110. Customers

Some self-employed ventures such as market trading or investing for instance don’t require you to gather customers. It will just involve sitting in front of charts and researching securities on a computer.

There is no transaction that needs to take place. The customer doesn’t need to buy something from you here. You won’t need anyone else but you to make money for this so it makes marketing your product or service redundant in this case.

Of course, if you do rely on customers then you need to operate your business reliably and ethically. If you let a customer down then it’s rare that you will receive a second chance from them. Attract new customers, but don’t take your current customers for granted at the same time.

111. Global Audience

Having access to online technology opens up your business to many, many customers around the world. These people would have likely been cut off to you decades ago.

An account on a website or a whole website ran by yourself as the administrator is your own piece of online real estate. It is ripe for earning money.

You can make money without ever having to meet or talk to any customers face to face. This is pretty insane when you think about it. I am communicating right now to a global audience of people I’ve never even met via this website.

It might seem like less hassle this way although some people like having at least some human interaction. There is more trust for both parties if you can see who you’re dealing with right in front of you.

112. Unscrupulous Customers

I find certain customers tend to be a lot ballsier and unreasonable with their complaints when it comes to dealing with online businesses.

The rudeness you get from people may also be amplified. Part of this is due to the veil of anonymity that the internet provides.

Some unscrupulous buyers might even make up fabricated issues in order to force a refund. They may also try to keep the product at the same time. I have experienced this problem first hand.

This particular problem is quite prevalent on eCommerce platforms like eBay. It can then force many sellers to cave in and shut down their businesses altogether.

Sometimes there isn’t a lot you can do about this. It will usually fall on the responsibility of the seller to prove that the customer is being dishonest. This can be tricky without sufficient evidence.

Luckily, buyers who play these tricks are in a very small minority. Most of your customers will probably be lovely and won’t cause you many problems

It can be much harder for customers to pull the wool over your eyes when you are working for an offline business. This is true seeing as there are a lot more direct transactions meaning less places to hide.

113. Non-Paying Customers

Payment can hinge on how you treat your customers and how they treat you back. If you provide a bad service to someone (or don’t meet your obligations in any other way) then it is fair for the customer to not pay you.

You aren’t fulfilling the promise of what they are paying you for so why should they pay you? The merchant needs to keep high standards for the quality of the product or service that they are offering.

Workers can make mistakes under conventional employment and still earn a consistent living. This is not so much the case with entrepreneurship.

On the flip side, you could be doing everything right. However, you may end up dealing with unscrupulous or dishonest buyers who try to get out of paying you anyway. It’s not always your fault so be warned.

114. Business Reputation

It can really affect the reputation of your business if a customer decides to give you negative feedback. The customers are the bedrock of most businesses so try not to let this happen. The news of your good or bad reputation can spread fast so think on this.

Go above and beyond the call of duty for customers. I personally try to under-promise and then over-deliver. This will set a fair precedent, but at the same time, the customer won’t be disappointed based on their own expectations. This is true seeing as you’re not promising them the world.

A good reputation is important as an employee too. Present yourself as friendly, hard-working, trustworthy and reliable. This will affect how your colleagues talk to and treat you.

115. Colleagues & Co-Workers

Some employees can’t stand their colleagues for any number of reasons. It could be any reason ranging from laziness to bullying.

I’ve worked in toxic workplaces (plural) before so I have seen things like this first hand. It can get really ugly. I suspect it’s one of the many reasons why people find self-employment so appealing.

On the other hand, you may find that co-workers can be very friendly and welcoming. If you are new to the job then they will help you learn the ropes. It can really a mixed bag of good and bad when it comes to who your colleagues are at any job.

116. Pleasant Employees

A thorough employment and application process is vital for avoiding office drama when hiring new workers for your company. As a business owner, you’re going to be spending lot of time with your employees so be diligent and hire the cool people.

The last thing you want is to employ someone who is going to cause problems for you. This also applies to your colleagues and your business. Believe me, entrepreneurship is difficult enough without making things even harder for yourself.

117. Workplace Relationships

Some employees might feel pressured to up their game while working. They might want to over-perform to stay in the good books with their boss. This could potentially cement their own job security.

As an employee, your success can also come down to how well you get along with the people working around you. If your superiors like you then they might be more favorable towards giving you a promotion or pay rise. It can also work the opposite way around if the don’t like you.

This isn’t exactly fair as being popular is not always something that you can control. Although, that’s just the nature of a conventional workplace and society in general.

