14 Examples Of Why Being Self Employed Is The Secret To Success
Being self employed does not only give you complete control over your daily schedule, but it is absolutely required if you want to achieve financial freedom and abundance in your life and career. Learn from some of the premier entrepreneurs who have been there themselves, and discover how creating your own small business can impact your financial life for the better.
Leading By Example
Being self employed CAN make you wealthy, but it is not a sure thing. There are many risks with starting and owning your own business. In fact, the risk could be so large that you lose everything you own. That being said, if you work hard, have a great business plan and strategy, along with the stars being aligned, you could become extremely wealthy. With many 9-5 jobs, you have a set income. You know exactly what you will be making every day, every week, every year. However, when you own a business, you can constantly be working to increase revenues which at the end of each day could equate out to more income in your pocket. The key for all of this is to have a business that solves a problem better than what’s currently in the market.
Money Life Wax
Being self employed IS the secret to becoming wealthy, and here is why. In the traditional work place there is only so much room at the top of the corporate ladder. Climbing the ladder might be in the fold for a select few, however in order to create long term wealth most will need to start something of their own. While many keep hitting their head on the ceiling, not able to grow within their standard employment, the few that venture out on their own will usually see the largest return in the long run.
After getting over the fear of not being secure, most entrepreneurs and self employed owners quickly realize it is up to them to make things happen. This typically causes them to take more action then they knew was possible. By growing your own company, you have the potential to generate higher levels of income compared to standard employment.
More cash simply means more options. The uptick in cash flow and income allows individuals to invest, save and eradicate debt quicker, thus resulting in the pursuit of wealth instead of living pay check to pay check. While not every business venture turns out successful, in the grand scheme of things, the potential earning is typically higher being self employed.
Work At Home
If you structure a small business correctly, self-employment can indeed lead to wealth. Too many people start their own business thinking they want freedom from a boss, only to soon realize that they basically just own their own job. For example, if a yoga instructor wants to go out on her own, she can set up a studio and make more income running classes by herself earning a higher price-per-head as opposed to making an hourly wage
teaching. But, if she gets the flu, she has to cancel classes and won’t get paid. Hiring other instructors reduces her own need within the studio, but again, if an instructor gets sick, the owner may need to step in.
The key to developing wealth through self-employment is to create multiple income streams that can exist outside of the business owner herself with at least a few streams being residual. This may include not just hiring additional instructors or a studio manager, but also offering products for sale, partnering with complimentary non-competing services or providers for additional income streams, producing videos of yoga routines, (either
online or DVD), writing books, creating membership options for consistent, ongoing income streams, or creating franchise opportunities for other would-be studio owners. Once a business can exist outside of the business owner, then true, sustainable wealth can be achieved. But until that happens, most self-employed people will just own their own job.
Say Yes To Profits
The fastest path to wealth is self-employment. As a self-employed individual, you are in total control of your success and earnings potential. You have no income ceiling, and no one hindering you from moving to the next level of success but yourself. As a self- employed individual, you can have multiple successful businesses without the fear of being firing. With technology, you can also serve customers throughout the world.
The ability to serve customers around the globe dramatically increases your earning potential in multiple currencies. Truth is: self-employment is a fun filling lifestyle, where you can build unlimited wealth by doing what you love.
My work can be viewed at nyphotony.com and socially on instagram.com/nyphotony I’ve been self employed for a little over five years and it’s been a ride and a half to say the least. I think the end game is wealth but those first couple of years are full of mistakes and bumps in the road. I had minimal traction the first couple of years and was just getting by but through honest to God hard work, determination, willpower, and skill. I’m now helping my wife through grad school and am the main source of income in our household. I’m a full time freelance photographer living in the most expensive city in the world with no outside help and looking back on that I can say I’m proud of that fact. But – if you want to make it on your own you’re going to need a lot of passion, a bit of courage, a bit of luck, and you need to put in the extra hours to bear the 9-5ers. You really have to work double or triple harder than anyone else! Sometimes it takes a bit of grit.
It’s definitely easier to become wealthy when self-employed. In a 9 to 5 setting, your salary is limited to your employer’s budget. You could always ask for more but there’s always a cap. With self-employment, you can choose projects based on how much they pay you. As a freelancer, you could state your rate and reject anyone who provides a number below it. As an online retailer, you could build a six or seven figure store after a few months of building something up. Being self-employed allows you the freedom to choose how much you want to get paid. Ultimately, your salary comes out of your
work ethic and determination to find clients or customers. The secret to building wealth is that you need to be a creator. You can create content, products, websites, businesses, apps or something else. But the more you create, the bigger your audience. The bigger your audience, the easier it is to find a customer. The more customers you have, the more money you can make. When starting out, you might decide to create for another company to build up your reputation. However, once you focus on creating your own assets away from a 9 to 5, that’s when you really start to accumulate the wealth you daydream about.
In a word, yes. Think of it like this. In almost every profession, there’s a limit to how much income you’re entitled to. Sure, experience and skill level can bump your income up but eventually, you hit a hard limit. There’s no going up from there.
