Solving The Chronic Problems Of The Self-Employed

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Everybody seems to be a freelancer these days. Of the millions of business in the US, 2.3 million of them classify as self-employed corporations. Employee-wise, 10% of 55+ year-olds are now freelancers, with the figure only dropping slightly for younger generations, down to 5%. There’s no doubt being the boss has its advantages and modern workers are trying to take advantage.

However, there is a downside to being in charge. In fact, there are lots of them because there is no virtually job security as a self-employed man or woman. Should you let that stop you from the freedom you now possess?

No, you should take a glance at the following solutions instead!

Hustling For Jobs

The self-employed have to find and take on new jobs constantly, and it’s exhausting. There is a lot of rejection involved, and there is only so much one person can take. Still, securing a new contract isn’t as tough as usual as long as you are willing to leverage your contacts. Ninety percent of freelancers have friends and peers who know a client that needs a copywriter, etc. and will introduce the two parties. Because it comes from a trusted source, the chances of landing the job are high. Remember that no one is successful without the help of others.

Spinning Multiple Plates

Once the contracts are in place, you can’t miss a deadline, because that is not a great first impression. To make sure the deal isn’t lost, it’s essential to find ways to juggle various clients at once. A straightforward method is to stagger deadlines. Tell a customer it will take a couple of days to complete a project even if you can finish it in one. This provides breathing space should something go wrong. Another option is to ask for an extension. Clients are quite flexible as long as they aren’t blindsided the day before.

No Benefits

Easily the worst part of the self-employed industry is not receiving benefits. If anything happens, such as illness or an injury, then there won’t be any money in the bank account. There are lots of options here. The first is to speak to a lawyer when suffering a work injury to see if you have a case. The compensation from an accident should be enough to pay for your medical bills and help you recover. Alternatively, if it’s just an illness, you can contact an out-sourcer. In your absence, they’ll complete the work to a high standard for an affordable fee.

No Nest Egg

Retirement might seem far away but it’s crucial to save now. Otherwise, your earning power will deteriorate and you might be left with very little. Because the money doesn’t get taken from your wage directly, it’s down to you to save on a monthly basis. And, it doesn’t stop at squirreling money away, because it needs to go into the right account. For those saving less than $5,000 a year, a Roth IRA is a solid option.

Does being self-employed seem scary? How do you feel now after reading these basic tips?

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