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10 Benefits Of Being Self-employed

10 Benefits Of Being Self-employed

Leaving behind the comfort and familiarity of a regular job and a reliable paycheck is a daunting prospect for many budding entrepreneurs. Indeed, the fear of becoming self-employed often scuppers many great, profitable ideas. Yes, there is no denying that being self-employed has its challenges and that not everyone has what it takes to grow a successful business. But if you feel that you have a great idea, are persistent, determined and resourceful, then being self-employed offers a potential lifestyle you’ll never realize as an employee. What follows is a list of 10 of the biggest benefits of stepping out of your comfort zone and becoming self-employed.

1. You control your life

Many entrepreneurs are the type of people that like to take control and make decisions. As a self-employed business owner you have the freedom to make decisions that shape the present and future for yourself and your family. Your destiny is in your own hands. As an employee, however, your financial status is intrinsically linked to the success of your employer.

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2. You get to choose your hours

Being self-employed means you get to choose when you work. Rather than being contracted to set hours, you can start as early or late as you want. Although this inevitably provides a much desired level of flexibility, the self-employed entrepreneur must be disciplined in order to run a successful enterprise. Balancing work and family life can be difficult, but running your own business affords you the ability to take time-out when needed. As long as you’re realistic and don’t award yourself too many vacations, a well-run business provides many lifestyle benefits you simply don’t get as an employee.

3. You get to work with people you like

When you’re an employee, you work with people you like and others you very much dislike throughout your career. As an employee, you don’t get to choose whom you work with. If you don’t like your co-workers, tough. But that’s not the case when you own your own business. You get to make the decisions about who to hire and fire, and you can build a team aligned to your personality and goals.

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4. You get the rewards

Sure, as an employee you’ll get paid overtime for putting in the extra hours. But you’ll rarely get a share of the profits generated from that work. Whereas when you’re self-employed, you get to see the financial results of your hard work. Yes, starting a business is never without risk, But if you get it right, the rewards far outweigh that risk.

5. You can follow your passion

If it’s just about the money, forget it. The most successful business owners are rarely purely motivated by money. Invariably, they love their product or service or just love building a business. They want to make things better, cheaper or easier. Being self-employed helps you escape the trap of working in a job you hate and allows you to turn your passions into a business.

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6. You get to live a varied life

Honestly, I don’t think I could ever go back to punching the clock for an employer. Arriving and leaving at the same time each day. Knowing exactly what each day will hold. Is that in any way exciting or inspiring? Being self-employed is often like being on a roller coaster. No day is ever the same. You’ll get used to dealing with orders, accounts, sales, complaints, celebrations and bereavements all in the course of your working days. It’s rarely dull…

7. You create

Being creative is uniquely satisfying. The very best entrepreneurs are often creative people with a desire to solve problems and make life better. In fact, the actual process of building a business is creative in and of itself. When you own your own business, you get to shape the dreams of yourself and others. You’re always building.

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8. You get to help people

Being able to help people is one of the main benefits of being self-employed and running a business. Even a very small local business helps people by creating jobs and supporting a community. Maybe you’d love to create a program that improves education among children? Or create a service that improves the lives of local families? Owning your own business can help you achieve these goals.

9. You can make a stand

Being self-employed means you can stand up for what you believe in. Not only do you get to build a business that provides a product or service that benefits others – you are also able to create a vision, goals and an ethos that inspires those that you employ and serve. You can truly change people’s lives.

10. You are rewarded with self-fulfillment

What if you never took that step? What if you let a fear of failure condemn you to a life of mediocrity? If you find yourself dreaming of running your own business and of making a difference, you must not let anything stand in your way. The lessons you learn and the pure sense of self-fulfillment trump any fleeting fears or failures. It’s a journey truly worth taking.

Featured photo credit: Unsplash via unsplash.com

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Last Updated on October 28, 2020

The Crucial Letter Your SMART Goal Is Missing

The Crucial Letter Your SMART Goal Is Missing

SMART goals are a simple, logical way to organize your goals as you set them throughout life. Not only does this technique help you identify reachable goals, but it helps break down goals into smaller and more manageable pieces.

However, there is one crucial element (or letter) that is missing from this acronym. This missing letter can potentially make it harder for you to reach your goal – no matter how well you have broken down your goal into different pieces and action steps. However, once you understand this missing piece, you’ll be able to use it to move forward with your goals.

