You are not working for a company anymore. You are your own boss – #bossbabe #bossman. You’re a freelancer. An independent contractor. Yay!

But you’ve come to realize a couple of things – one, you can secure bigger opportunities if you had a legal business entity, and two, if you stop working, the money stops too. Nay!

Leaving employment and going freelance might be one of the scariest things in life to do, but it could also be the bravest thing you do.

Working independently opens your mind and pushes your boundaries. Your job scope widens. You’re not bound to just a few outcomes. You are accountable and responsible for everything. Development? You. Marketing? You. Sales? You. Accounts? You.  Your livelihood depends on you completely. It’s not about sleeping in till 10am or #livingthelife #lovemylife.

Public holidays doesn’t really matter anymore, everyday is a day to create opportunities.

You no longer rely on a fixed monthly income to pay for your bills and expenses. If you get sick, you don’t have to apply for medical leave, but you need to pay for your own medical expenses. If you are down with fever for a few days, work stops with you. You realize that if you stop working, the money stops too. That happens with employment too. The only difference is, you own your time and your decisions.

At this stage, you have two choices – hide your tail in between your legs and go back to employment – which is ok, some do better under employment, and some people need to gain more experience before trying again. If you are ready, take the next step and set up your own legitimate business.

Being a freelancer or an independent contractor is not illegal, but if you have been operating as one for a while, you may realize the value of having a business or company to build reputation and land bigger deals. And sometimes, your clients pay you late, or not at all because you are ‘just a freelance/independent contractor’. Having a business or company not only helps by getting you bigger deals, it builds a better image for you.

So what should you do now? You need to understand the difference between a business and a company and decide which one to start up.


Business or company?

What’s the difference?

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