With your own business, the only limit is your ambition. There’s nothing stopping you from hiring more employees, spending more on marketing, or training an all star sales team. You can enter a high growth space and ride the wave to the top. the secret isn’t high income alone. Your business gives you a high income which you can then reinvest into other avenues.
It’s not enough to be self employed. There are many people who own businesses but have issues with cash flow and customer acquisition. Your business is the first step, you also need to understand the difference between working on your business and working in your business. Working on your business is what allows you to become a high net worth individual. Working in your business is essentially trading one job for another. I’m sure that’s nobody’s goal when they set up shop for themselves.
My partner and I are currently building an investment property portfolio we wouldn’t have dreamed of having if it weren’t for being self employed. Now, if everything else crashes, we know we have a steady income to support us in the lean times.
So I’m sure you’ll get people much more qualified than I am speaking to the various tax advantages enjoyed by those of us whom are self employed. But, I’d much rather pay a lower tax rate than a higher one Plus, the 20% difference in tax rate at higher income levels, can be the difference in owning an investment property and not, over the course of a decade. Heck, it might even pay for a kids college!
Anyway hope that helps. I don’t think being self employed is a magic bullet, but the combination of lower tax rates as well as, the lack of time without pay when you’re between jobs, certainly tilts the deck in your favor.
Dream Home Property Solutions
My situation is unique in that I am self employed, and my business model depends on
regularly hiring others who are also self employed on a contract basis. I hope that my personal experiences along with what I learned from my colleagues can be insightful to your readers.
Being self employed is the only way to achieve your wealth potential. Be warned, achieving your wealth potential isn’t something that happens as
soon as you claim self-employment status. It’s a lifetime of hard work. Self employed workers must first master a skill that is in high-demand and generates high levels of income. Secondary to achieving high income, self employed workers must become masters at adequately managing their finances. Finally, self-employed workers must master the skill of effectively reinvesting their current wealth to generate consistent returns over time. Each of these steps take an enormous amount of time, patience
Additionally, there are other significant skills that the person will have to master. Such as keeping organized, managing yourself during periods of highs and lows, sales, and adequately marketing yourself are just some of the other skills that you must develop in order to find success. Beyond achieving wealth potential, the decision to become self employed sets a person on a lifelong journey of learning, growth, highs, lows, and brief moments of glory in between. I wouldn’t have it any other way, and I will continue to move forward in this direction forever.
Smart Books Corp
When you’re self employed, your income doesn’t have a cap. This means it also doesn’t have a low point, so there are likely as many or more very low income self employed people as there are wealthy self employed people. However, to become truly wealthy, you do need to be self employed, as that is the only way to have uncapped earning limits.
Home Working Club
Self employment offers limitless potential for becoming wealthy – after all, in contrast to being employed by someone else, there’s no fixed salary capping your earnings. However, wealth is far from guaranteed with self employment, and it involves hard work and taking on an element of risk. Perhaps the most important thing to consider is how you actually define wealth. Is wealth solely about money, or is it about having freedom, flexibility, and the ability to spend time with family at the moments that matter? If that’s all part of it for you, then you could feel “wealthy” as a self employed person, long before your bank balance reflects it!
As long as you are trading time for money, you will have a hard time achieving wealth.
Warren Buffet says, “If you don’t find a way to make money while you sleep, you will work until you die.” Whether that is being self employed or investing does not matter. What
matters is that you find a way to stop trading time for money. Working for someone else is fine, but you must have the discipline to save money and get it into investments that will begin earning you money. In a sense, this is like being self employed. I’ve been self-employed since 2008 and would not have it any other way. I am a co-founder of NoExam.com, a digital life insurance brokerage selling life insurance online.
Zeus Legal Funding
This is a misconception because of the survival bias – a term that refers to when you only look at the survivors to make conclusions. For example, if Michael Jackson was rich, that leads to the conclusion that all singers are rich. Therefore, I should become a singer. But the problem is, you don’t see all the starving singers because they died out (so to speak, not literally). You are only looking at the survivor. It comes down to this: Many people who were self-employed failed, you are only looking at the small percentage that survived when you make the conclusion that being self employed is the secret to becoming wealthy. The secret to becoming wealthy is forming relationships with people. When you form relationships with others, they will give you information that you did not know. As you know, knowledge is power. For example, someone in the real estate industry (like a real estate guru) might give me a hint that right now this area is going to get a Metro line, and prices are about to go up. I could take that information and run with it. Had I not formed a relationship with the real estate guru, I would have never known to buy in that area.
Gnosis Media Group
I am the owner of Gnosis Media Group, a technology company that offers an award-winning text to donate service for nonprofits. I’ve been in business for myself since 2008. While I don’t know that there is a single key to becoming wealthy, I will say that my business is an asset that provides returns better than those of capital markets, my 401K and my IRA. So, yes, I would say that being self employed, for me, is an essential component to my financial portfolio.