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Everyone has dreams but are you bold enough to live it?

1 May

“The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.” – Les Brown

Everyone has dreams. Whether or not they ever share them is irrelevant. Deep down we all have something we would like to achieve. We all like the idea of making an impact or leaving our mark on the world. Just try having a conversation with a stranger or even a loved one and ask them the question ‘what would you do if money wasn’t an issue?’. It is then they will start to reveal their true passions. They’ll begin to think of their deepest desires and explore the details that come with it. It’s amazing what people will share with you if you ask.

I had an eye test the other week and during my appointment my optician and I got talking. While she was carrying out the test she asked me what my plans were for the rest of the day. I told her I was on my way to a business meeting. She then began to ask me about it. She seemed interested so I didn’t mind sharing. I began to tell her that I had started a new venture just before Christmas and today I was meeting a potential supplier. I showed her pictures of my products and she seemed very impressed and encouraged me to keep on going.

The test was almost over and while she was typing up her notes I asked if she did anything outside of work too. I’m always intrigued by people’s lives and I genuinely wanted to know more about her. She immediately stopped typing turned round to face me, paused and then smiled. She said yes, I sell bags. She then began to go into detail about the bags and showed me pictures. She then continued to tell me about the types of people that would purchase one of the bags and how much they would spend each time. She spoke with such enthusiasm and passion, it was lovely to see.

“But” she said. “I work here from 8am-8pm, my days are busy I just don’t have the time to focus on my business”. So I said to her “if you really enjoy this hobby then you should make time for it”. She agreed but still couldn’t see how she could transition from employment into business.

This lady not only had a lovely product but also had customers. She knew her market, she had made the sales! However, she was still fearful of not having enough money and hence focused more on earning money rather than chasing her dreams. The Les Brown’s quote at the beginning of this post is unfortunately so very true. Many people bottle up their dreams and ideas and carry it with them to their grave. This lady obviously had a passion for selling bags but her job was too demanding to give her the time to work on her business. Unfortunately, she now potentially becomes another valuable depositor to the graveyard.

For me, I think it’s a shame. It’s a real shame that many people adhere to society’s unwritten rules that you need a job to give you income. Or the rule that job security is more important than freedom and happiness. Your job or anything for that matter should NEVER take away your happiness. Everyone deserves to be free and happy.

Now the sad thing is, this isn’t an isolated example. This lady is not the first person I’ve spoken to that has had a dream but hasn’t been able to put it into action. Fear and doubt constrain so many people. The thought of not having regular income paralyses a lot of us (let’s not lie here). So we opt for the more comfortable option to avoid the uncertainty. But in doing so don’t we sometimes lose sight of what’s important in life? I strongly believe that you should never be afraid to live your dreams.

So let’s not make the graveyards any richer. Let’s not carry our dreams to the grave. But let’s live them and in doing so we can inspire other people to live theirs.

 

Natalie x

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It’s 4am and I’m tired 

9 Nov

This post was written about 3 weeks ago. It had been a busy week and I hadn’t got much sleep. On this particular night I decided to pass the time by writing.

***

Its Friday. 1:09am to be exact. I’ve been in bed for an hour. It was a late one tonight as I was preparing paperwork for a meeting tomorrow.

My daughter’s fast asleep in her crib by my bed. Her little sighs and yawns are no longer cute at this hour. Each sound seems to fill the room, preventing me from falling asleep. But to be honest she’s not the reason I’m awake. I just can’t switch off my mind.

There’s so much to do

I’m currently juggling motherhood, my relationship and my business. It’s likely that I’m not excelling in all these areas but I like to think I am. In my short 3 months of being a mother I’ve already developed the “I can do it all” approach often taking on more tasks than I can handle. Being a new mum and an entrepreneur has its challenges.

It’s now 4am and I’m tired. 

We’re both awake now for the night feed. I’m currently writing this post using my phone with baby in my left hand and phone in the right whilst balancing the bottle with my chin! If motherhood has taught me anything that is to be creative. I’ll do all I can to juggle looking after baby and the million other things that needs to be done. I tweeted the other day…”I’m mastering the art of multi tasking” but am I really? Let’s be honest I can only really focus properly on one task at a time. I may feel like I’m being productive because I’m busy but the reality is I’m probably spreading myself too thin…

She’s now been fed and the good baby that she is she has gone straight back to sleep. But my mind’s still awake…

I’m thinking of my client meeting tomorrow. “Have I got all the paperwork ready?”, “will I close the sale?”. I think perhaps being an introvert also means I’m highly analytical of my actions. Each action I take usually requires a long drawn out analysis asking myself “should I have done that?” “What were the other people thinking?” “Did they perceive me well?” “What can I do better next time?”

