Last updated on Jul 2, 2024

Here's how you can conquer the challenges of working alone as a self-employed individual.

Working alone as a self-employed individual can be a liberating experience, but it also comes with its unique set of challenges. Without the support of a team or the structure of a traditional workplace, you must rely on your own supervisory skills to stay on track. This article provides practical advice on how to conquer these challenges and thrive in your self-employment journey.

1 Set Goals

To succeed as a self-employed individual, setting clear, achievable goals is crucial. Begin by defining what success looks like for you, whether it's financial stability, a flexible schedule, or creating impactful work. Break down your long-term goals into smaller, actionable steps. This way, you can monitor your progress and stay motivated. Remember, goals should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. This framework helps keep your objectives realistic and attainable, providing a roadmap for your solo venture.

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Benjamin P. Stroh

Financial Education & Management | Assisting people and families to better understand money to create a financially independent future.
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We're all told to set goals. We've heard it time and time again, we think about it and don't do it. For whatever reason we choose not to or set a goal and never look at it again. Start with small goals you know you can hit. This allows you the confidence to check it off the list and move on to the next one. Then move to bigger goals. Your bigger goals will also have small goals or milestones to help you get there one step at a time.

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2 Time Management

Mastering time management is essential when you're the boss. Without the external pressure of a typical work environment, it's easy to fall into the trap of poor time allocation. To combat this, create a structured daily routine that includes dedicated work hours, breaks, and time for personal activities. Use tools like calendars and task lists to prioritize your workload and avoid procrastination. By treating your time as a precious resource, you'll maximize productivity and ensure you're always moving towards your goals.

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Benjamin P. Stroh

Financial Education & Management | Assisting people and families to better understand money to create a financially independent future.
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I'm not a fan of the phrase time management and prefer priority management. It more accurately describes the goal. We all have the same 24 hours in a day. How we spend those hours comes down to what we give the biggest priority. If we think something is importnat, we find the time to do it. Start with using a calendar. Plan out the next day and at the end of the day, see what you did or didn't do off the calendar. Another thing I've found is changing the word choice from "I didn't have time to do it" to "I didn't make time to do it" or the inverse "I will make time to get it done" opposed to "I'll see if I have time.

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3 Financial Planning

As a self-employed person, you're responsible for your financial well-being, which includes budgeting, taxes, and saving for the future. Start by creating a budget that accounts for both business expenses and personal living costs. Set aside money for taxes regularly to avoid end-of-year surprises. Additionally, consider establishing an emergency fund and investing in a retirement plan. Financial planning will not only provide security but also give you the peace of mind to focus on growing your business.

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Benjamin P. Stroh

Financial Education & Management | Assisting people and families to better understand money to create a financially independent future.
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As self-employed people, both speaking from my own experience and from working with clients who are, we often have a "figure it out later" mindset. When it comes to finances in the business, they will make or break you. Taking 10 minutes once a week to review your revenue and expenses goes a long way. Use a spreadsheet or accounting software, there are so many free ones out there. Plan and have someone else that you at least run everything by for review. Set aside money for taxes and retained earnings "savings". We often get blindsided by our systems and have to pay the price for it later if we aren't organized and planning. You'll be thankful later and be more successful!

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4 Network Building

Building a strong network is vital for self-employed individuals. Networking can lead to new opportunities, partnerships, and valuable advice. Attend industry events, join relevant online communities, and reach out to peers and mentors. Even though you work alone, fostering relationships can provide a sense of community and support. Plus, having a diverse network can act as an informal advisory board to help navigate business challenges.

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Benjamin P. Stroh

Financial Education & Management | Assisting people and families to better understand money to create a financially independent future.
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Networking is huge. You want people in your industry that do different things that you can refer clients/customers to. You want people that do the same thing that you can bounce ideas off of or ask for help when you are in need. And you want people that you didn't know you wanted in your network. They may have an idea to make things faster, better, or cheaper for you.

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5 Skill Development

Continuous skill development is key to staying competitive as a self-employed professional. Identify areas where you can improve or expand your expertise to better serve your clients and grow your business. Invest in courses, attend workshops, or read up on industry trends. By committing to lifelong learning, you not only enhance your service offering but also increase your value in the marketplace.

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Benjamin P. Stroh

Financial Education & Management | Assisting people and families to better understand money to create a financially independent future.
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Always be learning. Read, listen, and watch whatever you can to deepen your skillset and make you better. Theres always another better way out there you haven't found yet. Or someone who has failed that you can learn from to avoid the same mistakes.

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6 Health & Wellness

Lastly, never underestimate the importance of health and wellness in your self-employment journey. Physical and mental well-being directly impacts your productivity and creativity. Establish a work-life balance that includes regular exercise, healthy eating, and sufficient rest. Additionally, practice stress-reduction techniques such as meditation or hobbies that you enjoy. Taking care of yourself ensures that you have the energy and focus needed to tackle the challenges of working alone.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can conquer the challenges of working alone as a self-employed individual.

1

2

3

4

5

6

7

1 Set Goals

2 Time Management

3 Financial Planning

4 Network Building

5 Skill Development

6 Health & Wellness

7 Here’s what else to consider

Supervisory Skills

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Here's how you can conquer the challenges of working alone as a self-employed individual.

1

2

3

4

5

6

7

1 Set Goals

2 Time Management

3 Financial Planning

4 Network Building

5 Skill Development

6 Health & Wellness

7 Here’s what else to consider

Supervisory Skills

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