118. Office Drama

Going it alone means that you can work in peace. You will be safe in the knowledge that you are avoiding office politics and other people’s workplace drama. It’s a great feeling. The only people with you are the people who you want to be there. This can be just yourself or a handful of other people who you trust.

There can’t be a toxic workplace if there aren’t any toxic people around. Why involve yourself with gossip and nasty rumors? Life is far too short. Self-employment means saying goodbye to all that, pretty much.

119. Personality Clashes

Working for a big company involves working with other people who in some cases aren’t like you. It’s more than likely that there will be big divides in terms of age and personality traits.

You might not ordinarily choose to hang out with these people outside of work. However, you will be stuck with them if work for the same company so there may be some conflict along the way.

It’s best to put any differences aside. It can be very bad for a business if a single employee clashes frequently with other colleagues.

This can drive these other people away into other jobs in other companies. After all is said and done, it will still leave you with the one problematic employee.

My advice is to remove the tumor completely. If you are an entrepreneur with people working for you then you need to tackle this quickly and cleanly to avoid any further harm.

120. Bullying

Certain workplaces are toxic and notorious for bullying. There might even be specific cliques of people who gossip about other colleagues.

It can be such a problem that some people choose to quit their jobs over it. This is pretty messed up (if you ask me) and is yet another reason why people choose self-employment.

Bullying is a particularly difficult thing to report and deal with. The situation is even worse if the bully is someone in a supervisor or managerial position. It might just brushed in the carpet in the end.

On the other hand, you might work with a great group of level-headed individuals where everybody gets along. Although, in my experience, this is (sadly) all too rare.

If you’re an entrepreneur who is looking to hire then you might want to enforce a zero tolerance policy in regard to bullying. This will make your and everybody else’s life that little bit easier.

121. The Blame Game

I’ve worked in jobs where employees would get blamed and yelled at for things that weren’t necessarily their fault. People don’t want to easily admit fault sometimes for pride’s sake or in fear of getting in trouble.

There is also some laziness in some workers forcing others to work twice as hard in order to pick up the slack. It’s not always rosy in conventional employment.

So much of entrepreneurship is about being responsible for your own actions and mistakes. If there are any problems with your own business then you will know that it’s down to you to resolve the matter. There is nowhere to hide.

The less people who work for a business, the harder it is to successfully push the blame around. This is quite a big benefit to the entrepreneur as it’s simpler for them to find the root of the problem.

122. Workplace Etiquette

When working by yourself from home, you are free to drink, smoke, fart, pick your nose and so on. You can do this or whatever the hell else you have the urge to do. It’s just you on your own so who’s going to care?

You can follow my lead and enjoy a glass of wine with the radio playing while working in the evening. Entrepreneurs can also go for lunch, coffee or bathroom breaks whenever they want for however long they want.

Self-employed people don’t have to ask permission to go to the bathroom either. Freedom! There will be nobody there to tell you to cut it out.

Obviously, being too taboo in your behavior would be looked down upon. This is even truer in a corporate office environment around other people.

To clarify, I’m in no way endorsing this breaking of traditional office policy. On the other hand, it is your freedom. You make the rules as an entrepreneur.

If you’re an employee and your workplace has rules then clearly you will have to follow them whether you like it or not. If you don’t then you will face repercussions. As a company employee, you wouldn’t act the same way in the workplace as you would do at home.

You might not like the way things are done but you’re not the boss here. Workers will need to play along nevertheless to avoid any aggravation.

If you’re lucky then you may work in a day job where the workplace guidelines are pretty lenient. This is good for many because it can almost feel like working for yourself.

123. Employee Rules

If you decide to hire employees for your business then you might want to consider setting up a code of conduct. Your rules really depend on how strict or easy-going you want to be as a boss. You can tailor it however you want.

I admit, some rules are pointless and purely bureaucratic but others are actually quite important. After all, rules are there for many reasons.

One of the reasons being to improve the efficiency of workers. You want your business firing on all cylinders so it’s best to compile a list of do’s and don’ts for your hires.

124. Forced Fun

With entrepreneurship, you can say goodbye to the dreaded “team-building exercises“. You can also forget about those stupid office Christmas parties that your boss forces you to attend as well. Yahoo! You don’t have to do anything you don’t want to do when running your own business which is definitely something I love.

Need to sign Karen’s office birthday card and get her a gift even though you don’t know anyone at work called Karen? Not anymore. There is no such thing as forced fun in entrepreneurship, just real fun … along with some stress.

125. Uniforms & Dress Code

People who work from home don’t need to wear an uncomfortable formal suit. There is nobody else around to judge them so why make an effort? There is no one around for them to impress.

