Whether you are just starting out or have been working for yourself for a while, there are some issues all online entrepreneurs face. Building your own business can be extremely rewarding, but there are also some challenges to overcome. This article will list the most common ones and how you can overcome them.
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You get lonely working for yourself
Being your own boss can be great. You have the freedom to do things when you want to. Unfortunately, this means that a lot of people start to miss the company of others since you’re in charge of working on your own.
Most people begin their own business because they want to have more freedom, to be their own boss, have more flexibility and a better work-life balance. Working for yourself can certainly deliver that. But going it alone can be tough. It might get lonely working for yourself and having nobody else around to talk to about your problems or future plans. This is one of the main challenges that new freelancers or entrepreneurs’ encounter.
You have more responsibilities working for yourself
On paper, working for yourself seems like a dream job. You set your own schedule, answer no one, and can even work in your pyjamas if you like.
However, while you have greater freedom and control of all aspects of your business, there also comes more responsibility with that freedom, like handling accounting, marketing, and many other aspects of business management that others handle for you at a traditional job.
Also, there is the risk of legal problems caused by the services you render, especially if it resulted in financial loss to your client. Thankfully, this can be solved by investing in professional indemnity insurance. This way, should your business cause financial loss for your client, your insurance provider will cover the costs so that you are not personally liable.
Quitting a steady, high-paying job and going solo can seem like a cool idea. However, you will be facing money problems working for yourself in order to make ends meet.
Don’t get me wrong; working for yourself has its perks. You have control over how much you work and when. You always have the ability to choose who to take on as a client. What you earn is completely up to you.
However, the challenges, such as more stress which can lead to burnout, especially if you don’t plan properly. They can also cause financial problems for yourself, such as no steady paycheck or not saving enough.
No safety net
Working for yourself isn’t a walk in the park. The biggest challenge working for yourself is, there is no safety net. If something goes wrong, it is on your back. If you have a complaint, there is no boss to turn to and say: ‘My computer is being slow’ or ‘Why should I do this?’. You are pretty much on your own, and everything depends on you.
Finally, when you work for yourself, you get to call the shots. You don’t have to report to a boss or other staff members. You decide when you want to leave and when you want to start.
Sounds great, right? It can be great! But working for yourself can be pretty challenging too. You get no sick days or vacation days. And if you don’t work, you don’t earn any money.