It’s now 5am and I’m awake

The birds are singing now and tiredness has left me. My thoughts have kept my company throughout the night and now I’ve been awake for an hour just “social media scrolling”. I like to mentally plan my day and I usually do this while scrolling through instagram ‘liking’ pictures of motivational posts hoping that somehow it will change my life. lol

There’s probably not much point falling back asleep at this point.

It’s now 7am and I’m tired again

I managed to fall asleep again but the broken sleep is getting to me. I just know that today will be difficult and coffee will be needed. However, today I can’t stay in bed even if I wanted to. My client meeting is at 2pm out of town and yes little one is coming with me. So I better start getting ready.

Maybe I’ll get some sleep tomorrow night…

Nat

What’s stopping you?

5 Oct

“I just need that million dollar idea” “I don’t have enough money to start a business” “I don’t have the right skills”

There are probably a million more reasons why people don’t pursue business or become an entrepreneur. We’re all waiting for the ‘right time’. We tell ourselves that we need to reach a certain level before we act. We put things off for years thinking we have all the time in the world! Some of us are probably even waiting for the stars to align and for the world to stop spinning before they decide to chase their dreams. It’s all ridiculous. There’s no right time! You can plan as much as you want but anything and everything in your life can change in an instant!

That’s why I’m asking the question “What’s stopping you?”

What’s stopping you from leaving your job that you’re so unhappy in? What’s stopping you from applying for that business start up funding? What’s stopping you from working on your passion in your spare time? What is it?

In the past I have asked myself these same questions…and yes I came up with excuses. I could’ve written you a book containing all my reasons. But when I revisited these reasons…each time the answer pointed back to me. I was the problem (still am).

I’ve been on this entrepreneurial journey for about a year and a half now. I have tried and failed at a few things including making and selling gift hampers, tutoring and setting up a concierge business. I’m not bitter about any of these because they have taught me invaluable lessons. But it dawned on me the other day that the greatest challenge I’m facing on my journey is my mind set! That’s right. It’s not my competitors. It’s not the amount of resources I have and it definitely isn’t about my skills (I have 2 degrees for goodness sake!). The common denominator was always ME. Each time I came to a hurdle or a setback I would get discouraged and give up and move on to the next task.

So I asked myself how badly do I want it?

And honestly before I had my daughter…deep down I would have answered not that much. I may not have admitted it but that would have been the true answer. I realised I didn’t want it that much because when I came up against trials I was quick to back down. I was quick to say…well maybe this isn’t for me and I would give up! But since having my daughter, everything I’m doing has so much more purpose. I look at her and I realise I’m not just living for myself anymore…in fact, this time next year I’ll be a wife AND a mother! I have responsibilities. I have to be accountable.

That’s why I’m starting to look at entrepreneurship in a different light. It is the ultimate teacher of perseverance…I thought it was a career choice for the talented and the highly skilled. But when I really started to understand it, I realised that it is just a test of mental strength and whether I’m willing to keep going right to the end!


What ideas have you never put into action? What’s stopping you from achieving them today?

Leave a comment down below!

Let’s chat

 

 

 

5 ways to increase your earning potential as an entrepreneur

20 Jul

In previous posts I established the limitations of self-employment and the restrictions it can have on your earning potential.

But the question is…how can you increase your earning potential as an entrepreneur?

Delegation

First up is delegation. Having people work for you not only helps to spread the work load but allows your business to reach a wider range of people. Bringing people on board to work for you gives you more time to focus on working ON the business, rather than IN it!

Systems

Now that you’ve taken yourself out the equation you can replace it with systems. Creating a system is a great way to ensure your business remains running even when you’re not there. The success of the business is no longer solely reliant on you, it is now reliant on the system. This ensures that your business can be run and managed by anyone. This is advantageous because it helps to create continuity.

Distribution

If done correctly, distribution can take your business from 0 – 100 ! If you have a product your main aim should be to put it in front of as many people as possible. That way it increases your chances of sales. No matter the idea or product, with the right marketing and distribution your business can take off! Obviously it takes a lot of hard work but when you look at the examples of successful businesses you can see they have mastered the art of distribution e.g McDonald’s.