Say goodbye to the shirt and tie and wear whatever you like. Dress for comfort with casual clothing or whatever else you like.

If you are working online from home then how you look will not really be a factor. There won’t be any managers or customers around that will care because they can’t physically see you.

You can work from your bed in your jammies and carpet slippers if you really wish to. Even better, why not go the whole hog. Wear comedy clown shoes, seven belts and a lobster trap for a hat? You will look like some rejected Roald Dahl character, but (like I said) who cares?

Okay, maybe I went a little overboard there. However, nobody’s stopping you and nobody will give a damn. It’s your business, remember.

Some employers discipline, suspend or even fire employees if they neglect to wear the right uniform. If everyone has to follow the rules then it’s only fair that you do to.

I can even understand wanting to enforce a smart dress code on yourself even if you are self-employed. Some entrepreneurs just can’t get into “work mode” if they don’t look or feel the part.

Just because you work for yourself doesn’t mean you don’t want to impress customers. I advise you to go with a professional appearance outside of the home.

Dressing in a t-shirt and jeans like I do is okay if you’re working from home. Although, you may be a self-employed person who has an interview or an important business meeting. In this case, you will want to dress well in order for other people to take you seriously.

126. Dress to Impress

If you are a company employee then your employer will expect you to dress in a certain way. This is still relevant in many cases even if the customers never see you.

This is in order to look professional and adhere to company policy. I’ve worked in call centers that have enforced employees to dress in a formal manner so I know this to be true.

Not all businesses make their workers wear uniforms. However, it will be likely that you will have to wear one if you are the first point of contact for the customer. If a customer likes the way you look then they will know that you care. Not just about yourself, but your employer and by extension them too.

Uniforms are important to customers for other reasons as well. One reason is that it makes employees more easily identifiable in a crowd. This is good if the customer needs to pick you out and ask for assistance with anything.

127. Budgeting

Ideally, you should set up a budget for your business. I like to allocate a set amount of money that I allow myself to use.

Also, work out how much money you are spending every week or month. You can then work out how to improve your spending once this is all down on paper. Trim down your outgoing bills so that you are only paying for the most important things like:

• rent
• insurance
• tax
• gas
• electricity
• food

Don’t splash out on luxuries that you don’t really need. Although, you can do this if you know that you are able to bear the financial brunt of these splurges.

Self-employed people can eventually spend more spontaneously. They can do this as long as they know that their income can consistently keep up the pace too. It is probably a good idea to budget even if you aren’t self-employed. Employees can still easily waste a lot of money as well.

The likelihood is that you will want to cut down on as many costs as you can. This is most important at the start of your entrepreneurial journey. It’s smart as you won’t be making that much money in your first few years of business.

128. Savings

It’s a good call to have some cash savings stored up that will act as a safety net if you ever stumble and fall in business. Entrepreneurs sometimes don’t see any money coming in for a long time. They will likely need some back up reserves to cover the cost of living. I know for sure that this was true for me.

It’s okay to live on your savings if you are investing time into yourself and your business. It will all hopefully pay off in the end.

Savings aren’t as critical to employees as they are usually earning an hourly wage anyway. They don’t really need anything to fall back on.

129. Capital

Another expense to think about is the capital that you may want to invest in your own business. This might be coming out of your savings or from the income you’re already earning. Additionally, you could even potentially think about applying for a loan which is a little riskier of course.

Sometimes entrepreneurs need to spend money to make money. If you’re a merchant of some kind then you would originally have to spend money sourcing your inventory first. Of course, this is before selling it on to your customers.

Here’s another example. Day traders in the stock market need to have some upfront capital in their trading accounts. They need this if they want to open new positions and make more money, for instance.

It’s all about calculating the risk against the reward. You will do this in the hope that you will see that money eventually coming back to you tenfold.

130. Business Expenses

Business owners will inevitably have to cough up certain expenses and fees. This is all for the sake of pushing your business forward. To me, it almost feels wrong to spend money when you are launching a business, but you have to sometimes.

For example, if you own a store that sells hats then obviously you will need to buy the hats from your supplier in the first place. You will then sell them on to your customers for a profit.

Another instance of investing well in expenses might be paying for an advertising campaign. This is in order to drive more customers in your direction.

You also need to think about different rentals and subscriptions. If you are running a business from a website then you will need to pay for web hosting. You will also need to fork out to renew your domain name normally on an annual basis. Your business could benefit from office supplies as well.

You can make a note of all your business expenses in your tax return. The government then knows to take this into account

Your employer will likely pay for most on-the-job expenses if you are a company employee. To be fair, it doesn’t really speak well for the company you work for if they don’t.

