Thinking about turning your side hustle into your full-time job? As a part of Sharon Schweitzer’s preparation for participation for QuickBooks Connect 2017, we at Access to Culture conducted a poll via Twitter and Facebook for three weeks. We received responses from 32 self-employed professionals from North America, Asia, and Australia in search of the most pressing rewards and challenges that small business owners and independent contractors are facing right now. After analyzing our results, we’ve listed below the five crucial considerations for anyone thinking about self employment.
- Work-Life Balance A plurality of respondents (37.5%) agreed that the number one challenge for self employment is work-life balance. Small business owners and independent contractors usually feel personally responsible for their business, and their private lives may suffer. Ask yourself, What are my priorities? Before diving head-first into a career of self employment, consider what gives you the most fulfillment in your life. If your priorities are mostly professional or career-related, this lifestyle may suit you.
- Financial Considerations When asked what the primary financial challenges are for self employed professionals, 78 percent of respondents said saving for retirement, and 71% said lack of benefits. Be sure to thoroughly research retirement plans and healthcare options for self employed professionals. When these responsibilities fall in your own hands, they can be much more expensive and trickier to manage.