This article about taking time off as a solopreneur is written by Julie Barlow and Jean Benoit Nadeau, authors of Going Solo: Everything You Need to Start Your Business and Succeed as Your Own Boss.
Solopreneurs: 8 tips for taking holidays
The holiday season can feel different when you're self-employed. While friends with salaried jobs talk about their “time off,” self-employed workers often wonder if they can afford to take a good long break. But freelancers need to rest, relax and change gears as much as everyone else. Here are some tips on how to make sure you get all the “down time” you need.
Think of holidays as a necessity
North Americans tend to think of holidays as “perks.” Europeans know this is nonsense, but if you don’t believe them, then listen to the wisdom of public health experts. People live longer today than they did a century ago because eat better and have better health care, but also because we take holidays and weekend breaks.
The bottom line is: if you want to last in your field, you need to rest.
Take your holidays seriously
It’s tempting for the self-employed to take bits of time off here and there, whenever they can, which usually means whenever work is slow. The result is that you won’t actually end up taking holidays at all. It takes a while to truly forget about work and recharge our batteries. Self-employed workers are no exception. How much down time do you need? Psychologists have never agreed on how much down time is necessary, but two weeks is probably the minimum.
Open a holidays savings account
How can you afford to take holidays when they aren’t “paid for”? There’s an easy solution: build up a surplus of money to pay yourself to take time off. Saving money becomes simpler when it’s a habit. Every time you get paid, take 10% off your check. It has to be automatic. You need to remove the money immediately and systematically for each payment. If 10% hurts, start with 5%. If you end up with more money than you need for your next holiday, hold on to it for future breaks.
Put your holiday money out of reach
Your holidays savings won’t do any good if you use them to pay for a new kitchen floor. Holiday savings should be stored somewhere that’s hard to reach, like in a TSFA, to prevent “impulse” withdrawals. Another idea is to open a mutual fund where you place savings above a certain threshold, say $3,000. The return will be better, but, more importantly, again, the funds will be harder to withdraw. Whatever you do, make up your mind not to touch the amount set aside except to pay for holidays (or to cover emergencies).
Clean up the office before you go
Self-employed workers have to prepare for their holidays. When you leave, your accountant, president, sales team and credit manager leave too. There will be no one left to collect accounts receivable, call new prospects or cash cheques. So think ahead. Make sure bills are paid and appointments are set up for after your holidays. If you can’t finish up projects before your departure, leave yourself a note about what needs to be done when you get back. It sounds like a lot of prep work for a holiday, but it pays off in peace of mind while you are away.
Automate your office as much as possible
To make preparation easier, it’s a good idea to automate as much as possible. You can schedule social media postings and email send outs while you are away. Most bills can now be paid with automatic payments. Just make sure you have the funds available to cover payments while you are away. Having an overdraft on your bank account is a good backup in case funds run short. One less thing to worry about when you are away.
Give your clients notice
It’s hard for self-employed workers to resist the temptation of being “available” all the time, even when they are away. The fear of missing a sale or leaving a client hanging nags us all. But you can’t be “available” and be on holidays at the same time. Every email application has an out of office notice, so make sure you use yours. To regular clients, write a friendly email with your departure and return dates and whom to contact in case of an emergency, telling them you look forward to seeing them when you get back. The note prevents misunderstandings with clients who wonder why you aren’t answering their emails, but also reminds you to ignore emails while you’re away.
Be confident: your clients will understand
Clients are more understanding than self-employed workers tend to think (or fear). They take holidays, too! If you’re good at what you do and if your product is top quality, clients won’t pass you over for a future contract because you went away for two weeks. The fact that you are willing to take holidays shows you are organized and confident and sends the message that your business is doing well. Your clients will be happy to find you relaxed, refreshed and ready to work when you get back to the office.
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