3 Early Investments Every Entrepreneur Should Make
The US Bureau of Labor and Statistics in 2014 estimated that 40% of the workforce will be independent workers by 2020. We are living in the year 2020, and the study has been proven correct.
From contractor consultants to freelancers and unincorporated businesses – there are several types of self-employment. The most important factor that every entrepreneur needs to maintain is financial stability. To help you succeed as an entrepreneur, here are the five most important investments you should make. Let’s have a look!
Hire an accountant
It's both time consuming and confusing to start your own business. What if you have no knowledge about finances? Or even if you have, you're probably so busy to work out all the tax laws even loopholes that apply to the self-employed workforce.
Therefore, hiring an accountant is one of the most important investments you will make as a businessman. You will be extremely busy taking part in continuing education credits, promoting your services, and performing the services that you sell. So, it’s better to find a professional and experienced individual to handle all the finances.
It's clear that nobody can give you a W-2 every year in January because you're working for yourself. In fact, you will have to do your own reporting on invoices, receipts and expenditures. Taxes can be a breeze when done right. However, if done incorrectly, the headache can be enormous (and costly). Hire an accountant, and take the game forward. No surprises when it comes to tax!
Research benefits options
If you even worked for some company – remember how easy it was to call in sick? The boss must have given you a hard time, of course, but there was still someone at the office available to cover you in a pinch.
You don't get that privilege when you're working for yourself. Unfortunately, you don't even have the privilege to get sick. Your business success is in your own hands and yours alone.
Make sure to review health policy choices. You are suggested to search into both public and private insurance plans. You may be eligible for the Healthcare system of your state. Alternatively, academic unions or organizations such as the Association of Freelancers. These organizations, for self-employed individuals, are a fantastic tool.
Invest in your brand
No matter what your field is, you'll need your personal brand to evolve and expand. Don't worry about investing in it; it's at the forefront and core of your business, even if you're not.
For instance, if you're a graphic designer, make sure you create a professional portfolio. Design a great logo for your company, and then use it. Use it anywhere you want. Get professional headshots made - selfies are not for the professional entrepreneurs.
Do some research into other ways of building your brand, and then implement those methods. The secret to repeating and doing new business is your name. Your brand is key to your company's continued success.