You’re thinking of starting your own business. How can you avoid common myths about self-employment?

Realistic expectations, is very important when it comes to self employment and the myths can be broken by steering away from the misconceptions. Doing the right research under the right mentorship with proper financial planning helps. Accepting your failures and finding the right balance is the tool. Increasing the network and partnering and collaborating with professionals certainly does the job. Lastly Persistence and patience is very important.

You can either work from anywhere or you can’t, depends on the kind of business you have. There are several reasons like Team management or product management (manufacturing) demands you to work at a certain place all the time where as if you don’t have such commitments you may enjoy working from wherever you want. It solely depends on what your job demands and your situations.

I tell some of the college students I mentor - "Being an entrepreneur is great! You can choose whichever 80 hours a week you want to work!" Time management skills suddenly become a LOT more important. As does learning how to set boundaries - both for your clients, your family, and your own downtime. It can be so easy to burn out.

I'm adding a comment on self-care. Self employment is magnificent if you love autonomy and independence, creativity and trailblazing. Please look after your health and wellness as you will be working at a more consistent high level pace, using your little grey cells more often, delaying your gratification as nothing is routine or regular, and being alone for much of your output. Have colleagues and friends to meet with for breakfast/lunch/supper to laugh about your experiences and share wisdom. I have been self-employed since 1988 and I LOVE it.

✔️ Being your own boss often involves long hours and a fixed schedule ✔️ Example 1: Freelancers, like designers, may need to work late nights to meet project deadlines ✔️ Example 2: Store owners must be present during regular hours to serve customers ✔️ Not all places have the right setup for work, so you might not be able to work from just anywhere ✔️ While being self-employed has its perks, like flexibility, it also comes with responsibilities and commitments that require you to stick to a schedule and sometimes work when others are enjoying free time.

Ooooh boy - is this timely. While intellectually I knew this was true, seeing my tax bill that first year I started my business was a shock. Even this year (7 years in business) I called my accountant in a panic. "Why am I paying twice the tax I did last year?!" He laughed and said "Because you doubled your income over last year." Damn math : )

✔️ Self-employed individuals must cover their own healthcare, retirement savings, and business expenses ✔️ They are subject to self-employment taxes, paying both the employer and employee portions of Social Security and Medicare/Medical taxes ✔️ Running a business often comes with various expenses, such as equipment, marketing, and insurance. While some of these expenses may be deductible, they still impact the overall profitability of the business

There's a misconception that successful earners evade or minimize taxes. In reality, many effectively manage their tax obligations through careful budgeting and proactive planning. They often enlist personal accountants who strategize well in advance to mitigate year-end tax burdens, ensuring smooth financial operations.

When you're self-employed, you're responsible for paying both income tax and self-employment tax, which covers Social Security and Medicare taxes. You'll typically need to make quarterly estimated tax payments to the IRS to cover these taxes throughout the year.

I really wish that was true!! As a self owned company you do have more control over your income and can strategically minimise taxes but we need to consider other variables too which causes immense impact, like- ✔️Income fluctuations ✔️Personal Finance ✔️Business expenses As they say “the grass is always greener on the other side” .

Just about every beginning business owner makes this same mistake (I sure did). Because you think you can't afford to pay anyone to help, you try to do everything yourself. And end up wasting a LOT of your time. One quick example - I wanted to update my business card. I played around with a design for six weeks, never really satisfied with it. I finally reached out to a professional graphic designer - who gave me exactly what I wanted in 20 minutes. If I put that into dollars, I spent several thousand dollars of my own time, when I could have spent a fraction of that on a professional. Remember - you're NOT saving money by doing things you're not an expert in by yourself.

✔️ While being self-reliant is an admirable trait, the reality is that running a successful business often requires collaboration, delegation, and seeking assistance from others ✔️ Entrepreneurs who attempt to do everything on their own may find themselves overwhelmed, burnt out, and unable to effectively manage all aspects of their business ✔️ Example 1: Imagine you're starting a bakery. While you might be great at baking, you might need someone to handle accounting, marketing, and customer service ✔️ Example 2: You might hire an accountant to manage your finances, a marketer to promote your business, and assistants to handle daily tasks. In this way, you can focus on what you do best and grow your business more effectively

Let’s say you have your own healthcare business or a hospital. It’s obvious that you have to be the consultant, physician, nurse, compounder, technician, janitor, technician, and what not. Being an entrepreneur requires knowing every position throughout so that you can be resourceful to them but you couldn’t accomplish everything alone. Recognising one’s limitations and providing support in the key to overcoming challenges

One of my favorite phrases to remind me that i do need support in building my business is: Don't ask HOW do i do this?, ask WHO do i need to ask? If you remember this, you will always be looking for WHO vs the HOW.

Pedir ayuda está bien. No tenemos porqué saber hacer todo, ni tampoco tenemos que hacerlo todo solas/solos. Puede ser que cuando arranques no tengas cómo contratar una especialista para desarrollar cada área o tema importante en tu empresa, pero sí podrás buscar especialistas que te enseñen, a quienes puedas consultar y te den guía sobre las mejores prácticas y mejores formas de hacer lo que debes hacer.

