5 Things I Wish I Knew Before I Became Self Employed

Share The Love!

Wondering if self employment is right for you? Here are 5 things I wish I knew before I started my own business.

I sort of stumbled into self employment by total accident. I went to massage college, not fully realizing that most massage therapists are self employed, or contract workers. 

When I graduated I got a subcontract job at a national massage therapy chain. I had a pretty good experience, but felt ready for more control, and more flexibility.

Enter my virtual assistant business.

That being said, contract and self employed life isn’t all rainbows and butterflies, here’s what I wish I knew BEFORE I became self employed.

1. It will become part of your identity

I can’t say this will be true for everyone, but being self employed has become part of my identity. When I was an employee, I hated being told when I had to be at work and what days off I was allowed to have. Now I am able to structure my days how I want to.

2. Budgeting with variable income can be tough

When I first started out as a massage therapist, I didn’t have many clients and my income was low. I remember wondering what the heck I had gotten myself into. Eventually I built up my clientele, but whenever I wanted time off, it was without pay. 

I did learn to budget by paycheck, which was so helpful, but nothing really prepares you for the wild swings in your bank account balance.

3. You need to get good at setting boundaries

It is so tempting to say yes to every client’s request, or work 7 days a week, but we are all human and need breaks/ time off. I would often work outside my schedule as a massage therapist, but I have been very intentional about setting boundaries in my VA business.

In my contracts with my VA clients, I have my availability set as Monday-Friday, 9-5. I try not to check emails or respond to texts outside of these times. I also prioritize getting outside during the day and taking breaks.

If possible, setting these boundaries from the beginning (and in contracts) will set you up for success.

4. Buying a house can be more difficult

Buying a house, or getting a loan of any kind will likely be more difficult. You’re seen as more risky in the eyes of the bank/lender, no matter how consistent your income has been. Buying our first home was difficult, and we actually required a co-signer. Getting our second mortgage was a bit easier, but only because it was all based on my husband’s salary.

It’s not impossible, but be prepared to face more challenges, and if possible, have a bigger down payment. 

5. It will be amazingly rewarding and frustrating all at once

Entrepreneurship is a ride of high-highs and low-lows. One day you’ll feel like you’re not cut out for this, and the next you’ll feel like you’re crushing it, and there will be a lot of days where you just feel like you’re coasting. 

After being self employed for the last 11 years of my life, I know it’s the journey I want to be on, but I recognize that it’s not for everyone. 

What do you wish you knew before becoming self-employed?