Newsletter, 7/12/22; From Job to Self Employment

Tips for Transitioning from a Job to Self-Employment

Many would-be entrepreneurs dream of the day when they get to become their own boss. However, this dream can get derailed for entrepreneurs who do not plan the transition to self-employment correctly.

Many tend to focus on the good things about being a freelancer Transitioning from a Job to Self-Employment— such as freedom and job satisfaction — without spending enough time planning for contingencies. But not planning for contingencies early on can set you up for failure. READ MORE

How to Run an E-Commerce Business As Your Side Hustle With Just 15 Hours a Week

44 million Americans reportedly have a side hustle.

It seems like just about everyone is looking to get a piece of the gig-economy action.

And it’s no surprise why.

Running a side-hustle can give you an incredible sense of freedom.

You can be your own boss, bring in some extra income, and work on projects you’re genuinely passionate about.

Unfortunately, it all takes time.

If you’re not strategic about how you run your e-commerce side hustle, it can actually feel restricting.

Growing an online business is no simple task.

But when you’re trying to balance it on top of a full-time job, it can easily become too much to handle.

However, you don’t need to give up your e-commerce dreams just yet.

If you know how to make your side hustle work for you, you can achieve full-time results in part-time hours. READ MORE

From Employee to Self-Employed

Make that final transition by making your business a full-time gig.

Q: I’ve had some success with my business, but I still maintain a part-time job in addition to my self-employment in order to make ends meet. How can I make that final transition to full-time entrepreneur, and when will I know that it’s the right thing to do?

A: The first thing to remember is that you are always your own employer, regardless of who writes your check. Even if you are in a traditional employer-employee relationship, you are still a company of one, engaged in the selling of your time and expertise to a single client (your employer). Think of your part-time job as an entrepreneurial exercise–a step in the process of achieving a goal. If a job, whether it be part-time or full-time, doesn’t give you some sense of entrepreneurial spirit, excitement, and ownership, then it’s time to think about making a change.

Six key transition steps can help ensure your company and employees thrive, and you get the value you need and deserve from owning the business. READ MORE

A Transition to E-commerce

E-commerce, or commerce conducted over the Internet, is the future of business with over 1.8 billion people worldwide purchasing products online in 2018. By the year 2040, it is estimated that 95% of transactions will be done online. This rush for online products has only been accelerated by the COVID-19 pandemic. As a majority of the population are forced to shop online, companies adapt, adding additional services to accommodate consumers such as more shipping options and a larger range of goods available online. Even after pandemic restrictions are lifted, the changes in e-commerce are expected to be long-lasting, permanently changing the retail market (valued at 23.46 billion USD in 2017). At the same time, the virus does not favor physical stores, being especially hard on small businesses. As the future moves toward e-commerce, investors must take note of its impacts on the marketplace and the opportunities it opens. READ MORE

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