5 Unexpected Challenges of Being Your Own Boss - KTEN.com - Texoma news, weather and sports

5 Unexpected Challenges of Being Your Own Boss

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Being Your Own Boss

Originally posted on: http://www.kake.com/story/41076554/5-unexpected-challenges-of-being-your-own-boss

 

Did you know that more than half of American workers could be freelancers by 2027?

Thanks to advancements in technology, it’s getting easier for anybody to become their own boss and even work from home.

Have you ever wondered if you have what it takes to work for yourself? Keep reading to learn about the top 5 challenges of being your own boss.

1. Keeping Accurate Financial Records

Standard 9 to 5 jobs can be tedious, but the pay is always reliable and easy to claim. If you work for yourself, you have to be prepared to hunt down your money if your clients don’t send payments on time. On top of this, you’ll also have to keep an accurate record of all of your business expenses and income.

One clever trick that can help you keep better records is to create your own pay stub like the ones you’d receive from an employer. If you make your own pay stub, work for yourself can be a lot more manageable.

2. Taxes, Taxes, Taxes

Even if you work hard all year keeping track of all of your expenses and earnings, tax season can still throw you for a loop. Since self-employment taxes are a lot more involved than W-2 forms, you might be surprised by how much time you’ll spend filing.

One way you can make tax season more bearable is to hire an accountant. Not only will they save you time and money, but you can also write off their fees as a business expense on next year’s paperwork.

3. Creating a Productive Schedule and Sticking with It

Why do you want to be your own boss? Most people’s answer is simple: they want more freedom. Although all of the perks are refreshing, they can also lead to your downfall if you’re not careful.

Once you start working for yourself, it’s crucial to create a realistic schedule that maximizes your productivity. An even harder challenge is finding the willpower to stick with this schedule every day. Before you leave your structured job, you have to ask yourself if you have the determination to be successful on your own.

4. Building a Healthy Work/Life Balance

Not maintaining a productive schedule can lead to failure, but overworking yourself will lead to burnout. Plenty of self-employed workers overdo things when they first start out because they don’t want to become lazy. Although you may go through a tricky adjustment period, you have to prioritize figuring out the perfect schedule that gives you a healthy work/life balance.

5. Being in Charge of Every Task

If you want to learn how to be your own boss, you have to be prepared to wear every hat in your business. Working for yourself means you have to do everything you can to succeed without any outside help. You’ll be responsible for writing and answering emails, marketing, bookkeeping, and much more.

Being Your Own Boss Is Worth All of the Challenges

Now that you know the top 5 challenges of being your own boss, you’ll be more prepared to succeed. Although working for yourself can be hard at times, the pros definitely outweigh the cons.

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