All Right, so you are now self-employed. You have waited and dreamed of this day. Being self-employed means that you can set your own office hours, go on vacation when you want to, make as much money as you want, and be your own boss. It can’t get better than that, right? Right! Unfortunately, many people when they become self-employed have no idea how to discipline their daily structure. Since they have spent their working life being guided by the company policies, pay structure, promotions and oversight by a boss.
When working for someone else
When you work for someone else you have a boss watching to see if you report to work on time. You go on break when told and stay gone only the appropriate amount of time. Have a set lunch hour and never leave to go home earlier than the company closing time and take your vacation at a time when no one higher up than you is scheduled to be away. Many seek self-employment because they want to control their own destiny. They don’t ever again want to be watched over by a boss, adhere to company policy, work in structure and have to answer to anyone else.
If you are self-employed you have a boss and the boss is you
I have seen so many successful employees leave the corporate world, come into real estate as an independent contractor and become completely frustrated because success doesn’t happen. The point they miss is if you are self-employed you have a boss and the boss is you. You have a business and the business is yours. In order to succeed, you must have policies and they have to be created by you. You must have structure and order and the systems and structure must be created and implemented by you. Steven Covey in his book 7 Habits of Highly Successful People says that you need to spend 75 % of your time working on your business and 25% of your time working in your business. In other words, you spend more time figuring out the structure, organization and the policies than you do actually doing the business.
People come from the corporate world with no understanding of how to be self-employed
What time does your office open and what time do you close
One of the most important decisions you make when you own your own business is what time does your office open, what time does it close, what days do you take off each week, what times of the day are you available to receive phone calls or return calls. It is a total misconception that real estate agents are available 24/7. Real estate is a business like any other and it is up to you to decide what work hours are best for you and your family so you have what I call “life time”. So many people come into real estate and get completely caught up in learning a new business. They want to immediately feel the success they felt in their corporate job and they lose focus on the most important reason they work and that is to provide for the family they love. In order to have the family, you are working to provide for you must schedule “life time” as well as work time. The time that is family time is just as important or more so than the time you work. When you are self-employed you must divide work time and “life time” and not allow either one to be compromised.