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Tips for People Who’ve Just Started Working for Themselves

So, you are starting a new business, and this will be the first time you are working for yourself. This can be a pretty nerve-racking time in your life. There are many things to consider when you first hang up your shingle. Will you be an LLC, a corporation or a sole proprietor? Should you print physical business cards or rely on a digital footprint only?

These are valid things to think over before you act. But the purpose of today’s article is a little less technical or legal and more of a mental and financial tutorial.

I. Treat it Like a Corporate Job

Just because you work for yourself now doesn’t mean you can slack. In fact, you need to put in more hours than you normally would at a regular job, at least until you are well-established. It may even help to keep a section on your whiteboard detailing when you “clock in” and “clock out”.

Some self-employed people have even purchased old-school punch clocks to keep themselves in check. This may sound a bit over-the-top, but you have to do whatever it takes to stay afloat. If a physical prop can help you achieve this then by all means get one.

II. The Desperation Mindset

Accept any reasonable job even if it is somewhat below your asking price. The more work you have the more details and experience you can add to your profile and portfolio. After you are well-established and have a great reputation, you can afford to demand a minimum asking price.

Treat every day like you are one day away from living on the street. That’s how desperate you need to be. This doesn’t mean you should work for free but if you are billing $100 per hour and someone offers you half that you should probably take the job.

Try not to come across desperate to the customer, however. This desperation mindset if for you, and you only.

III. Idle Time is Not a Thing

Remember that goofy corporate line “time to lean, time to clean”? That’s the mindset you need to succeed when starting a new business and getting it off the ground.

You should never look around and think “I’ve got nothing to do”. You can take this time to work on your own website, post in forums and on social media, or cold call or cold email potential clients.

Setting up a new business does not mean customers will start lining up to do business with you. You have to stay hungry to get ahead.

IV. Don’t Try to Expand Too Rapidly

Many folks who are new to the game feel that if they spend a bunch of money on start-up costs then that will help insure their odds of success. This is simply not the case. In fact, this is the time you should be most frugal with your spending. I’ve always said that I only need a laptop and an internet connection to make money.

Don’t subcontract any work you can do yourself. Subcontracting should only be done if you are super busy and are facing an impossible deadline or simply cannot complete the task without it. Save every penny for yourself that you can.

Expand your operation only if you have no other choice.