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    Success In Self-Employment: How to Become Your Own Boss Working from Home
    Success In Self-Employment: How to Become Your Own Boss Working from Home
    Success In Self-Employment: How to Become Your Own Boss Working from Home
    Ebook186 pages1 hour

    Success In Self-Employment: How to Become Your Own Boss Working from Home

    By Vincent Gabriel

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    About this ebook

    In this book, Vincent Gabriel teaches you how to make an assessment of yourself to find the right kind of business opportunity for self-employment. It covers business planning, and how to set the right goals for self-employment so that your family and your finances will not be in jeopardy. Some of the opportunities discussed in the book includes:
    Freelance writing, freelance teaching, coaching, mentoring and consultancy, small F&B business, tutoring etc.
    LanguageEnglish
    PublishereBookIt.com
    Release dateApr 26, 2016
    ISBN9789810777524
    Success In Self-Employment: How to Become Your Own Boss Working from Home

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      Book preview

      Success In Self-Employment - Vincent Gabriel

      Today

      Unit 1

      Being Effective: Friends, Fiends and Focus

      When you complete this unit you will be

      •    able to identify the short, medium and long term goals in self-employment

      •    analyse these goals

      •    compare how each of the self-employment activities measure in the attainment of goals

      Introduction

      In Unit 1, you will accept the importance of time management.

      In this unit you accept that by being in Self-Employment you enjoy the benefits of self-actualisation. Hence when considering effectiveness, you will only consider the practical goals of income, leisure, long-term retirement (after the age of 68) and viability of the business service.

      Time and Goals

      The three time periods to consider are: short, medium and long term.

      The short term refers to the twelve-month period that the Self-Employed person like you has to plan for.

      The medium term refers to the period beyond twelve months but less than thirty-six months. This is the period needed to measure if a business is strong enough to be described as self-sustaining.

      The long term refers to the period from three to five years, a period of time necessary to prove that the business has developed enough acceptance in the community, as to be able to continue to grow and provide a sustainable income for you.

      Goals and practicality

      Within the short term goals, three practical outcomes can be regarded by the Self- Employed as being needed:

      a)  providing a monthly income of $3,500 (in 2013). This can be considered as the income needed to sustain a family of two parents and two children (under the age of twelve) living modestly in a Housing and Development Board flat and attending a neighbourhood school with modern expenses for food, clothing and insurance.

      b)  time for the family

      This refers to having time for one meal together as a family once a day

      c)  control over the work environment

      Being a Self-Employed person gives you control over working environment and this refers to you deciding when to start work, when to stop and the fact that you have no supervisor to answer to for your actions.

      The medium term goals are more difficult to pin down for the Self-Employed Person. Three ideals, among others, are identified as being common with anyone who is self-employed.

      The first is the ability of the business to generate enough for the Self-Employed to contribute regularly to a saving fund aimed at retirement (CPF Life being one example) on top of the annual Medi-Save contributions needed before the business can be re-registered for another year. Most Self-Employed Business Services are personal and unique to the service provider and cannot be sold to someone else, hence the need to contribute to a formal retirement fund that can withstand the rigours of inflation and financial crisis (that seems to be a feature of today’s economy).

      Another medium term goal must be the ability of the business to provide enough funds to the Self-Employed Person to be able to stay in hospital for about one month when a medical emergency arises. This can be provided by buying medical insurance, with a proviso for loss of income during the period of hospitalisation.

      The third medium term goal must be for the business to provide opportunities for the owner to be able to interact with his customers and get business opportunities in an open environment and your properly completed job creates another opportunity for new clients.

      The long term goals for the Self-Employed Service provider requires the individual make a conscious commitment to permanent sustainability of the service.

      CASE STUDY 1.1

      I married the man I loved. He was in sales, and from what I could gather doing well. After we married, he wanted to be self-employed. He got into land banking. He said that he was doing well. Then one day after five years, he was out of a job.

      Then he went into selling gold coins. He seemed to be doing well. One day he went to Penang on a business trip. The next day 20 angry people turned up at my house. I tried to call him. There was no answer. I had to call the police to help me sort out things. The company selling gold coins was engaged in a scam.

      Then two years later, he suddenly appeared at my doorstep. I was angry. I did not want him. The daughters wanted him back as their father.

      I had no choice. I told him to drive a taxi. He said that if we did so we could not live in this private housing estate but had to move to a HDB flat.

      He went back to doing foreign exchange.

      Imagine, some of the best bankers from the best banks with their degrees in economics and finance getting burnt, and yet my husband claims that he could do and must do foreign exchange. I am waiting for the next explosion and the angry crowds at my doorstep.

      What have I learn?

      •    Self-employment has to be planned for.

      •    Do something that you know well.

      •    There should not be any limits, for example there is no rule/law that requires taxi drivers to stay in HDB flats.

      •    Specialised training is needed in some professional fields as the interests of clients and their welfare have to be protected.

      •    You may say that I am overly negative. I believe I am a realistic after all that I have been through. I am not selling the house (a semi-D) as the proceeds will go to my husband’s reckless lifestyle.

      Some types of services that were once popular have become less so. An example used to be the freelance insurance agent. Today this particular industry is tightly regulated and the freelance insurance agent has all but disappeared and replaced by the professionally qualified, fully accredited insurance executive who works for an insurance company.

      The internet has brought buyer and seller together and various types of freelance agents have been rendered toothless as buyers and sellers meet over the internet and transact business.

      Hence any long term goal for the Self-Employed Service provider to survive more than three years, requires the practitioner adds value to the service provided. An example would be a business consultant who not only helps a business identify its weak areas but who also helps the business get government grants (to achieve business objectives) and bank loans (to grow the business).

      The Self-Employed Service provider who is able to widen and to deepen the services to clients would be working on the 6Cs.

      The end result would be to build up the intellectual property unique to that business. It is this intellectual property that can be transferred and sold eventually.

      Hence only a limited number of goals can be identified as being suited to serve as long term goals for the Self- Employed Service provider.

      In this instance the only two are:

      •    the ability to sustain, providing a kind of service that has a demand from customers for more than three years, without being eroded or removed by technological or economic changes

      •    the ability for the service to grow in depth and width and develop intellectual property that is special and unique

      Glossary of terms used

      Summary

      The Self-Employed Service provider has to measure effectiveness.

      Effectiveness has to be measured in terms of:

      Short term less than one year

      Medium term more than one year but less than three years

      Long term more than three years

      The short term goals are:

      •    providing a monthly income of $3,500 (in 2013)

      •    time for the family

      •    control over the work environment

      •    The medium term goals are:

      •    able to contribute to a retirement fund

      •    able to pay for hospitalisation and loss of income

      •    able to leverage to continue to grow the business

      •    The long term goals are:

      •    able to sustain work for more than three years

      •    able to build unique and special characteristics that can be considered I.P. rights

      Unit 2

      Time, Fools, Focus

      When you

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