Ownership

This way is more for the creative ventures such as writing, painting, music etc. By creating a unique product which you claim ownership over, means you have the right to sell this on for profit. This means that even after the original effort has been completed you can still benefit from the work you put in. For example, writing a book may take you months or even years to complete but if written well, could provide you with regular income for years to come.

Repeatable services

Creating a business that requires your client to come back month after month will help provide your business with a steady income stream. For example, monthly subscription services are a great way to gain that commitment from customers. It not only provides customers with a guaranteed service but it also helps stabilise business income. Gaining commitment from customers through direct debits is desirable to help generate a regular income for your business.


So there you have it! 5 ways to get you thinking about increasing your earning potential as an entrepreneur. All of these suggestions can contribute to your set up for a lifetime of residual income.

Please share any more tips below!

Natalie

Ambitious Women; Let’s hear from Jackie

18 Jul

Name | Jackie Taiwo

Tell us a random fact about yourself | I taught myself to play the piano when I was 12 and was pretty good for a few years, but I haven’t touched a piano in over a decade now.

What is your current occupation? | I work full time building my new business, Melariche (www.melariche.com), an online makeup & skincare catering to women of colour. On any given day, I may be working on web design, marketing & sales strategy, brand curation, operations management, social media…the list goes on and on. We launch in August, so everything is super busy, but it’s so fulfilling to work on a project that you’re passionate about and believe in.

Melariche---ORIG---logo

Would you class yourself as an ambitious woman?| Most definitely. I’m always in pursuit of a goal I’ve set for myself whether that be in my personal life or career related. What’s interesting though is how I have been able to jump onto new opportunities without looking back. I studied engineering college, but decided to work in corporate finance after graduation. After working a few years, I then decided to pursue a joint law-business graduate degree (thinking I would move into business role within the entertainment industry), and by second year of grad school decided I just had to leave the country and was hired by an international law-firm willing to relocate me after graduation. I was able to transition at each stage because I did not believe my path was limited by my current experience at that time. And I think having ambition is being able to see a vision for yourself beyond what society or your environment says you should do.

Have you always been ambitious? If not what was the turning point for you? | I think my ambition was engrained in me early by mother, who passed away in 2002. My mother was born in the deep south in the height of Jim Crow (quite literally born on the land her grandparents were enslaved on), but she was not someone who let her circumstance limit her vision. At 19, single and pregnant, she moved to the New York by herself to give her family more opportunity. She worked hard, got married and was able to buy a home with ten years. Fast forward to 1981, five kids later, a single mother now, she decided to get her bachelor’s in nursing while pregnant with me and graduated with a degree from one of the best nursing programs in New York. I watched her step up in the community whenever it was needed. Our local HeadStart program needed a bus driver to take local kids (including myself) to the school. With six kids, a full-time job, she made to time to volunteer to drive that bus. I can name countless instances where she was first in line to help those in need. Like so many black women, she all did this without seeking recognition and was not incredibly vocal about her achievements. I doubt she would have even called herself ‘ambitious.’ She did what she thought was necessary to provide for herself, her family and her community. But her ability to see & create opportunity has had a big impact on me. She did not let her struggles define her and that’s a powerful mindset. In my toughest times, I think this type of ambition has been so powerful in motivating me to push on.

Jackie 2.jpg

What is your biggest achievement to date? | My 4-year-old daughter has to be my biggest achievement. She’s beautiful, super smart and headstrong. Outside of that, I would say quitting my job as a corporate lawyer after 5 years. Yes, quitting was a huge achievement for me. I was so unhappy and not living in my purpose but I was incredibly afraid to quit. Overcoming that fear was huge feat and I’m so proud that I was able to do it. Fear can really cloud your ambition, so letting that go was a major step for me and has allowed me to progress to where I am today – one month away from launching Melariche!

What is your long term vision for yourself? | My vision is massive. I want to grow Melariche into a ‘Sephora for women of colour’ and really shake up the beauty industry which has ignored women with darker skin for far too long. I want to eventually build Melariche stores all around world. Our tagline is ‘Celebrate Your Beauty’ because our brand represents beauty in all colours and sizes. Women are constantly told that they need to a look a certain way in order to be beautiful or to be successful. I want to challenge that notion by encouraging women to look however they want, wear whatever makeup they want, do their hair however they want, and that’s okay and beautiful because it’s YOU and you have been and will always be enough. Live life on your own terms and break the mould!

