In my experience, there is almost always something that holds an independent service professional back from either getting his/her business started or ramping it up to full capacity and keeping it there. I call it the "Fraud Factor". Until you no longer feel like a fraud, any investment you make in marketing your business will be diminished because these unresolved issues are draining all of your marketing efforts. After all, if you don't believe in yourself, why will anyone else believe in you?
What is the "Fraud Factor?" It's a great sense of insecurity that overwhelms you any time you attempt to talk about or market your business in some way. Below is a list of 6 statements that business owners suffering from the Fraud Factor Syndrome often tell themselves. Do you resemble any of these remarks?:
"I have no idea what I'm doing here -- why would my client trust me?"
"I don't have any experience in working with clients as a (fill in the blank here with your profession) -- the people I talk to about my business are going to see right through me."
"I can't charge this much money for what I do -- I'm not an expert in this field."
"I don't have enough information to work with clients -- I need to get more training."
"I'll bend the rules just once for this client. After all, I'm a newbie, and I need to do anything I can to get a client."
"I don't have all of my marketing materials completed -- no one will ever believe I'm a business owner, so I can't start until everything is perfect."
I would be lying to you if I told you that every single one of these thoughts didn't flutter through my head on at least one occasion in the start-up phase of my business. One or two of these come back and visit me on a regular basis, even though I've been a successful business owner now for 7 years and counting. It's very natural to be visited occasionally by your own IBSC (Itty Bitty Sh**ty Committee).
What distinguishes happy, successful, confident, and fulfilled self-employed business owners from the unsuccessful ones are how they handle problems and challenges and deal with their self-doubt and self-confidence issues. I'm of the opinion that life is comprised of mountains (places and times when you're at your best), valleys (when you don't think can take another minute) and missiles (unexpected events that take you off track). If you were to ask 20 very self-confident people about the low points and high points in their lives, every single one of these people would tell you that his/her life has never been all mountains -- that they have all seen their fair share of valleys and missiles just like the rest of us.
However, the difference is that these self-confident business owners realize it's a phase and it will pass. The IBSC (also known as the little voices you hear in your head), will rule your life and your business if you let it. None of you fell off the turnip truck yesterday, to borrow a phrase from my growing-up years out in the country. Every single one of you brings into your business a unique set of skills and experiences that no one else has and no one else can duplicate.
So, if you feel yourself to be a fraud, for whatever reason, you need to learn to "act as if", or "fake it 'till you make it" -- pretend as though you're a wildly successful business owner until you truly believe that you are. If you need help, get it -- from a good friend, a business colleague, your spouse, a coach -- whatever works for you.
People with high self-esteem who handle problems and challenges well understand that the only people who don't have mountain, valleys, and missiles in their lives are lying in the cemetery. So, fake it until you make it, act as if, and suck it up and get over yourself. Mark Twain says it best, "Whether you believe you can or you believe you can't, you're right."
Copyright 2006 Donna Gunter
The number of self employed people in the UK is growing. According to the Office National Statistics (Q4 2006) there are a 3.8 million people that fall into the category of working for themselves. One reason for this growth is that work patterns are changing with more people than ever deciding to work from home.
This change in work patterns prompted mortgage lenders to develop a new product specifically targeted at the self employed who otherwise may not be able to meet the criteria of a standard residential product. They were quick to realize that these people would find it more difficult prove their income in the traditional way.
Working for themselves meant they would be unlikely to be able to produce pay slips and that their income would not follow the standard regular monthly payments of an employed person. Not wishing to miss out on this growing category of home buyers the self employed mortgage scheme was born.
So how do you determine if you may be a candidate for a self employed mortgage? Here are a few examples to help you decide whether this type of mortgage is the best option for financing your home purchase.
Obviously, this type of mortgage is primarily designed for someone who works for themselves on a full time basis. For example, if you are running your own shop or driving your own taxi, then you will probably need this type of mortgage as you may find it difficult to prove your income. After all, if your accountant is good at his job he will be doing all he can to legally minimize the amount of profit you have to declare in order for you to save on the tax you would otherwise have to pay.
What if you are not Full Time Self Employed?
Not all people work for themselves full time. Some people work on evenings and weekends, doing additional jobs as delivering leaflets, providing bouncy castles for children's parties, fixing cars or a whole host of other part time activities to bolster their income. These people are classed as part time self employed and if they want to use the income from this to qualify for a mortgage, they will probably need a self employed mortgage to do it.
But what if I am Employed and Have Irregular Income?
Finally, there are also people who are in the normal sense employed, but may still need a self employed mortgage. These are people who earn from dividends (such as major company shareholders), from commission (such as sales people) or from bonuses (such as workers in the City). While these people are not self employed, their income is irregular, which is one of the key criteria for qualifying for a self employed mortgage. If you are unable to show a regular income this type of mortgage is your best choice for funding a house purchase.
In all the above cases, in order to get a self employed mortgage, you will have to make a declaration of earnings (saying how much you expect to earn in the coming months and years) and you may have to get a statement showing previous income from your accountant. Once you have that information, it is quite straightforward to get a self employed mortgage.
Both Donna Gunter & Daniel Millions are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Donna Gunter has sinced written about articles on various topics from Internet Marketing, Property Investment and Nutrition. Online Business Resource Queen (TM) and Business Coach Donna Gunter helps self-employed service professionals learn how to get more clients online at