More Problems Associated With Being Self Employed

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Do you have the right personality to be self employed? If you are
determined, driven to achieve your goal, and able to keep your vision in the
crosshairs at all times, then you will most likely be on your way. If less
than complimentary clients and even those who harshly criticize your ideas
do not deter you from trying, but perhaps are actually spurring you on to
try even harder, then you are most certainly on your way to success. Yet
what about the financial ability to see it through – are you ready? Can you
weather an equipment failure, loss of data, and the need for upgraded
equipment without having to resort to using your personal credit cards? Are
you able to survive if one or more client do not pay you one time but leave
you hanging for a few months?

If you answered yes to the first two questions you may be well on your way
to self employment, yet you are not quite there! There are still some
problems associated with being self employed that you need to be aware of
before bidding farewell to your boss. Perhaps one of the biggest fear
factors is the IRS. These initials are sufficient to drive the fear of doing
business into even the most hardened entrepreneurs, and you may be no
exception. After all, you will need to be meticulously organized and instead
of only paying taxes once a year, you will find yourself at the taxman’s
office every quarter. Furthermore, you will need to be prepared to pay your
Medicare and FICA and up that point in time of being self employed, it was
your boss’ responsibility to do so. Before dismissing that guaranteed
paycheck, make sure you will be able to traverse the narrow path the IRS has
set forth for the self employed.

On a personal note, self employment for those with family is fraught with
another set of problems. A steady paycheck keeps a family well supported and
many money worries at bay, while self employment may be more akin to times
of feast or famine. Are your family members willing to help you achieve your
dream of being self employed? Do they understand the implications of no
longer being able to count on the bi-weekly direct deposit in the bank
account? It is imperative that everyone involved knows what the changes will
mean and get on board with you. Failure to paint an honest picture will
result in misunderstandings, feelings of betrayal, and such an increase in
strife that you will find yourself scouring the help wanted ads simply to
keep peace in the family. Sorting this out ahead of time ensures that
everyone is on the same page and ready and willing to support your dream and
perhaps even make it their own!

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