It can be daunting to start your own business and figure out the tax situation as you go. You get all the benefits of working for yourself, like setting your schedule and choosing your own clients, but you also get all the responsibility of creating a smart tax and retirement savings plan for your newfound income.
One of the great boons of self-employment, however, is that you can do your research and pave your own way to success.
Here are some great ideas for how to make your first tax year as a self-employed worker as painless as possible:
You've taken the leap and started your new career as an independent travel agent or other entrepreneur. You are your own boss and can work from anywhere in the world as long as you have an internet connection. All that freedom can come with a price, though. Because you are your own boss, it's now all down to you (and only you) to stay focused and build the business.
But when you work from home, there can be so many distractions. A load of laundry to put on, a dog to let out, social media to scroll . . . the list of potential distractions is endless. So how do you overcome it all and stay focused on your new career?
Here are five tips used by independent contractors that may work for you, too:
When you start your own business endeavor, you need to start spreading the word about it in as many ways as possible. This may involve a variety of strategies such as advertising, SEO, social media, and press releases. You should not, however, overlook the value of networking. There's no substitute for connecting directly, whether it's online, by phone, or in person. Here are a few creative networking ideas for new entrepreneurs:
Marketing is the lifeblood of any business, big or small. You can offer the best possible products and services, but without marketing, consumers won’t even know you exist. Although marketing is essential, many small businesses, solopreneurs, and startups simply do not have huge budgets. They can't afford to billboards, TV ads, and mass mailings.
Self-employment gives you the freedom to set your own hours and choose your clients. With this freedom, however, comes certain challenges. Leaving the world of 9-5 employment means letting go of a certain degree of security.