How to avoid the pitfalls of self-employment

Embracing self-employment comes with as many opportunities as it does responsibilities, and coming out of a PA position to take control of your career can be a daunting process. Surveying Brits on their biggest business worries, Solution Loans has compiled a list of what is keeping the self-employed awake at night. As more are turning to VA roles, here are the top pitfalls to watch out for when becoming your own boss.

Manage your contacts
With the main financial fear for 64% of respondents was the risk of losing their clients, Virtual Assistants need to keep on top of their contact books if they want to stay afloat. Sending friendly emails or calling contacts for a friendly conversation can go a long way in maintaining a working relationship and keeping you in people’s minds.

Balance your finances
Without a dedicated accounts department to work on the money side of the business, it’s much easier to lose track of expenditure and income. Make sure you manage the cash flow, make sure you pay and get paid on time and ultimately continue to ensure you’re making a profit. You may be taking simpler jobs for less money, but if you aren’t earning enough to turn a profit, you might want to rethink your strategy.

Futureproof yourself
Work hard to keep ahead of the latest trends, both socially and technologically. Joining the latest social media and getting your voice heard can lead to a huge difference in client bases and popularity, and putting money and effort into new ideas and ways to save time or money in the long-term could prove a life saver down the line.

Know your limits
Don’t go beyond what you know you can manage. Taking on more jobs than you can handle will leave you vulnerable to losing contacts, damaging your reputation and hurting your flow of business. If you’re feeling the strain or decide self-employment isn’t for you, knowing when to pull out can be vital to maintaining your career in a fast-paced and constantly changing industry.

Worried about becoming a VA? What concerns are keeping you awake at night? Let us know on twitter @PALifeMag