It’s also incredibly important to give back and I’d like to start a program that empowers vulnerable women to see possibility beyond their immediate struggle and pass on the mindset that my mother gave to me.

What have you sacrificed or willing to sacrifice to achieve your vision? | I’ve given up a lot of my time. I work on Melariche in every free moment because there is always something to do. The to-do list never ends. This unfortunately means I struggle to be present when I’m with my daughter and husband, and at times I’m afraid I won’t feel the effects of this until years later. But my husband is incredibly supportive and every day I block out time that is just for me and my daughter (working on putting the phone down!).

What advice can you give to other ambitious women that want to pursue their dreams but are afraid to do so? | Optimism. Remove the word “can’t” from your vocabulary. The power of being positive cannot be understated. Talk about your vision confidently – even if you don’t have the resources – focus on what you can accomplish and make a growth plan and believe in it.

Also, I think it’s important to pause and set aside a few days to literally write down your 3-year or 5-year plan, whether it’s for your business or career.  Write down what you want to achieve and be as detailed as possible about how you’re going to achieve it – force yourself to be realistic, take note on your strengths and include a plan to work on your weaknesses. Have someone you trust read it and to help determine if the plan you’ve set out will actually get you the results you seek. Also, write down contingencies for each stage, knowing that even if you execute your plan perfectly, sh*t happens beyond your control requiring you to pivot. But when that time comes you’ll be prepared because you know there’s a plan B.


 

Want to hear more from Jackie?

Follow her on Twitter Instagram Facebook

Website: www.melariche.com

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Are you ambitious? business minded? or pursuing  your passion?

Want to be apart of this series? Express your interest by emailing quietlyambitious@hotmail.com or messaging here  


 

Being self-employed is restricting your earning potential, and here’s why

13 Jul

In a previous post I spoke about why leaving your 9-5 job to be self employed was a waste of time. This post has been written to expand on a few concepts presented in that post, one namely being the restriction on your earning potential as self-employed.

We have always been taught about exchanging our time for money. Time = money. This is because we have been conditioned into a system that rewards us with a specified amount of money for the time and effort we put into a job. So as a self-employed person, working 8 hours a day means that person would receive an income equivalent to the time spent doing the job.

It’s clear how this concept works. It follows a simple formula.

Hourly Rate X Hours worked = Income

Therefore, time spent not working means there would be a loss of income.

But when you really get down to the details, you begin to realise that self-employment can be restricting your earning potential.

Let’s use the example of a private tutor that charges £20 per hour for their services. They work 8 hours a day and at the end of the day they earn £160 as compensation for their time spent doing the job.

20 X 8£160 per day

But let’s say the tutor has continuous work coming in for the week and they’re able to work 8 hours each day. We can now calculate their income for the work week.

(Hourly Rate X Hours Worked) X Days Worked = Income

(20 X 8) X 5 = £800 per week

Simple right? So the tutor could potentially earn £800 per week.

But let’s say for the purpose of the example that this tutor could work an extra 2 hours each day, taking it to a total of 10 hours a day.

(20 X 10) X 5 = £1000 per week

Now this tutor has increased their weekly earnings by 25% by just doing an extra 2 hours per day!

But let’s continue to push this tutor to their limit. Let’s say they can work an additional 2 days a week. So in total they’re doing 10 hours a day, 7 days a week. They’re putting more time in so that would mean more money right?

Correct!

(20 X 10) X 7 = £1400 per week 

The tutor has now increased their income by 40% by doing an additional 20 hours over 2 days.

We could keep pushing this tutor. Let’s say they can work 24 hours for 7 days (unrealistic but let’s go with it for the sake of the example).

(20 X 24) X 7 = £3360 per week 

The tutor would have now increased their weekly income by a whopping 140% ! That’s amazing right?

Now if we extrapolate this formula and calculate their earnings for the year based on working 24/7 for £20 per hour we can see they will earn £174,720 for the year!

What a nice salary I hear you say!

However, the reality is…no one can work for 24 hours a day, 7 days a week…even if they tried.

The example above has obviously been exaggerated to show you that as a self-employed individual charging an hourly rate you are capping your earning potential. In reality we know that self-employment income can fluctuate so we should expect that the earning potentials are a lot less favourable than what you see here.

