Self employed loans are designed for ambitious entrepreneurs who have a great business idea and who think that they would be better off working for themselves that being employed 9-5 in a day job. Do you have the passion to do something that would help others meet their needs or a product that will sell it’s socks off? If want to enjoy the freedom of using your creativity and skills for profit, then self-employment may be the best option for you.
Self-employment is not for the faint-hearted
There major sacrifices that you have to make being self-employed including letting go of a stable job that could provide you with a steady source of income. You also rarely take public holidays, and you have to take care of your own sick leave, super and holiday pay. If you want to work for yourself and you believe that you make it in a competitive market, applying for self employed loans is one of the best ways to get started if you don’t have a lot of savings for your start up.
Here are signs that you are ready to work for yourself
1. You want to be independent
Sometimes, we like to go solo. Not that we’re being dramatic or can’t work with others, but it’s because sometimes, working alone could be better than working in toxic, crowded places where you’re not sure if what you are doing is really making a difference. Being self-employed has its perks.
You’re your own person; you’re your own boss. You don’t have to worry about your coworker’s opinions. Sometimes, being inside an office could be toxic, especially when your coworkers see you as competition. They’d do everything just to keep you from doing your job properly.
You get to set your own working time. You don’t have to work an 9 am to 5 pm anymore. It’s up to you whether you want to work at 4 am to 7 am. You control everything involving your job. If before, you work on constant all-day shifts, without getting the chance to hang out and spend time with your family, then now you can. You just need time management and you’re all set.
2. You are emotionally resilient
Dealing with everything that a small business needs is not a picnic. You have to deal with all manner of clients and when you are just getting started the customer is ALWAYS right because you need to revenue from every sale or project. You can’t afford to be choosy and some clients can take advantage of that. You need to be strong, independent and level headed, so when you get challenging customers, you have the strength to stand your ground.
Second, your independence will be tested. Ever wonder what it felt like to work alone? Well if you’re self-employed that either means you don’t have a business partner or you do. It will most likely be the first choice, though. If your situation is like this, then you have to do all the work alone.
As mentioned before, being a business owner is hard. So if you’re planning to set up a business, you should be ready for the endless stress. Thirdly, you’ll have to be time conscious. You’ll be extremely busy. Sure, you’re the one in charge of your time, but it doesn’t mean that you won’t always be preoccupied. Make sure that included in your time allotment plan is your family bonding time, or else your family might think that they are unimportant because you’re too caught up in your job already.
3. You want a better work/life balance
Sometimes working non-stop shifts can be tiring and repetitive. The main reason why most people decide to be self-employed is that they want a change in their lifestyle. If you thought that going to work was boring and repetitive before, then now you may be more motivated. When you’re the one that’s in charge of your own show, you have the chance to maximize your potential and release a side that your previous job hasn’t even seen in you before. You can choose your own hours, find time for the family, gym and if you work from home, no exhausting commute. You can create your own work environment and tailor the business around your lifestyle goals.
4. Consider your finances and entertain the idea of self employed loans
If you’re founding a business, many factors will be needed. First, consider your finances. Self employed loans can help you get started. Of course, you’ll need to spend money wisely and work your tail off initially, or you may not be able to propel your business. This can be a major obstacle when it comes to paying back self employed loans.
5. You want unlimited earning potential
One of the perks of self-employment is the ability to create unlimited income. If your product or service is competitive and there is a space in the market, you are only limited by how hard you work and how fast you can get the product on shelves. You are not limited by a salary. There are more opportunities available to you in terms of earning potential, but there is a downside to that as well. If your product is too successful you might not have enough inventory to fill orders. Self employed loans are a great way to build inventory and grow your business, take on administration staff or other people to support your efforts.
If you’re in charge of your own business, then you’re in charge of your income as well. If you do your job well and business is good then the sky is the limit. Putting in a lot of effort is very important. Having enough cash flow is also important, so you’ll want to make sure you use your self employed loans effectively and make the most of the extra cash. If you work really really hard, then it will probably to come back equally as much or even more in terms of money. Your effort, hard work and demand in the marketplace are parallel to the amount of revenue you’ll make. So make sure that you put in the hard yards if you want to be successful in small business and self-employment.
6. Self-employment doesn’t come without risk
There are a lot of risks that you will need to take. Many people fail in their attempts. Let’s face it, if it was easy, everyone would be self-employed. There may be many pros, but there are also cons to self-employment. You need to make sure that you are ready before you jump in. Weigh your options and choose any self employed loans wisely and at the right time for your business. It may make or break your business – depending on the way you distribute funds.
ALC Commercial offers a wide range of self employed loans to support business owners to achieve small business dreams. Get in touch and discuss finance options today.