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October, 2008April, 2021
Some Common Self-Employment Mistakes
and How to Avoid Them
passionate about, and that
While having your own
passion probably doesn't
business can certainly offer include pesky tasks like
some flexibility, you still b o o k k e e p i n g .
need to manage your time
Unfortunately, keeping an
appropriately. Even though accurate record of revenues and
it can be annoying to have a expenses is a must for any
boss peering over your entrepreneurial endeavor.
shoulder, this kind of Don't just scribble your
supervision is a spur to
travel mileage down onto
productivity. So when you an old receipt or assume
work for yourself, it's you'll remember how
important to be a self-
much a client paid, either.
starter and make sure At the very least, you
y o u ' r e w o r k i n g a t
should keep track of all
optimum efficiency. this information in a
Conversely, it's crucial to
Ato Tandoh spreadsheet, and most
Business & Entrepreneurial maintain a clear separation self-employed individuals
Development Consultant between work life and home invest in some type of
aking business life. If you work out of your accounting software to
mistakes when house, it can be tempting to properly track their
My o u ' r e s e l f - respond to client emails or business finances.
employed can have serious calls at all hours of the
consequences. Here are 5 n i g h t . H o w e v e r , 3. Assuming a Contract
common mistakes people establishing a firm stopping Will Be Honored
who work for themselves time for each day will help Once you've gotten a client
make - and tips for avoiding keep you from getting to sign on the dotted line of
them. burned out and allow you to a contract, you can rest
Self-employment is an spend quality time with assured knowing the deal
attractive option for a lot of family and friends. will go through, right?
people. In fact, according to Well, maybe not. If you're
a 2020 ILO report the total 2. Not Tracking Revenues dealing with established
self-employed Ghanaians and Expenses corporations, especially
as a percentage of total For most people, their small larger ones, then it can be
employment is 72%. Given business is a reflection of remarkably easy for them
the schedule flexibility and t h e t h i n g s t h e y ' r e to renege on a contract.
the potential financial This lesson is one that
upside of working for many small business
yourself, it's easy to see owners learn the hard way,
why the practice has and since self-employed
become so popular, but persons don't typically
self-employment is not have a corporation-sized
without its pitfalls either. legal team behind them,
Below are some of the most they're often left without a
common mistakes that viable recourse.
self-employed individuals The best way to counteract
make along with tips for this problem is to build
how to avoid them. solid relationships with all
of your clients. After all,
1. Not Managing Time customers are less likely to
Appropriately back out of deals with
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