But the problem with working for an hourly rate is there is only so much you can earn in a given time. If the tutor was physically able to work every second of the day based on the £20 per hour, that tutor could only ever earn £174,720 for the year. Yes, they could increase their hourly rate, but then again there would be a cap on this too. Essentially, their maximum earning potential will always be proportionate to the hourly rate set.

But what does this mean for budding entrepreneurs? Well if you only charge an hourly rate for your service you are essentially capping your own earning potential. You’re limiting your work to the confines of time. The calculations show that you will never supersede the maximum if you work under the time=money system.

So, we (as entrepreneurs) need to become more creative and innovative with our service. We must look at ways to stretch our time further. Unfortunately, we cannot physically be in two places at once, nor can we alter time, but we can consider other methods that will open up unlimited earning potential!

Come back next week where I’ll give you tips on how you can increase your earning potential as an entrepreneur.

Natalie

 

It’s midday, I’m in my PJs but I’ve been the most productive I’ve been in weeks

6 Jul

We all believe that to be productive we need to be dressed, ready and sat behind a desk. We take pride in our perfectly organised Instagram ready desks. We spend ages in IKEA looking for the perfect pencil holder to match our folders. We’re convinced that if our office utensils don’t match it will block our productivity and stifle creativity. Some of us may even prefer to leave the house. Sitting in Starbucks drinking overpriced coffee tends to be the most popular option… There seems to be something about a coffee shop that ensues an atmosphere of ‘productiveness’ right?

(Yeah sorry to break it to you but it’s just excellent branding and marketing)

Now don’t get me wrong I’m not criticizing anyone that works in coffee shops. I’ve been about that life (still am, occasionally). I’ve been known to drive 20 minutes to a coffee shop just to sit there for hours because I was convinced that I would be more productive there than at home. Sometimes this was true. But others…well I just wasted my time and money.

But I realised that being productive is nothing more than your mindset. It has nothing to do with the environment you’re in.

The other day I woke up early and felt inspired to write. I had this surge of creativity and I knew instantly I had to get it out my head and onto ‘paper’. I sat in my bed and got out my laptop and started tapping away at the keys. Before I knew it, it was midday and I hadn’t even stepped foot out of bed. Now, usually this would bother me. I rate my level of achievements based on how early I wake up and whether I got dressed for the day and left the house. But on this particular day I did none of that, but I still had a feeling of accomplishment. It was a strange experience. My environment was screaming laziness, un-productivity and procrastination but my actions were the opposite. That morning I managed to complete 2 blog posts, schedule a meeting and recruit another person for my business.

This is why I say productiveness is a mind set.

I realised on this particular day that my willingness to be productive was based on my mindset. I woke up feeling inspired to write and instead of disrupting that inspiration by getting out of my bed and setting up my desk, I instantaneously began to release what was inside. This free flow of creativity is what led to my productiveness. I didn’t try to confine it to ideals that I thought were necessary to produce great work. I just let my ideas and thoughts be. Creativity can strike at any moment and when it does I believe that’s when it comes in it’s most authentic and natural form.

So if you come to my house before 12 and see me in my PJs, don’t assume that I’m not working hard to achieve my goals!

Natalie

 

 

Ambitious Men; Let’s hear from OluFela

22 Jun

Name | OluFela Raymond Tusin (Fella) is what everybody calls me. Some call me OluFella

Tell us a random fact about yourself | I LOVE TO COOK

What is your current occupation? | I am Currently a product advisor for Microsoft and a Freelance Photographer

Would you class yourself as an ambitious man? | Yes I would. I am very passionate person about everything that I get involved in. its either all or nothing for me. I don’t believe in “halfassin” Life.

Have you always been ambitious? If not what was the turning point for you? |Yes I have always been an ambitious person. But I also believe there have been moments in my life where I push myself to be more ambitious about my endeavours. One of those moments was when I left college to pursue my dreams as a photographer. With so many self-titled photographers these days I believe what separates me from others is my passions and love for capturing people, my ambition to always keep growing learning and inspiring others to do greater things.

What is your biggest achievement to date? | My biggest achievement to date is raising over $7000 towards Livingstone International University (LIU); a privately funded University in Uganda Africa.  I achieved this by volunteering 2 weeks of my personal time and skills to document LIU’s first graduation class ever. I spent 95 percent of my time on the university’s temporary campus documenting the students, professors, deans and other employees surrounding the campus. I also took advantage of my surroundings and shot and documented as much of the locals as possible.

