Are you a self-employed woman feeling like you’re failing at your business? Are you considering throwing in the towel and returning to paid employment? Before you make that decision, let’s explore some simple yet powerful strategies that can help you get your head around being self-employed and give yourself a much-needed break.
As the founder of the Financial Wellness Academy and a self-employed woman myself, I understand the unique challenges we face. If you know instinctively that self-employment is what you want and you’re working on something you’re passionate about, these strategies might be the food for thought you need to push through the challenges and thrive.
1. Know Your Numbers
The first and perhaps most crucial strategy is knowing your numbers. Many self-employed women often ignore this aspect, feeling it’s too complex or believing they’re not good with numbers. However, when you’re self-employed, understanding your financial situation is non-negotiable.
Start simple. Use an Excel spreadsheet to track your income and expenses. Here’s a breakdown of what to include:
- Income: Track all money coming into your business.
- Regular Expenses: List your monthly outgoings.
- Ad Hoc Expenses: Create a separate sheet for these. Include things like annual accountancy fees, professional indemnity insurance, government fees, hosting fees, and domain renewals.
A simple strategy for managing ad hoc expenses is to total them up annually and set aside a monthly amount to cover them. For example, if your annual expenses total £1200, put away £100 each month into an “annual expenses” account or wallet.
This approach gives you clarity on your financial situation and helps you make informed decisions about your business expenses. You might realize you’re not using that Zoom subscription as much as you thought, allowing you to cancel it and save money.
Remember, setting this up might take some effort initially, but once it’s in place, it’s easy to update and maintain. The clarity it provides can be magical for your business growth.
2. Have Support in Place
Self-employment can be a lonely journey. Having support — people who have your back — is crucial for your emotional wellbeing and business success. This support can take different forms:
- Networking Groups: Join a group of self-employed individuals who understand the challenges you face. These groups can provide emotional support, celebrate wins with you, and even generate sales opportunities and leads.
- Business Coach: Consider investing in a business coach or joining a coaching program. For example, I’m a member of “Business from the Heart” with Catherine Watkin, which offers affordable monthly business coaching and a wealth of resources.
- Online Communities: Look for online forums or social media groups where self-employed women gather to share experiences and advice.
The value of having support cannot be overstated. When you hit a challenge, you’ll have a network to turn to for ideas, suggestions, and connections. This support can make the difference between giving up and pushing through to success.
3. Trust Yourself and Your Journey
Building a successful self-employed business doesn’t happen overnight for most of us. It’s a slow grind, a journey of continuous improvement and gradual upleveling. The key is to trust yourself and the process.
Each time you complete a task, whether it’s recording a vlog, finishing a client project, or updating your website, you’re improving. You’re learning, growing, and moving closer to where you want to be.
It’s easy to get discouraged when you compare your beginning to someone else’s middle. Remember that everyone starts somewhere, and what you see of other businesses is often just the highlight reel.
A significant source of stress for many self-employed women is income variability. If this is something you struggle with, consider ways to add more stable income streams to your business. This could be retainer clients, subscription services, or passive income products. Having a base of guaranteed income can relieve a lot of stress and allow you to lean more into trust and continue doing what you love.
Bringing It All Together
Self-employment is a journey, not a destination. By implementing these three strategies — knowing your numbers, having support in place, and trusting yourself and your journey — you can navigate the challenges of self-employment with more confidence and less stress.
Remember:
- Take the time to understand your financial situation. It will pay dividends in the long run.
- Don’t try to go it alone. Seek out support from other self-employed individuals who understand your challenges.
- Trust that every action you take is moving you in the right direction. Progress, not perfection, is the goal.
Self-employment can be a fulfilling and rewarding path when you have the right strategies in place. So before you consider giving up, try implementing these tactics. You might just find that you’re more capable and successful than you realized.
Your journey is unique, and you have what it takes to make your self-employed business thrive. Trust in yourself, lean on your support network, and keep moving forward. You’ve got this!
To Your Financial Wellness,
Caitriona
