While one of the most fulfilling and lucrative steps you can take in your career, being self-employed is also full of challenges. One of the most major of these is ensuring that you make enough money to support yourself and your expenses. Plus, from here, you then want to make a profit and be able to grow your business or venture. So, are there ways that you could be making more money from? Read on to find out.
Of course, being self-employed involves risks. However, it is not just the obvious ones that need your attention. There may also be risks that you aren’t yet aware of. There is always the risk that you are not using the best suppliers, companies or agencies to aid you. One example of this is if you accept payment through the popular tool Paypal. If so, take a close look at how much the tool charges you to do this. It could be that taking payment straight to your bank account allows you keep 100 percent of your earnings. Going through another agency can reduce the percentage of earnings you get to keep. It could also be the case that if you work in a certain industry or area, there are other ways to make more profit. So, if you rely partially on commission, are you making as much commission as you could be. Property realtors can use a realtors commission calculator to check if they could be making better commission. No matter your industry, there is likely to be a tool out there for you to use. Ask others you’ve met at networking events or on social media tools like LinkedIn if they can point you in the right direction.
Next up, are you truly making the most of the hours available to you. In the early stages of self-employment, this is especially key. At your previous job, you may only have been required to work 8-hours a day, 5-days a week. You’ll now have to be prepared to work a lot more than this. It may just be temporary if you want it to be, but it’s the early days that can dictate the future. There will be lots to do during this time, so clearing your schedule for two or three months will take off some of the pressure. In the end, the more hours you work, the more money you can make.
Finally, let’s look at one year down the line. At this point- if not sooner- you should review your rates. This goes for whether on not you charge per hour, per day or per job. Everything else in the world rises in price; houses, candy bars, exotic animals! As the cost of the world around you rises, you need to be matching your earnings accordingly. If you don’t, you will regret it. So, once a year, contact your clients and let them know about your intention to raise your rates. There is a very good chance that they will be doing the same to their own clients.