Leaving That J-O-B

Since I'm now fully focused on my marketing communications business, I have had many people tell me that they are thinking about working for themselves as well. They ask me for any tips or things to think about before they take the plunge and leave their full-time J-O-B.

1. Calculate what you need to make as a contractor to cover things like insurance, retirement, vacation and sick days. One of the things I forgot to calculate was vacation and sick days. Yes, I can take a day off whenever I want, but I forgot to add that into my hourly contracting rate.

2. Talk to your financial advisor. Make sure they give you an opinion on your proposed hourly contracting rate and that you're set-up for things like insurance, retirement, etc.

3. Hire a tax professional. Yes, it's an extra expense, but you need to do it. They will be able to help you answer questions you have about running your own business including the best form of business (S-Corp, C-Corp), what you can deduct, what percentage of your home is included as part of your office space, and paying quarterly taxes. Plus they stay up-to-date on current tax laws which may help you even further with your taxes.

4. Pay quarterly taxes! Normally with a full-time J-O-B, you are withholding money throughout the year that will count towards your end of the year tax payment. It will be easier once you know what you should be withholding the first quarter so you know what to expect for the rest of the year.

5. Remember that working from home still requires you to work. I work out of my home office and the first month that I was working for myself, I couldn't make the hours that I needed. Because I was home during the day, it became my responsibility to run errands that were normally taken care of outside of business hours. Just because you work from your home doesn't mean you can't work. Make sure to prioritize what needs to be done so you can still get your work done.

6. Your paycheck won't come twice a month. Working for yourself typically means billing on a monthly basis. Now you can write a contract with whatever terms you want, but typically companies bill once a month, which means you get paid once a month. Work you are completing on June 1 won't get paid until at least the second week of July. It's nice to have a little extra money to cover those time gaps when you first start out.

These are just a few tips for things that I experienced. If you are thinking about taking the jump, talk to people you know that work for themselves and see what their experience was. I will tell you that it gives you greater flexibility to do the things you want to do and greater freedom as well.

Get The Discounts You Deserve

If you are a 501(c)(3) not-for-profit organization, I'm sure you're taking full advantage of any charity discounts you can get your hands on. However, if you're a for-profit organization that hosts events to benefit charities, you could also be receiving the discount as well, depending on the type of event and the level of benefit for the charity.

I'm currently planning a corporate golf tournament where all the money raised will go directly to our not-for-profit charity. As I'm researching and connecting with golf courses, I've been able to get their charity rates since all money raised goes directly to the charity. The discounts can range anywhere from 5-15%, in addition to donations to the silent auction. You may not think that's much, but for a $25,000 tournament, that could be a savings of $1,250-$3750.

Be sure to explain whatever your situation is and ask if your event would qualify for a not-for-profit discount. The worst thing they will say is no!

Congrats Class of 2013, Now Go Get a Job! - Part I

If you're one of the lucky soon-to-be graduates this year that already has a job, double kudos to you! If you're like the majority of soon-to-be graduates, however, you're still on the hunt for that perfect "First Real Job." The statistics are against you too; 20- to 24-year-olds are experiencing 13.1 percent unemployment.

I've reviewed hundreds of resumes, applications, cover letters and reference letters for people looking to be hired or to win a scholarship. Here are my tips that will help you stand out for the chance to be interviewed.

Customize your cover letter - Nothing's worse than sending an obviously generic letter. The people reviewing your cover letter can tell it's generic. This is the time where you can do research on the company or organization to tailor your interests, hobbies, achievements and connect it to something you've found on their website or through interactions with them.

Google yourself - Before you Google yourself, log off of all your social media profiles. Once you've done that, type your name into the ol' search engine and see what pops up. Make sure to click on each link to see what you're able to see as a member of the general public (or a reviewer of your resume or application). Also, make sure that you go at least four pages into Google on your search. Don't like what you see? Make sure that you're locking down (securing) all of your social media profiles, with the exception of LinkedIn. If you have a different name now, make sure that you Google that name (your maiden name, for example) as well.

Get your LinkedIn profile in shape - This is the one social media site you want to have lower security settings so people can see your extended resume and achievements. Make sure that your profile is filled out as completely as possible; that you've joined appropriate groups for your professional interests; and that you have multiple recommendations listed.

Don't lie - Even if you get away with it in the beginning, somebody will find out about your fib or lie. Just don't do it!

Click here if you want me to review your resume or LinkedIn profile before you send it out to the world: http://bit.ly/168ILl5