lifestyle, having one of these contracts can be a lifesaver.

You have to remember that going self-employed is about playing the long game. Patience is key. As nice as it is to get a massive contract right away you've got to remember that there may be nothing following it. This is the reality for anybody that goes self-employed. This is why you need to have numerous irons in every fire.

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