Self Hack: How to become self-employed and earn a six-figure income

Why stay unemployed when you can become self-employed?

Instead of wallowing in misery and letting the weight of unemployment crush you, you can become self-employed and start to earn meaningful income.

A lot of unemployed people I have met are afraid of self-employment. But they are not afraid of burning time, energy and money to pursue job vacancies and interviews, even though they never get the jobs.

The problem for most of them is always knowing what to do and knowing how to do it. They attest to this with different excuses. Like, I will need to have plenty money to become self-employed, I must work under employment for long years to gain the knowledge and experience I will need to become self-employed, and so on.

You can become self-employed without money and long years of experience, if you want to.

Here is a step-by-step guide I think you will find useful:

Step #1: Identify your service or product
You might have heard this saying before, ‘Getting started is the hardest part.’ This is so true.

Before you venture into self-employment, there is an important question (problem) that you must answer (solve). This is: ‘What will you offer?’

Would you be offering a service or product of some sort? What important problem would your service or product help to solve?

Many people find it very hard to answer this question (and solve this problem), so they totally avoid attempting anything in the line of self-employment.

Unfortunately, without a clear idea of the service or product you will be offering to your clients, you would not even know what to start with or what to expect. And this makes it even harder for you to go into self-employment or perform well when you are into it.

You are going no where except you can perfectly answer the question (and solve the problem). The best way to get around this, without much money or long years of experience, is to look at the strongest skills you have developed naturally or acquired through training in the past, or see the product you can create with the least cost using the strong skills and deep knowledge you have gained in the past and the resources available at your disposal.

Step #2: Design a realistic small business model

Once you have decided on what to offer, you will need to draw up a small business model around the idea. The model must be realistic. It must accomodate your current situation and capabilities, your current resources and knowhow.

Bear in mind that, when you first decide to go self-employed, you would most likely have to start as a sole proprietor. So, in the beginning, your small business model must be conceptualised in such way that one-man can run it effectively.

Your business model should not promise more than you can offer and it should not accept more than you can take. Keep it realistic as possible and you would not have to struggle with problems that are bigger than you and disappoint your customers in the end.

It should include how your business will collect payments and deliver service or product.

Step #3: Tell the world

With your business model in place, you would be ready to operate. You would be ready to deliver service or churn out product.

But you want to deliver service and churn product to customers, so you have to get the word out to them.

Start by identifying who your customers are, so that you know who you should be spreading the word to.

Are your customers people or businesses? Connect with them and let them know what you have to offer. Without getting the word out, none of them are ever going to know you are there and you have something they need.

Step #4: Seek tiny improvement and growth daily or weekly

The moment you get started and running, you begin to discover a lot of new things. You discover your mistakes, a new service or product idea, a new strategy, etc.

All these discoveries are crucial elements for learning how to improve and grow your business, they will be your invisible teachers.

Set a culture of periodic improvement and growth so that you can become more conscious of these and be motivated to take action. I would recommend daily or weekly, if you want fast growth and results.

Improvement and growth will bring about a rise in income. You could start earning as much as a six-figure income or more, in a short or long term. You could start earning far more than any employer would pay you. It may not happen so soon. It may take a year or two. But it will happen, if you follow these steps rightly.

You can forget about unemployment and get started right now. This was how I started The Newsghost in 2014. Now, almost three years later, we are closing in on a steady six-figure income.

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