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5 Costly Mistakes many Self Employed Work at Home professionals make
5 Costly Mistakes to avoid making as a Work at Home, Self-employed professional
As a self employed professional who works from home there are quite a number of things you could rightly call benefits and others you could say are challenges for your kind of work. For instance, more time to yourself and potential of earning more than a regularly paid employee at a business/organization but the challenges could include not having sufficient funds to chase projects or a not so stable income. Regardless of which side of the coin is more common place it’s very important to know a few things that could cause you to fail while working at home as a self-employed professional.
Mistakes Self Employed Professionals should Avoid
So as stated already here they are;
Failing to Back-up Contacts Information
Your contacts be they partners, potential clients, former colleagues, existing customers, vendors or anyone who has anything to do with your business is a contact so long as you have their basic contact details. Holding on to their business cards might be good but what if your house is gutted by fire? Hence why a back up is needed especially in the form of a computerized database, failure to do this could mean if at any time you need a particular person to work with you might fail and disappoint your client and hence lose valuable business. So back all your contact information up right away if you haven’t.
Taking Business and Personal Income as the Same
This is another very costly mistake that has caused many self employed, work at home professionals huge losses – sometimes irredeemable losses. When you start work as a self employed professional do one thing – pay yourself a salary preferably lesser than what you could earn working for someone else (you work from home after all and don’t pay rent or commute to work). The rest of the income you generate that’s not your salary is for the business and should be invested or spent according to business needs not personal needs. So any money you make from your working from home should be separated into personal income and business income.
Insufficient Marketing Skills
Marketing is the very life of your business as a self employed professional. No one knows you and the only way they can patronize you is if they hear about you. So many work-at-home professionals spend money outsourcing their marketing to so called SEO and internet marketing experts who offer them considerably less in terms of returns. For those who have succeeded however they own much of their success to their effective marketing skills which covers; effective networking, content marketing, excellent customer service and more. So work on your marketing skills and not sales only as you need good relationships which is what powers most sales.
Mixing Chore Time with work hours
Stay at home mums especially suffer from this problem. With kids and home chores to take care of it can be very difficult to juggle working at home with managing the home as both times tend to encroach on each other causing distractions that reduces productivity and causes stress. The way out is to choose a part of the home that’s away from regular distractions like a room in the house devoted to just work. The best time to work at home would seem to be when there’s minimal distractions e.g while the kids at away at school, late in the evenings while the kids are asleep or
Inadequate Records Keeping
When a potential client calls to make enquiries do you take his/her name, number or request/questions? Can you tell who bought what from you, how much they paid, how they heard about you, why they stopped using your service etc. All these questions will help you know what is really happening in your business especially how well off your liquidity is, which marketing technique is working and other areas you need to improve on.