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:
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.
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.
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?
@tipu curate
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Always gratful.
I think so, but obviously it depends on how you do it, it does not necessarily have to be from a physical business, you can easily make money from the comfort of your home, today there are many tools to achieve this. You just have to dare to change and be patient.
Nothing like owning your time and being your own boss, that's my humble opinion.
Great opinion. Appreciated
HI @uyobong
Excellent publication with a really interesting and appropriate topic today with a lot of particularity.
However, with regard to your question, we could particularly utopia, because there are always obligations to be met both financially and labor, being autonomous poses a personal challenge that often can translate into slavery if not handled properly.
Thank you for sharing this content.
Thank you for your kind words and addition.
Is being autonomous really the way to financial freedom
I will take this part of your post as a question for us to answer in a reflective way, being financially autonomous implies many elements to be taken into account, I believe that the maximum fullness of financial autonomy is never reached, we always depend on a market system where supply and demand of goods govern the world economy, however being independent we will feel that we strive to achieve our own financial achievements, the other thing to take into account is that whether we work for someone else or we are self-employed we will always need a great effort and sacrifice.
That is humbly my opinion, I want to thank you for such an excellent post and you for inducing the healthy debate through this publication. Greetings.
Dear @carlos84, I am happy at your insightful response to the question. It's worth the reflection time.
I mean what does financial freedom mean? Does it mean having enough money so that you can make your dreams come true? That is achievable through a traditional job as well if it's paid good.
Or maybe financial freedom means that you want to get to work however you like and be paid as much as you can by performing said work. There are a lot of people that are overworked and underworked in normal jobs. While some may feel their responsibilities overwhelming, others may be looking for doing more than their current job allows them.
All put together: time, money enough to meet needs and being able to leverage new technologies at will.
It depends on many factors. As you say being autonomous is not easy, you must consider many aspects, know the product to be sold and how to reach the customer. Being self-employed requires perseverance and intelligence, so at first it may seem exhausting or enslaving, but with perseverance and intelligence you can achieve a strategy that works and allows greater financial freedom than as an employee. I myself began to walk this path, and I know that these are not steps that are taken lightly, if you do not take it seriously and with a clear goal you will not go anywhere.
This was actually the heart of the message, while I tried to share the importance of being self-employed, one must not forget the responsibilities attached.
@uyobong as per my thinking self employment or we can say having our own business is a good but we need to keep all the resources also to run it properly otherwise we will be in a trap of our own burdon.
While we earn here, we may also do well to invest the earnings in other ventures.
Hello friend, seriously you can say that again, at some point in my business I became so engrossed that I lacked the time to even look after myself and I became pale, people laughed at me and called me names it is not easy at all especially when you do not have support but through it all it is important to stay strong, I am certain there is going to be lasting moment to laugh last.
We've all worn that shoe at one time or another. Knowledge is profitable.