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4 Things To Consider Before Becoming A Successful Self-Employed Contractor

If you’re thinking about becoming a self-employed contractor, you’re in for a job with many advantages where you’re running your own business and calling all the shots.

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Things To Consider Before Becoming A Successful Self-Employed Contractor

If you’re thinking about becoming a self-employed contractor, you’re in for a job with many advantages where you’re running your own business and calling all the shots. If you have excellent skills and experience in your field and are looking to transition from full-time employment, this is the next logical step.

However, while self-employment comes with many benefits, some challenges come with being your boss that you need to think about. Before you delve into the waters of self-employed contracting, here are all the things you need to know and consider.

1. Use Partnerships

Partnerships between businesses are always beneficial because they allow you to improve your business outcomes and expand your market. Through a good and solid partnership, you can strengthen some of the weaker aspects of your business and come out on top.

Use partnerships

But of course, it’s also important to choose who you partner with wisely. For instance, if you’re starting an eCommerce business, you can’t go wrong using Fulfilled by Amazon (FBA). Amazon takes care of all of your inventory storing, packing, and shipping for a small monthly fee.

If your partner with Amazon FBA, you can expect the following benefits:

  • You will have more free time. There’s nothing better than having a lot of free time on your hands to grow your business, and since you don’t have to worry about storing and shipping items, that’s exactly what you will have.
  • You won’t need any storage space. Amazon will take care of any storage needs you may have, and you won’t have to deal with the headache of finding a storage space that’s big enough and fits your budget.
  • You will have Amazon’s reputation. Amazon is an eCommerce giant, and the name Amazon itself instils trust. When potential customers see that you partner with Amazon, they will trust you more, your chances of making a sale will increase, and so will your sales volume.

And if the time comes when you want to retire and sell your business, it will be easier to sell an FBA store. However, when the time comes for that, you need to calculate your Amazon business worth to get the best possible price. Make sure to take all factors into account, and you will get the best possible reward for all your effort.

2. Take Advantage of Business Intelligence.

Business intelligence isn’t a thing of the future anymore, it’s present in many companies, and it is here to stay. The global business intelligence market is predicted to reach $33.3 billion by 2025 as more and more companies take advantage of business intelligence.

Take advantage of business intelligence

The main use of BI is to help businesses make better and more informed decisions backed up by data. There are many reasons why data analysis is crucial for business, and with the help of BI, you will be able to spot new opportunities easily while also cutting costs at the same time.

Here are just some of the benefits you’ll have if you start using business intelligence:

  • Have a better understanding of your customers. The best way to succeed in business is to understand your customers and give them what they want. BI can help you dig into any issues your customers may have with your business and understand their needs and wants better.
  • Drive performance and revenue. Good BI software can analyze any staff-related data to help you understand what drives them, what issues they have, and what you need to do so their performance will improve.
  • Identify sales trends. Customer data allows you to analyze what they are looking for from a business and what they’re willing to pay for.
  • Provide personalized service. Today’s consumers are looking for companies willing to cater to them and their specific needs through personalization. You can give them just that when you analyze their data.

There is no question of whether you should use BI software; the only thing you need to decide is which tool is perfect for you. For example, ZoomInfo is one of the most popular BI software on the market and one of the more expensive ones, so maybe you should consider using a ZoomInfo alternative. Such a tool will give you the same or similar features at a considerably lower price, saving your budget for other valuable tools.

3. Create a Business Plan

You might be wondering if you need a business plan or not, and most of the time, the answer to this question is a resounding yes. However, as much as 27% of aspiring entrepreneurs don’t have a fully developed business plan, and this is usually a recipe for disaster.

Create a business plan

When you wouldn’t need a plan, the only instance is to be hired as a contractor as soon as you leave your current job. This means that you already have several clients lined up and don’t have financing requirements, but this is extremely rare for self-employed individuals in any profession.

There are multiple reasons why you need a business plan:

  • Performing market research and seeing if your business idea is feasible and has the potential to be profitable.
  • Attracting potential investors and obtaining financing.
  • Setting out a plan on how you will market your services and products to clients.

Forecasting any expansions you might have in the future, such as hiring new employees and subcontractors or acquiring new equipment.

Your business plan doesn’t have to be overly complicated or even hard to make, as you can find templates online that will help you input all of the necessary information. And don’t forget to update your plan regularly as your goals and objectives will change over time.

4. Think About Whether You Want to Expand

Most contracting businesses that offer quality services and products will reach a point where they need to expand. The expansion would require hiring more people to handle the increased workload, and while this is a good thing in some instances, in others, it’s unnecessary.

Here are a few things to consider before you hire new employees:

  • How specialized is your business? A regular contracting firm that does the same things as any other company can hire practically anyone. However, if you have a specialized business, not every worker could hire the wrong person to hurt your profits and reputation.
  • Do you have enough time? The entire process of looking for a new employee is extremely time-consuming. If you don’t have the time to post job listings, vet resumes, run background checks, and go through interviews; it’s better not to start the process at all.
  • Is the ROI going to be enough? Consider how much the return on investment hiring a new employee would be. Unless they generate more income than the cost of their employment, including salary and taxes, you might even lose money when you hire them.

