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Are You Ready to Become Self-Employed?
The grass is greener, they often say, on the other side. In terms of making a living for yourself, that ‘other side’ can seem like an alien dimension – although self-employment figures are skyrocketing thanks to cheap technology and a flexible work culture, actually readying for the Great Unknown can intimidate even the hardiest proto-entrepreneur.
So, ask the question: are you truly capable of doing this? And, if you’re not, what can you do to safely relish the satisfaction of being your own boss? Let Bright Ideas light the way, and consider the following points before you make the switch…
Nail down your philosophy
Business is as much about a cohesive vision as it is focusing on the practical elements of working for yourself, and the fundamentals of your brand should already be crystallising, like a guardian angel guiding you through the ups and downs ahead.
Why do you want to make the transition? Looking critically and mercilessly at your ambition will hopefully reveal the core of personality, ethics, and rhetoric that’ll snare your consumer base. Research is important, as is testing your ideas on close friends and strangers alike, acquiring as much feedback as you can. If you can’t find a unique identity, it’s doubtful that people will remember you.
Catalogue your capabilities
Money doesn’t limit people from freelancing or contracting like it used to, but you should have savings to tide you over until those invoices trickle in. Since working from home is now a popular and viable option, there’s no harm in regulating your venture to the confines of a spare room, at least initially. Office space can be expensive, and an unnecessary burden when getting to grips with cash flow.
Time, conversely, is a resource that’s always running out. Being a loving partner, or rushing around after young children, can add undue stress to the mix of running a business. By planning a schedule that factors in domestic, travel, and leisure commitments, you’ll be able to keep those plates spinning. Treating self-employment like a regular job is the only way to remain vigilant and focused.
Ridding your bookkeeping woes
This leads us on to a solid bookkeeping plan: without it, you’ll get tangled in the wilds of invoices, payrolls and tax submissions. It’s easy to forget about chasing up the odd invoice when your momentum is cresting, and all the little things matter for the fabric of your business to function as it should.
As an accountancy service specialising in freelancers and contractors, Bright Ideas can take the pressure off, dealing extensively with every aspect of your business accounting. From checking viable expense claims to filing your tax returns, our bespoke accountancy packages offer great value for money, ensuring your profit margin is ticking away nicely while you deal with more immediate issues.
To learn more about how we can help, call 0161 669 4221 or email Info@biaccountancy.com before you make the leap to self-employment.