What Are Smart Goals?

If you are not familiar with the SMART goal setting technique and what the acronym means, here is a brief rundown with a simple example:

  • S = Specific — Your goal has to be specific enough (“I want to lose 4 inches off my waist”).
  • M = Measurable — You can measure your waistline every week to keep track of your progress.
  • A = Achievable — Do you think that you can do this? Or are you going too far by getting rid of yet another 4 inches? Or should you expand the goal to 5 inches; is that within reach?
  • R = Realistic — Is your lifestyle stable enough that you can commit to this goal?  Are you mentally prepared to do this? Do you have the resources you need for this goal?
  • T = Time-framed — You could want to achieve this goal within a week or within six months, but it should have a specific time frame.

As you can see, when you break down your goals like this, they become much more manageable and concrete than just saying “I want to to be slimmer.”

All fine and well, except that there is a crucial letter missing in this package – another letter “A.”

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The Missing Letter

The other letter “A” stands for accountability, and this is a great way to make sure that your defined plan is actually executed and is not left just on the talking or planning level. Even if you have crafted a masterful plan by using the SMART goal technique, it becomes useless if you don’t actually execute it. To make sure you start the execution phase, you want to throw some accountability into the mix.

By having some external pressure on your back (in the form of accountability), you are more likely to take action on your goal steps than if you just keep the plan to yourself. Accountability is based on the fact that you want to stand behind your words and save face. When you announce your goal to the world, you realize that the world is now watching you, and you don’t want to let the world down.

Accountability is also about facing the expectations of others. If you announce a goal or a task in public, other people are expecting you will achieve the tasks and goals you have laid out for yourself.

Watch this video and find out how by having dependable accountability, you can reach your goal more efficiently:

Ways to Implement the Letter “A” in Your Goal

There are plenty of ways you can go about creating accountability. Choose which one will work to motivate you the most.

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1. Keep It to Yourself

I was a bit hesitant to include this, since in this scenario you are not telling others about your plans or tasks. However, for some people this might work since your conscience is your accountability partner in this situation. And you don’t want to let your conscience down.

2. Announce It to Other People

Your people could be your colleagues at work, your local golf club buddies, the subscribers and readers of your blog, or your Twitter followers. I would say that accountability is more effective when dealing with “offline people.” Being accountable face-to-face to someone is very effective.

I’m in no way underestimating the power of “online people” either. If you are trying to form solid relationships with others online, you want to keep your word – even if you don’t necessarily meet the people in the same sense as in the offline world.

3. Find an Accountability Partner

A more intimate way of being accountable is to find an accountability partner. This could be a friend or spouse, but it needs to be someone you feel comfortable reporting to. When this route is chosen, you might decide to call your partner on a frequent basis to tell them how well you are progressing on the goal.

4. Get on Stickk.com

If none of the above ways work for you, it’s time to put Stickk into play.

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Stickk.com is a website where you can announce your goal (“Commitment Contract”), and to make you even more committed to reaching that goal, there is money at stake. Money is not mandatory to get set up with Stickk, but knowing that you will lose a certain amount of money if you don’t reach your goal can give you an extra push to get stuff done.

5. Join Mastermind Groups

A mastermind group is a group of like-minded people gathering on a frequent basis (online or offline), trying to push each other closer to their goals. This type of accountability is very common in the business world. When you are in a mastermind group and you have set the objectives you want to achieve by the next meeting, you want to get stuff done and fulfill other’s expectations.

Mastermind groups are a great way to improve your productivity and reach your goals with the help of others.

6. Hire a Coach

If you really want to get personal attention for your goals, then hiring a personal coach may be the best way to stay accountable.

Not only are you accountable to your coach, but you also have to pay for his/her attention. This makes the coach option even more effective. You want to make sure you do everything you can to get the assignments done before the deadline you two have set. So, there is a money factor to keep you accountable as well. Since you want to quickly move forward, this option is a very effective for staying accountable with your SMART goals.

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The Bottom Line

Next time, set your goal using “SMARTA,” instead. Add that letter “A” to the SMART goal setting technique:

Specific, Measurable, Achievable, Realistic, Time-framed, Accountable.

The accountability factor of reaching your goals may be just the thing you need to make them a reality.

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Featured photo credit: Estée Janssens via unsplash.com

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