It’s not fair for them to force their workers to bend over backward and pay for every little business expense. This is true considering how much more money the people at the top are making.

131. Business Insurance

Business insurance isn’t absolutely compulsory for certain self-employed people. It might not be worth having depending on your chosen industry or even the level of material success your business is currently at. On the other hand, it can sometimes be a life-saving benefit if things go terribly wrong.

There aren’t that many on-the-job financial welfare benefits for an entrepreneur. You can of course take out business insurance. This should cover certain problems that may affect yourself and your business.

However, this will just be another expense that you will need to pay for. It may be a complete waste of money for your own personal circumstances.

132. Shipping

If your job involves selling a product of any kind then you will need to work out the logistics of it all. It’s vital that you ship the goods to your buyers in a smooth and reliable fashion.

This might require a walk to the post office which is fine because it is only a small part of the whole job. On the other hand, you can arrange for a courier to pick up your delivery from your house for convenience.

You also need to prepare your business for things going wrong with delivery like packages getting lost or delayed in transit.

Physical shipping obviously doesn’t come into play if you’re working from a brick-and-mortar store or selling purely digital products online. These products might be eBooks, for example.

133. Reinvestment

Even when you do start earning significant amounts of money for your work, it might not be the best thing to spend the cash straight away. It might be smart to reinvest it back into your business so that you can make even more money.

Of course, take the money you need to live on, but just maybe not all of it. If you run a store then you might want to use a large portion of your earnings to buy even more inventory. You can really boost your income when putting decisions like this into action.

You may have already guessed that I have a background in investing. I know that this is what a lot of shareholders do. We investors call it “compounding“.

Using your trading earnings to make even bigger trades in the hope of growing your account is a common technique. You can apply this plucky method to all sorts of businesses.

134. Overspending

You need to make sure that you aren’t overspending on your expenses or business fees. Your turnover will need to exceed your business costs if you want to make a profit. Cut down waste and only spend money on essential things that your business really needs. However, I understand that certain expenses are unavoidable.

You don’t have to be Stephen Hawking to figure this out. If you don’t get your spending under control then your business won’t make any money. You will either break even (if your lucky) or slowly bleed money which is clearly the worst case scenario.

Do you really need that inspirational three-quarter length bronze statue of Bill Gates standing in the corner of your office? Does it improve your business in a tangible way? Also, he comes alive at night while you’re asleep which is another reason why you don’t need it.

135. Food Money

Convenience food is expensive. It can work against you financially if you are buying it every working day while out and about. If your workplace has a cafeteria or vending machines then it can be tempting to throw your money away on those. You can get better value for money elsewhere.

Let’s be honest, the point of work is to make money, not spend it. Don’t let the surrounding shiny objects tempt you, and by that I mean food. It might be a good idea to compose a budget specifically for food. You can then look back over exactly what you are spending.

If you work from home then you will end up saving money. Think about all the tempting food outlets you are avoiding while out of the house during the working day.

The main culprit for this is the fast food that employees buy during breaks from work. As a frugal entrepreneur, you won’t want to spend too much money on breakfast, lunch and other costly snacks.

Working at home means that you aren’t surrounded by fancy stores selling all manner of things. It is ultimately healthier for your wallet if you can exercise at least some self-control.

It’s easier to keep track of spending if you are mostly just buying food from a supermarket for the home. You know more or less how much you’re going to spend with each shopping trip. It’s the impulsive day-to-day food spends outside the home that will really bite you in the ass.

I used to work in a clothing store inside of a large shopping complex. I was bombarded by all sorts of other stores. It was hard to resist the temptation to spend money before, during and after work.

I would overspend when purchasing food during my lunch break. Therefore, this ate into my already slim minimum wage paycheck. Don’t lose sight of why you do a job in the first place (to make money).

136. Take a Lunch from Home

Food is important to consider as it is the fuel you will need in order to work and sustain yourself throughout the day. I find that the best thing you can do is prepare food at home. You can then take it with you wherever you need to go.

It essentially means that you won’t need to think about what you are going to buy on the day. Workers who do this won’t be wasting time fetching your lunch from whichever store you decide to purchase from either. This time can really eat into your (I assume) already short lunch break.

It’s wise to buy the ingredients in bulk and then just make sandwiches or something simple like that. This is so much cheaper and it works if you are self-employed or working for someone else. You won’t feel the need to waste money on overpriced fast food.

137. Travelling

You will usually have to pay for travel expenses to and from work when commuting. This is unless your occupation requires you to do an overabundance of extra travelling within the job itself (like a truck driver).

