What No One Tells You About Self-Employment
Self-employment is truly a glorious gift. You can move around your schedule to fit in appointments. You can take vacations when you want rather than when someone says you should. In some cases, you can take the work with you and make you feel less chained to your home office. You don’t answer to a boss, you are the boss! But, there is one thing that isn’t talked about and that is the fluctuating pay.
One of the biggest issues every self-employed person must think about is handling the off weeks when money isn’t coming in. No matter what your business is, the feast or famine stages happen and you must prepare!
So, you find yourself in a slow slump that is depleting your bank account too quickly. You have to keep the business afloat and be able to maintain your household. So, what do you do to save yourself during a slump? One thing you can do is opt for a payday loan alternative solution to get by. Traditional loans tend to be large and you may not qualify for that type of loan just to get you through a slow month. With a payday loan alternative, you can easily get a smaller loan that will cover the bills and keep your business from falling off the face of the planet.
Diversify Your Income
While you may be doing what you love, it doesn’t hurt to diversify and have multiple streams of income. This helps keep you afloat while your main source of income has its dry spell. Whether it’s doing some home repairs, home cleaning, or working with a transportation company (think Uber or Lyft), it certainly doesn’t hurt you. At the same time, coming up with some passive income can be a huge help as well. Examples of passive income include:
· Writing an e-book (especially helpful if it’s related to your business)
· Offer an online course that features videos
· Opening a dropship e-commerce site
· Sell ad space on your website
· Create and sell apps
· Own a vending machine (think movies like Redbox!)
· Create novelty items on stores like Cafepress or Zazzle
There are many ways to diversify, go with what you want to do and isn’t going to take up so much time that your main business falters.
Take a Job
I know, we are talking about self-employment and here I am about to tell you that you should take a job. What I really want to tell you is to take a part time job. It’s just a fact of life that happens. Even if you had a 40-hour week job and still struggled, you would take on a part time job to help. The same goes for when you are self-employed. Remember, it’s not forever and you can cut back hours as your business picks back up. Eventually you will be able to quit the part time and get back to the work you really enjoy.
Self-employment can be difficult when it comes to the issues of sporadic pay. But it’s still well worth it to work hard for what you are passionate about. Home businesses are successful all the time and you are no different. With a keen eye to prepare for those slumps, dedication to really wanting to make your business work, and the faith in yourself to make it happen, you will be a success in more ways than one.