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Four Practical Tips on Making Self Employment Income

Our economy is wobbly as a rocking chair. It is widely known that instability in the economy poses a threat to the workforce across the country. Unemployment is considered to be the predicate of a plummeting market causing companies to close to prevent further loss.  Here are tips on making self employment income.

Unemployment Statistics

This year could be a favorable time for the labor sector. According to the United States Department of Labor’s Bureau of Labor and Statistics, there’s a slight increase in the number of employed individuals in the US. Although the unemployment rate remains firm at 5%, new jobs are continuously generated across the country. At present, an estimated 7.9 million people continue to try their luck in their search for a source of income.

Making Ends Meet

They may not be fortunate enough to get the nods of employers, but unemployed individuals exert all efforts in making the ends meet. Looking for a part-time, contractual or freelance job is the best alternative for the unemployed to earn money.  An increasing number of people changing their status from unemployed to self-employed is a product of the benefits and opportunities available for unwaged individuals.

Risks and Benefits

Being self-employed comes with both risks and benefits. These factors often affect the decision whether to stay as a self-employed or go back to the job hunting arena. If you are planning to be an independent worker, you need to be aware of the following risks:

• Job Security – there’s no assurance that your work or business can weather economic challenges and so are your resources
• Self-Branding – marketing yourself as a beginner is difficult and an uphill battle to earn clients as expected in the first few months

If you are willing to take the risks of being a freelancer, then be ready to appreciate the following advantages of being no one’s employee:

• Control Your Time – you do not have to abide by the conventional working hours since you can control how fast and how long you are willing to work
• No Boss – you are your boss, and you are liberating yourself from the possibility of being rebuked by someone superior to you
• Work with Convenience and Flexibility – depending on the nature of your job or business; you can work conveniently at home or anywhere so long you can deliver the goods

Opportunities to Earn as Self Employed

If you are confident that the path to self-employment is the route that you are willing to take, these top four opportunities to earn as an independent worker will help you choose a more specific field to try:

1. Event Coordinator or Organizer

You don’t need any formal training or education to be qualified as an event organizer. All you need to do is be a part of a network of people engaged in this line of business. You can organize concerts, birthdays, weddings, and other in-demand events. If you have the perfect combination of excellent communication skills, charm, and extraordinary leadership prowess, you can be a good fit for this type of industry.

Expected Earnings: Payscale.com estimates that you can earn from $29,000 to $52,000 per year depending on the size and frequency of events.

Job Requirements: Strong connection among network of suppliers, talent coordinators, venues, and advertisers

2. Private Tutor

If you are an expert in a particular field, and you are confident that you are gifted with the ability to convey your knowledge and skills to others, then you can be a private tutor. There are multiple disciplines with significant demand for private tutors ranging from academic, culinary, theater and arts and more. Private tutors are usually paid hourly or per session basis.

Expected Earnings: Depending on your expertise and experience, you can expect a salary from $10 to $41 according to payscale.com

Job Requirements: Exceptional proficiency in a specific skill or discipline

3. Online Stores

Online sellers capitalize on the wonders of technology. Using the Internet and some technical and marketing skills, you can create an online store where you can sell your products and services. Not only that online stores are easy to manage, but you are also reaching a wider demographic of potential buyers.

Expected Earning: due to the diversity of product and services that can be sold online, there is no available data for the expected earnings of an online seller.

Job Requirements: A distinct product line, hardware and software tools and a significant sum of investment is needed to be an online seller.

4. Caterer

The demand for quality food makes catering services a viable alternative for self-employed individuals. Serving sumptuous meals on various events can be a tall order. You need to have the passion for great flavors and driven by the commitment to provide exceptional service.

Estimated Earnings: Payscale.com projects that independent caterers can earn up to $59,000 annually.

Job Requirements: Culinary training is a great help for someone seeking a career in managing a food service provider.