✔️ While it's important to love what you do, just having passion isn't always enough to make a business profitable ✔️ In truth, transforming your passion into a profitable business usually demands a blend of market demand, strategic planning, and business expertise ✔️ Example 1: If you're passionate about fitness and decide to start a personal training business, you can make it profitable by offering specialized programs that cater to different fitness levels and goals. You can market your services effectively to attract clients, such as promoting your expertise on social media or partnering with local gyms

Cette histoire en relation avec la passion est mythe et une vérité en même temps. Un mythe par ce que c'est très vendeur et c'est utilité à toutes les sauces. ça a tout simplement perdu de son sens. Le premier point de vue, selon moi, est qu'on peu vivre de sa passion, que ce soit dans la niche elle même ou dans la manière de faire les choses. La passion se sent chez le fournisseur, et c'est toujours apprécié. Le deuxième point de vue selon moi est qu'on ne peut pas vivre confortablement de toutes les passions. Il y'a des gens qui font leur revenu sur des "bizarreries". Il ne sont cependant pas nombreux. Je fini sur cette citation : "Celui qui aime marche marcher, marchera plus longtemps que celui qui aime la destination."

Never comprise on passion that you have, explore and visualise your dreams and formulate and implement step by step grand strategy by focusing on what you can create and do within limits. It's all about trade off between risk and return

This is some of the worst well meaning advice you can give someone who is looking to start their entrepreneurial journey! Following your passion often leads people to try turn their hobby into a business which means they end up struggling to have a long standing passion and now they don't have that hobby to let off steam... if you want to be an entrepreneur, find a problem in the world worth fixing that enough people (customers) care about and spend your time trying to fix it - there will always be more of that problem, therefore more customers!

D'après mon expérience, suivre sa passion dans son entreprise est crucial pour maintenir la motivation et le bonheur au travail. Cependant, il est également essentiel d'adopter une approche réaliste et stratégique pour garantir la viabilité financière de l'entreprise. Trouver un équilibre entre passion et rentabilité est la clé. Cela implique de transformer sa passion en une solution ou un produit demandé sur le marché, tout en restant ouvert aux ajustements nécessaires pour assurer le succès financier à long terme.

In today's era, we're all accustomed to wanting things quickly. Many people think that once they launch their business, they'll instantly make a lot of money and become famous. However, this idea is far from reality. Airbnb, for example, started with just renting air mattresses in a living room. It took them years of learning, adapting, and expanding before becoming the global company it is today. 🌟 Remember that thinking that you'll achieve instant success can set you up for disappointment. Instead of just wanting quick results, it's better to stick with your goals, learn from mistakes, and keep putting in the effort. That way, you build a strong foundation for long-term success. 👩💼 👨💼 🎯

The notion of overnight success is a myth; it's a rarity that transcends time. Even in cases where individuals seemingly achieve rapid fame or fortune, without sustained effort and diligence, such success is fleeting. There are numerous examples, such as social media creators whose viral videos propel them to instant fame, yet without proper follow-through, they often falter. Success demands consistent dedication and ongoing effort, not just a momentary stroke of luck.

Many renowned businesses, like Amazon and Apple, didn't achieve instant acclaim. Amazon endured years of losses before becoming profitable, while Apple faced multiple setbacks before its iconic products gained widespread adoption. Similarly, Facebook began in a dorm room but required years of iteration and perseverance to reach its current status. These examples highlight the journey's endurance, marked by persistence, adaptation, and resilience against inevitable challenges. True success in entrepreneurship often requires a sustained, long-term commitment, to dispelling the myth of overnight triumph.

I think something foundational to any aspect of evolving your career journey- whether it's starting your own business or considering any new opportunity is absolutely seeking Alignment. My top 3 questions for soul searching on alignment: - Is this opportunity aligned to my personal and professional core values? - Is the new opportunity aligned to how I want to continue to grow and develop as a professional? - Am I considering this new opportunity because I actually feel called to pursue this new venture or am I doing this because it feels like "the right next thing to do" or "I have to do this."

In today's social media-driven era, there's a widespread desire to become entrepreneurs and start one's own venture. However, it's important to recognize that not every endeavor qualifies as a startup, My suggestion is, if you're content with your current job, earning a good salary, and have the financial means without risking your employment, it might be wise to focus on maintaining that stability. Pursuing entrepreneurship involves investing time, money, and effort, and if you're not prepared for the challenges and uncertainties that come with it, it may be better to prioritize job security and financial stability.

Starting your own business is not as simple as it may look. True, once a business has been well established and making profit, however this would be at a very late stage where entrepreneurs will have gone through tough times. All myths related to setting up a new business have to be seriously considered, in addition, starting a business must take into account proper timing, for example, to start business at an old age of after retirement is a high risk as time may not be in favor of the business owner, especially if they have to get through some difficult times. Also, entrepreneurs should only consider activities they are familiar with, or close to their experience to avoid complications of failure.

To avoid common myths about self-employment, research thoroughly, seek mentorship, create a detailed business plan, manage risks wisely, focus on value creation, embrace failure as learning, manage expectations realistically, prioritize work-life balance, and stay committed to your vision.

It's easy to psych yourself out or chicken out of taken certain actions. Believe in yourself and that your tribe will find an support you. Write down things you want to do and Why you want to do them to remind yourself. Also celebrate the small and big wins. Progress is progress no matter how small