For most self-employed contractors, it’s better, easier, and much less stressful to remain a small business and take on manageable projects but remain profitable. But if your goal is to build a large business, you need to plan for that from the very beginning.

5. Final Thoughts

Starting your own business is a big life change and requires a lot of careful thought and consideration. If you’re drawn by entrepreneurship and want to be self-employed instead of answering someone in a higher position, then take the plunge and become your boss.

It won’t be easy in the beginning, and there may be times when you want to give up, but if you keep chasing your goals, one day, you’ll be as successful as you always hoped.

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Business

Top 5 Tech Blog Earnings That Will Amaze You

Blogging requires minimal business investment and is often started of passion. These top 5 tech bloggers teach us how to make money out of blogging.

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Rules to Fictional Blogging - TwinzTech Blog

Blogging has now branched into different variants like traditional blogging, third-party platform blogging, and social media micro-blogging.

To stay in the present, people from different walks of life are indulging in tech blogs. We have analyzed the top 5 tech blogs’ key success points to motivate more tech bloggers.

Top-Earning Tech Blogs that are Worth your Time

Blogging requires minimal business investment and is often started of passion. These top 5 tech bloggers teach us how to make money out of blogging. With so many successful tech bloggers across the globe, the downsides of blogging are hard to find.

1. Engadget

Earnings per year – $47.5 million

Engadget publishes content on a vast range of relevant tech topics. You will find content on robotics, wearables, search engines, smartphone games, and whatnot!

Founded by Peter Rojas (a former editor of Gizmodo) in 2004, Engadget has estimated annual earnings of $47.5 million, making it to the top of the tech blog posts table. Peter Rojas, however, left Engadget in 2008. AOL acquired Engadget in 2011, and the famous Verizon Media currently owns it.

Engadget uses affiliate links within its product reviews as a monetization option. You will find these links as a call-to-action button labelled as ‘Buy Now. The main navigation of Engadget’s product reviews gives due prominence to affiliate revenue-generating links.

2. Wired

Earnings per year – $30.7 million

Launched by Louis Rossetto and Jane Metcalfe, Wired is currently owned by Condé Nast. Wired.com was formerly known as HotWired and Wired News. It was founded in October 1993 and later split into a magazine and website in the late ’90s.

Lycos bought the website, which Condé Nast later purchased on July 11, 2006. To do away with the declining profits, the two branches were again reunited.

Wired.com (the website) is paywalled, which requires users to make a payment for accessing more than four articles each month.

Wired hosts various technology blog content on new products, tech businesses, video games, cameras, security, and the like. The website uses affiliate links and other commercial revenue-generating tools to boost its earnings.

This website is ideal for tech professionals looking for the latest gadgets, reviews, or tech discoveries.

Top 5 Tech Blog Earnings That Will Amaze You

3. Mashable

Earnings per year – $30 million

Founded by Pete Cashmore in 2005, Mashable is a tech and media blog. Pete Cashmore is a web consultant aged just 19-years from Aberdeen.

Mashable covers a broad spectrum of tech topics. This blog has learned what commercial revenue generation method works the best for itself. Mashable teaches fellow bloggers to add elements that drive revenue in their blogs.

Mashable Deals is the monetization section of this blog post that features reviews, deals, product roundups, links, and several other commercial contents.

Mashable is regarded as one of the most influential tech blogs on the internet now! If you want to catch up with everything happening in the tech world, then Mashable is your go-to site.

4. TechCrunch

Earnings per year – $22.5 million

Founded by Keith Tears and Micheal Arrington, TechCrunch has estimated annual earnings of $22.5 million. TechCrunch received global recognition owing to its advanced tech content and blogs. If you want genuine reviews of tech products, then you must check out TechCrunch.

TechCrunch focuses primarily on global tech giants like Uber, Amazon, Alphabet, and other such companies. TechCrunch is currently edited and owned by Mathew Panzarino.

You will also find many articles related to reviews on the latest tech products, news on tech discoveries, pricing of the latest gadgets, and content on new gadget developments.

TechCrunch ran a famous database, Crunchbase, between the period of 2007 to 2015. However, Crunchbase has a separate entity now.

5. Gizmodo

Earnings per year – $4.8 million

Founded by Peter Rojas in 2002, Gizmodo is a popular tech blog. Gizmodo also covers the content on design, sci-fi, and science. This online platform serves various parts of the world, including the UK, Brazil, and Japan.

Gizmodo is currently owned by the G/O Media and is edited by John Biggs. Gizmodo offers stiff competition to the top tech blog platforms like Engadget.

It provides in-depth reviews on the latest gadgets, smartphone designs, and laptops. Gizmodo uses sponsor ads to monetize its blog posts. It has an estimated visit of 22 million per month with a domain authority of 93.

Closing Thoughts

The primary source of revenue for most tech bloggers is direct advertisements and affiliate links. Technology-related blogs drive a vast audience base which further boosts their income.

Moreover, tech reviews allow tech bloggers to add affiliate links as CTA buttons. You can go through these top 5 tech blogs to learn how to commercialize your tech blogs.

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