This wouldn’t have been possible to achieve if it wasn’t for the amazing company I work for (Microsoft) pushing each and every one of its employees to volunteer in their communities. For every hour I volunteered, the company matched my time with $25 per hour donation to a charity of my choice.  As I was born in Lagos, Nigeria; I figured what better place to give my time than a country in Africa.

While in Uganda it really took me back to growing up as a kid in Nigeria. I remember hoping; praying and wishing that one day I would have the opportunity to better my family’s lives by getting a better education and a great job. But I also prayed I would have the opportunity to leave Nigeria and see what else the world had to offer me. Fortunately for my family and I, we won a visa lottery and I was presented with everything I ever dreamt of.  As I documented the students and people of Uganda, I could see that same hope for a better future and opportunity in every kid’s eye. That’s what pushes me every day to keep raising awareness for the kids/people in Uganda.

Through my photographs from Uganda and other works, I continue to raise funds for a second trip back to Uganda and also help fund more resources for the kids and people in need in Uganda.

Olufela

 What is your long term vision for yourself?| My long term vision for myself is to be one of the people that educates and encourages young minorities in America and all over the world to invest their time and money back into Africa and also help educate the youth in Africa. To achieve these goals, I would have to move to a country in Africa and start a base for young entrepreneurs and educators to come. I don’t have an exact written plan for this yet, but everyday God leads me closer to building it together.

What have you sacrificed or willing to sacrifice to achieve your vision? | I am willing to sacrifice anything to achieve my vision because my goals won’t just benefit me but it will benefit future generations to come. I have sacrificed a lot. But I would say the biggest thing that I have noticed sacrificing day in and day out is my own personal money. I invest a lot of money into my work. Most people I know have grants and other resources that help them fund their work. But all the money I have comes from either selling art or from my 9-5 job at Microsoft [Thank you Microsoft].

I have also lost a lot of people in my life because of the changes I had to go through mentally and emotionally to become my true self.

 What advice can you give to other ambitious men that want to pursue their dreams but are afraid to do so? | Take it a day at a time. God didn’t create the world in one day. Be patient. Don’t just accept the knowledge giving to you, seek it out yourself.

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Please make sure you go and check out Olufela’s amazing photography! Support the cause

www.feleraymond.com

Instagram: peopleofuganda       felaraymond

 

8 reasons why quitting your 9-5 to become self-employed is a waste of time 

1 Jun

We all dream of a life where we can sit back and do what we want. We all want to live lives where we can truly experience our dreams and do the things we love. We don’t want to be told when to wake up and when we can go on holiday. We just want control over our lives. This is why some people are drawn to self-employment and the fantasy of becoming ‘their own boss’.

By definition, someone that’s self-employed doesn’t work for an employer. They usually charge an hourly rate and they get paid for the work they complete. The amount of hours worked reflects the amount of money received. Examples of self-employed jobs include, builders, photographers or web designers. They essentially trade skills in return for money.

But quitting your comfortable 9-5 job to pursue a life of self-employment is a waste of time and if you keep on reading, I’ll tell you why.

1. Irregular income | Self-employment can be up and down. Sometimes business is booming and other times there’s nothing.

2. Difficult to plan for the future | The irregular income makes it difficult to plan for holidays or to buy big purchases. One month you may get triple the amount you usually make then the other month you could get nothing. This makes it difficult when trying to work out a savings plan because your income fluctuates.

3. More difficult to apply for credit | The criteria to apply for credit, loans or mortgages are a lot stricter if you are self-employed. Due to the irregular income; creditors are more cautious about lending money. Currently in the UK the self-employed need to provide 2 – 3 years proof of income before approval. So if you’ve just left your job and started to work for yourself and you want to buy a home in the next year or so…good luck trying to secure the mortgage.

4. No sick pay or annual leave | Being self employed comes with poor perks to the job. If you go off sick, so does your money. Want to go on holiday? Well unless you can complete the work remotely, it is likely you won’t be getting paid. Unless you can find a reliable person to take on the work for you, it is likely this particular income stream will stop until you return.

5. No guaranteed pension plan (unless you sort it yourself) | You have to become responsible for your own pension plans (and so you should).

6. No work life balance | You may find yourself working round the clock and putting in more effort than you did in your job. It becomes more difficult to establish a work life balance because your work becomes your life.

