Going it out alone can be a great way to work your way up and be recognized based on your merits and strengths alone. Going into business for yourself is the most successful way that you have available to you to grow your wealth and gain financial independence, time and location freedom, the life flexibility that makes life truly worth living. But there is also a lot to know about going solo, the costs, the hoops you must jump through, and the added responsibility of overseeing it all. Here are three things that you need to know about going solo in your industry to prime yourself for success.

The Startup Costs

The first thing that you need to know before going solo in your industry is what the basics of your startup costs are going to be. Every business has startup costs; depending on the type of business it could be anything between one hundred and one hundred thousand dollars and beyond. Make sure that you know what the startup costs are going to be for you and your industry before deciding to go it alone.

How to Market Yourself

Another thing that you need to know about going solo in your industry is that you will be responsible for marketing yourself. You are your business, and so you are going to have to take on the work of marketing your business services to the world. Getting reviews is critical to showing prospective clients you can be trusted. Make sure, especially when you are starting out, that you incentivize your customers and clients to leave positive reviews and feedback in a public setting for potential new clients to see. This can give you the best advertisement possible, the seal of approval of someone else.

Handling Your Taxes

The final thing that you need to know about going solo in your industry is how to handle your taxes as a business owner and independent contractor. No more W-2s for you if you are going it alone; instead you are going to have 1099 forms and Schedule K for business income. You will be responsible for withholding taxes on your business income and sending your quarterly estimated tax payments to the IRS. Speaking with a CPA about the details can help you with confidence that you are handling your taxes appropriately.

Going solo in your industry can be an amazing way to take ownership over your productivity and the fruits of your labor. Just make sure that you aren’t going in blindly. If you know these three things, then you are ready to strike it out on your own.

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