Going Self-Employed

 

 

Top Tips and Essentials for going Self-Employed

 

Going self employed could be one of the biggest decisions you will make in your lifetime.  It should not be taken lightly as this is your future and livelihood  not just for you but your family too.  You should be confident in your ability to do the work that you have been trained for.

 

Now this might seem obvious but many people who are tradesmen only have a limited amount of training and can at best only take on small jobs. I recommend to get as much training for your particular trade as possible.  The more skills in a particular field you have, the more likely you are to obtain more work. Attend training courses on a frequent basis, especially in the beginning although we all can never stop learning the key to success.

 

Before you take the step, hunt around to get some contract work or get the word out that you will be self-employed on a certain date.  You will want to be in a positive position before you become self-employed. Have work already lined up with some good contracts and hopefully some private customers wanting your services. Getting work straight away should be your priority,  you don't want to be waiting for that phone call in order to start.

 

 

As soon as you know the start date you will need to inform the Inland Revenue or your tax department in your country.  It's law so get it done straight away to avoid any repercussions later on down the line. You might decide that you will want to have an accountant from the start, but you can do online assessments in the beginning if you want to save money. If you are not sure get some advice from professional services or other self employed people on what you need to do.

 

Grants

 

Grants can help you in the early stages especially if you need tools or equipment for your business. Don't over do the budget, but do get good tools, as these are essential to do the work. Prioritise your spending on important items that will get you an income in straight away. 

 

Marketing your business to expand clients and customers

 

Think about how you are going to market your services both on and offline to maximise your effects to get more business, again dont over do it look for ways that you can advertise for free and low cost advertising at first. Once you start earning money you can decide to increase your outlay. And to look at other methods that will be of maximum benefit to you and your business. Get a professional website such as Boom Absolute to brand and promote your business.

 

Have a realistic budget to start 

 

When you start out it's easy to start spending money on this and that but I can't  express enough the importance of keeping your costs to a minimum until you can realistically put more money into your business. You want this business to be your future not a 5 minute wonder.

 

Business Plan

 

You might want to consider putting in place a business plan detailing what you are going to do how you are going to do it. Have a realistic plan of what you are going to do and how you are going to achieve your goals.  Outline your business expectations in the beginning then consider where you want to go with your business.

 

Disclaimer

 

Berics Accounting offer a range of accounting services designed to meet the needs of your business. To find out how Berics can help you and your business achieve more, contact us.

 

© Berics Ltd  2015. All rights reserved. The document provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Never rely exclusively on our standard answers and general content and always do your own specific research.  Always have the entire facts and all documents to hand before making any decision.

 

© 2015 by Berics Ltd. Registered in England & Wales - 08221935

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