7. 100% responsibility and accountability | You are solely accountable for the business. If your customers are unhappy with your service they are coming straight back to you! However, a 9-5 job can buffer the brunt of disgruntled customers as the responsibility and accountability of the company are shared. This can leave you a bit more stress free than if you had to deal with it your self.

8. Limited earning potential | Although you become your ‘own boss’ your earning potential is similar to when you were working a 9-5. You get paid a hourly rate or salary for the year for the work you put in. Your income will always be relative to the time spent doing the job. For example, part time hours yields part time money. But the problem is that there are only 24 hours in the day and unfortunately you cannot work for all of them.  This means that your earning potential will always be capped.

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Self-Employed < Business Owner

A lifetime of self employment does not provide you with the same rewards as a ‘stable’ 9-5 job. It requires you to turn up early for the job, work overtime with little rewards, poor pension plans, no annual leave/sick pay and 100% of the accountability if anything goes wrong. Now for me, this doesn’t seem appealing.

The problem is, is that people don’t realise that your earning potential in self-employment will always be capped. Your earnings are based on how much work you can complete in a given time. So when you think about it, there’s only so much you can do, there’s always going to be a cut off point.

So in the long term, self-employment is a waste of time. Do you think the richest people on the earth actually work for their money? Think about it. Do you think Bill Gates actually hand made any of the Microsoft computers on the market today? No! He’s a business owner. He owns systems and he distributes his products. He has people work for him which gives him more time to expand his business and generate more profit. Do you think if Bill Gates was self-employed he would be able to distribute his products to millions of people as he does today?

Now if the rich are not working for their money, what makes you think working for your money at a lower level will give you financial freedom? It won’t. That’s why it should be our goals to move from employee/self-employed to business owners or better yet, investors! This is where you’ll start to generate residual income and be on your way to financial independence.

My reality of failing

18 May

If you’re a fan of motivational speakers such as Tony Robins and Les Brown you’ll be familiar with their mantra on the importance of failing. These speakers amongst many others always stress that to be successful you must fail; because failure is a way to learn. I’ve heard it many times and I thought I believed it, I really did…but I soon realised I was lieing to myself.

Let’s talk honestly about failing. It’s a horrible feeling. Possibly one of the worst. It can create insecurity and doubt in the mind. It can make you question your actions and stop you from pursuing your dreams in an instant.The subtle reminder of past failures can become quite tormenting. It suggests to you each time that you’re inadequate, you’re the reason why you haven’t made it and you’re ultimately the FAILURE. But for those that are ambitious you need to accept that failure is inevitable! It’s something you HAVE to deal with. Working towards your goals means a lot of trials and errors along the way! But your drive and determination is what will keep you going despite the guarantee of failure.

Personally, I don’t fail well. I’ve grown up with a ‘little miss perfect’ complex. I never really stepped foot out of line at school and I minimised risks wherever possible throughout life. I thought that staying within my comfort zone meant that I would avoid failure. I went through school doing minimal work and came out with OK grades. Setting my standards low was a way to protect myself…because if I ever did fail I could justify it with the fact that I didn’t try my hardest so it didn’t matter.

But this post has come about because I recently experienced a few obstacles, setbacks and barriers. I still don’t like to fail and even though I push myself each day I’ll be honest, the thought of failing haunts me each time.

I’m currently building a business in financial education and along the way I’ve hit a few hurdles, barriers and road blocks! (to say the least) which has discouraged me on so many levels. Paperwork and admin are an essential part of every business and it must be done correctly to ensure accuracy. I was met with a task where I had to complete some paperwork in a short space of time. I wasn’t completely familiar with the processes and I felt a bit overwhelmed about having to complete it quickly. I got it wrong; a few times and I made errors. I wanted to quit. I contemplated giving up and justifying to myself that this business venture wasn’t for me. But I could see a trend and I told myself I can’t give up this time round. So I stuck at it and completed the paperwork. I put in 100%!

So it’s important that if when you fail you realise that it’s all apart of the process. If the journey to the top was easy…a lot more people would be up there. So remember to keep your mental state in check. Be honest with yourself. Give 100% and don’t make excuses! If you’re met with failure, acknowledge it and keep it moving!

[As always, I write these posts as motivation to myself. I’m still learning. I’m still developing but hopefully along my journey I can help you all too!]

How do you cope with failure? Leave a comment below or drop me an email

“Let your dreams guide you”

Nat x