Running your own self-employed contracting business can be an excellent way to set your hours, earn more money and have freedom in your life without the restrictions of being an employee or the bureaucracy of working at a large corporation. However, running your own self-employed contracting business also comes with its own set of challenges and obligations you need to take into consideration before you start down this path to ensure that your business will be successful. Here are the top tips for running a successful self-employed contracting business that you need to keep in mind.
1) Get the right tools
Before you even think about applying for work or reaching out to potential clients, you’ll need a few professional equipment purchases that will allow you to get started. Tools like fluid handling equipment will make your job easier and more efficient. Make sure you know what kind of tools are necessary before beginning so you can save yourself time and money. And don’t forget any training courses required to use those new tools! The best part is that when you have everything needed for your trade, it makes going to work each day less stressful.
2) Know your limits
When you work for yourself, taking on projects you’re not qualified or experienced for can be tempting. While self-employment offers great flexibility, it’s very important to know your limits and stick to them. It might sound scary, but knowing when you should walk away from a project or client will save you headaches and protect your reputation in the long run. If a job doesn’t feel right to you, don’t do it. If you aren’t sure if something is right, don’t do it either! Your gut is usually right.
3) Determine your boundaries
Establishing boundaries for your self-employed business is important, so you don’t lose yourself in it. Make sure you have time aside for family, friends, and other extracurricular activities that are important to your quality of life. If you’re not careful, work can easily consume all of your free time, and soon enough, you won’t know what day of the week it is or what month it is. Establish a clear schedule and stick to it. This will help prevent burnout down the road. And remember, there’s always more work to be done than there is time available. Don’t get frustrated when things aren’t finished because you did too much at once and couldn’t finish everything.
4) Focus on your strengths
You don’t need to be a jack-of-all-trades; in fact, focusing on your specific skills and areas of expertise is one of the best ways to run a successful self-employed contracting business. Sure, there will be times when you’ll take on jobs outside your wheelhouse, but you should aim to focus most of your energy and attention on those tasks that only you can provide. If you do it right, people will come back again and again because they know they can rely on you for quality work every time.
5) Read the fine print of your contracts
Contract mistakes can lead to liability and time and money wasted. Ensure you are familiar with every part of a contract before signing it. If there is anything that you do not understand, ask for clarification, it’s your right to do so. While working on your projects, keep detailed records of everything you work on and the materials used; these records will help protect you if legal action is brought against you by a customer or client.
Conclusion
Finding work on your terms as a contractor takes some patience, but it can be incredibly rewarding. You’ll be in charge of your schedule and keep 100 percent of what you make, no matter what. If that sounds good to you, then self-employment may be right for you. It takes time to build up an independent business, so don’t get discouraged if things are slow at first.
