Created your own Stream of Income by being Self-employed? Know the Intricacies..
The sudden spike in creativity level of individuals during the corona virus induced lockdown makes me conclude that being an employee is a self-inflicted slavery. I was stunned when a young man who's been a Secondary school teacher called through and told me that he now sells bean flour. At first, I thought he was running a middleman sales but when he delivered my first order, I discovered that he actually produced it.
The "moi-moi and pudding I made from the flour was simply tasty and awesome. I placed a second order and he delivered just days ago. Just then, we talked a bit further and he told me the rigorous and painstaking process he follows through to manually produce his bean flour. I questioned why he preferred, he told me that he wants to sharpen his skills and is even contemplating quitting his teaching job as supply orders for the meal is getting robust by the day.
We all can attest to the fact the many lost their corporate jobs with private and some government employers during the last four months. It leaves one with the bewilderment of the whereabouts of their promised job security. Every employer had some tangible excuse to downsize.
Now, I agree with Robert Kiyosaki that "breaking away from a typical job structures and creating your own stream of income puts you in the best position to weather an economic storm, simply because you are no longer dependent on a boss or on the economy to determine your income". The revolution is that you now determine your income.
A lot of people are beginning to migrate from being an employer to financial freedom and self-determination of being Self-employed or owning a Small-business. Being self-employed though with attendant risks and challenges has proven to carry huge range of earning power, all the way from the freelance baby sitter or landscaper just starting out in life to the highly paid private-practice lawyer, consultant, public speaker or blogger on a cryptocurrency-powered blockchain like Hive, Steem, Uptrennd, etc.
However, there are intricacies that need be understood when one becomes self-employed or owns a small business. Understanding these intricacies is crucial to a break-even and ensures a successful ride. Failing to understand also might make one crash into unforeseen debts or final bankruptcy. Note the following:
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Being self-employed is typically a responsibility trap. You now become the Boss of the new firm created and you're still an employee. This means that you are to be lamed for all problems or ill taken decisions.
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Being self-employed is draining. This is a difficult truth to take that becoming self-employed makes you a centre of attack by the government (taxes, levies), customer and employee. The truth is that as this stage there may not e enough time-off for family. If you do, you may likely lose ground. You have no free time because if you take time off, the business doesn’t earn money.
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Being self-employed makes you a "Slave". Did your eye-brows raise? Yes! In a very real way, when you become self-employed, you don’t really own your business; your business owns you.
While creating your own stream of income by being Self-employed may give you freedom to operate at will, one must be guided by the fact that it's not a "takeaway". Much responsibility and dedication is required for success to be achieved. Where these demands are treated with levity, one may stand to regret that being yoked as an employee under another boss was way better.
Let's discuss in the comments section, Is being self-employed really the path to financial freedom?