Your boss might even give you a credit card just for business expenses if the job really warrants it. Although, this isn’t permission to go on a wild shopping spree, you loose cannon.

One of the joys of working for yourself from home is that you don’t have to travel anywhere. This is unless you choose to anyway. There may occasionally be special errands or meetings you will want attend. For example, a client might prefer to meet you in person. Apart from this, most of your work will be from home.

138. Commuting

I’ve been fortunate to have certain jobs where my workplace has been close to my home. In this case, the commute won’t be as tough seeing as you could walk there and back in a short time. Also, you won’t be spending a penny on public transport.

You may never have to commute as an entrepreneur. This is one less hurdle to deal with as everything you will need will be at home or available online.

There is no real need for many entrepreneurs to travel as a lot of the time you can always communicate what you need quickly over the internet. It means you won’t need to go out of your way to travel to different locations.

Like I say, there is no commute when you work from home. Actually, that’s not entirely the truth. I only have to commute from my bed a few yards to my home office in the morning hardyharhar.

No commute also means that you will save time on journeys and you will also save money on extortionate travel expenses.

On the other hand, employees have the misfortune of spending time and money on their daily commute. This also means waking up much earlier than someone who is working from home. Boooooo!

It can be difficult when you are working unusual hours too. Sometimes buses and trains run limited services in the very early morning or late evening. Owning a car can remedy this although this isn’t possible for everyone.

139. Late Buses

I’m sure you’re well aware of how unreliable public transport can be. These travel problems will waste your time and sabotage your commute if there are any major delays.

It’s easier if you own a car as you will have more control in terms of timing. You decide exactly when you’re going to start your journey. It’s less likely that you will be late for work because of this. However, there is always a risk of a breakdown or traffic jam.

140. Punctuality

Self-employed people will never have to deal with the aggravation from lateness. You might have to deal with some yelling from the higher-ups when working for a company. Being late for work is no biggie for an entrepreneur as they play by their own rules.

Being late could potentially mean missing out on work that is specifically time critical. Your absence at a certain time could cause a big impact on a business so it’s best to try to be punctual.

You might be a little hard on yourself if you over-sleep (and you should be). Although, at least you won’t have any superiors shouting at you for it. If I’m ever late then I sometimes add the difference in time on to the end of my shift to make up for it.

Lateness is a much bigger factor for an employee. If they are late on too many occasions then they could end up losing their job.

141. Weather Conditions

Commuting is a lot tougher in the extreme weather conditions. Being on a packed bus in the scorching summer months can feel like the insides of a can of sardines.

Conversely, you don’t want to be standing out in the cold, wind and rain waiting for a bus. You don’t have to do any of this as an entrepreneur who works from home. How great is that?!

142. Travel Expenses

You can hemorrhage a surprising amount of money just from daily travel expenses when you are employee. Clearly, you will need to purchase fuel for a vehicle or bus/train tickets to and from your job every work day.

Sadly, you will have to pay for your own commute. However, If you have to travel for your job within work time then your employer might reimburse you for any travelling. They might even pay for any food bought and put it down as a business expense. Trust goes both ways here so try not to abuse this power.

I’ve explored quite a lot here. I hope that these pointers have given you a lot to think about before you make your final decision concerning career paths.

There are benefits and setbacks to both situations. I guess a lot of it comes down to who you are as a person and what you are capable of doing. I truly wish you the best of luck on your path to business success whatever you decide to do.

Overall, we can learn that there is so much more responsibility to shoulder as someone who works for themselves. The flip side to this is the rewards that you will reap further down the line for bearing the brunt of that extra load.

We also know that each career path will fit you well or poorly depending on your own personality. A lot depends on how you want to live your life. Self-employed people usually have to sacrifice certain things to get ahead. You might be more comfortable in a normal day job because of this.

I truly believe the key to success in business is educating yourself. Coincidentally, this should be the next step you should take. Read lots of non-fiction books but don’t just read about business.

Get your hands on information about self-help and success. There is more psychology to building a business than you might think.

You should also get yourself a diary or a calendar. This will really help you manage your time and set work goals. In essence, this will make you a lot more productive.

If you believe that working for yourself is something that interests you then why not find out How Literally Anyone Can Earn Quick Easy Cash Taking Paid Surveys. This is a really simple and easy way of earning money online from home to start you off. You are doing it all by yourself without a boss too.

Do you enjoy your current job? Which appeals to you more, working for yourself or working for someone else? In your opinion, what is the best and worst thing about both of the career paths we have talked about? Please don’t forget to share this with your friends and comment below. Thanks for reading!

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