mistakes made in self employment (and how to avoid them)
TRANSCRIPT
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M istake s M ad e in Se lf Em p lo ym e n t
Becoming self employed has many advantages, including independence, freedom and the opportunity to direct your career towards doing something that you love.
However, many people do make mistakes on their journey to being their own boss, and here we are going to show you the most common mistakes self-employed people make (and how to avoid them).
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Selling to the Wrong People
When you enter into your own business, it can be very tempting to try and sell as much as you can as quickly as you can – but beware!
It’s a waste of time trying to market your brand to the wrong people, so identify your target market early on and focus your marketing campaigns on your target market alone.
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Overspending
Sure, you’ve got to spend money to make money, but you need to make sure that you aren’t blowing the budget too quickly.
Make sure you have an effective business model, create a budget around this business model and – most importantly – stick to your budget.
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UnderspendingWhile it is important to be careful with your money, it is also important not to be too stingy.
Without proper, calculated financial investment, your business simply will not grow.
Seek professional advice and invest your money where it is needed, and remember that sometimes spending a little more will help you and your business to go much further.
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Ignoring Your Instincts
Sometimes you just have to trust your instincts, and when it comes to self-employment, this is certainly the case.
Whether it’s a contract, business relationship or an employment issue, sometimes you have to listen to your instincts. Remember, if something seems too good to be true – it probably is.
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Failing to Build Business RelationshipsA professional relationship can make or break a business, and therefore it is vital that you put the time and effort into building and maintaining healthy professional relationships with your clients, suppliers and everyone you deal with.
Good business relationships will often mean return business, more reliable contracts and greater stability for your business.
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Failing to Market Your Brand Effectively
Marketing isn’t just for big businesses and major corporations, even small businesses need to make sure they market effectively from the outset.
You should learn to market your brand depending on your current circumstances and budget, and should constantly adapt your campaigns so that they remain as effective as possible.
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Expanding Too QuicklyIf your business begins to show some promise, it is very tempting to try to expand as quickly as possible.
However, if you expand too quickly you are running a very high risk, particularly if your success is short-lived.
Wait to see how your business progresses over time and consult your accountant before you consider any kind of serious business expansion.
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If you are newly self employed, you could benefit from our
services here at ICS.For more information, contact us today.