According to the Office of National Statistics, self employment is now at an all time high. In the first quarter of 2016, there were 4.7 million people who were self employed.
Many people, millennials in particular, are choosing to say goodbye to their 9-5’s and hello to the world of entrepreneurship. The prospect of going it alone to start your own business from scratch can be very daunting, exciting and ultimately, very rewarding but it is absolutely essential that you know exactly what you are signing up for. Success isn’t instantly guaranteed and there will be days when you aren’t feeling 100% determined but…
If you are thinking about becoming self employed, then these are the things that you need to consider:
1)Register yourself as self employed – Once you become your own boss, you will need to register as a sole trader because you will be responsible for paying your own Income Tax and National Insurance. If you are unsure of whether you meet the criteria for self employment, the GOV.UK website has a list so you will be able to see which category you fall into.
2) Be prepared for successes and pitfalls – No two days will be the same. Some days, business will boom and other days, it may not. Resilience and persistence is everything. You really do get out what you put in. Use successful moments to identify what is working for you and your business and use the difficult moments to remind yourself of why you decided to be your boss and also remember that no situation is permanent, as cliched as it may sound, it is true.
3) Do your research – Identify your niche, make sure you are bringing something unique to your market. Have a plan, speak to industry professionals, attend events etc. Be passionate about your craft.I think research is so important because being able to stand out from your competitors is key. Also, do your best to stay connected on social media, update your company’s website or any business profiles regularly.
4)Management is everything – In order to be your own boss, you need to be able to manage yourself and your time. Management will be at the heart of all you do so you need to ensure your management skills are exceptional.
As mentioned in the first point, as a business owner, you will be responsible for paying your own taxes and insurance. If you know that financial management isn’t a strength of yours, then you might want to consider doing an accredited course. Wowcher have some really good courses that are designed to help you with bookkeeping, taxes and accounting. The great thing about these courses is you can do them in your own time and you will gain a lot of new skills in the process too.
5) Look after yourself – A challenging part of self employment is that if you don’t work, you don’t get paid. Take care of yourself. Yes, you don’t want to miss out on those amazing opportunities by working 6 out of 7 days in a week but remember that health is wealth. Don’t feel guilty for taking time out once in a while.
I hope you have enjoyed this post and I am going to leave you with some very valuable advice…
If you have decided to become self employed or you are thinking about being self employed, check out the Talk Tax website. There are some great helplines you can contact or if you chose, you can leave comments on posts and someone from the lovely team will be on hand to answer your query instantly.
This is a sponsored post between myself and Talk Tax