Undoubtedly, the events of the past 18 months have certainly been difficult, proving to be a challenging time for many individuals and businesses.
For many people, they spent a significant portion of the lockdown on furlough, looking for various ways to entertain themselves with the abundance of time that they found themselves with. Whilst some created bars in their back gardens, others completed long-overdue decorating tasks and others found comfort in streaming platforms, there were a few that took the time to try something new: set up a business.
Lockdown allowed people to try their hand at creating their own business, with many having great success. However, this desire to become self-employed has not dwindled and many are looking to set up their own business. If you are one of the many looking to become self-employed, here are a few things you need to consider.
Seeking Expert Advice
Understandably, there will be certain areas of running a business that will be a little difficult to understand. Whilst you might be able to read guides or search online for how to best market your business, other aspects require a little bit of extra time and attention – even the help from an expert.
Being self-employed can be greatly freeing, however, the responsibilities can at time be overwhelming. For instance, trying to handle the financial side of the business, such as sorting taxes can be a stressful job, especially if you do not understand what it is you are meant to be doing. The added stress of sorting taxes is the fear of something going wrong, as an error could be costly to your business. It is worth considering investing in outside support from tax accountants, who are highly qualified in this field. Having a tax accountant might sound like a costly investment, however, the experience and knowledge they have could be a huge benefit to you and your career.
Ask Yourself If You Are Motivated
One of the luxuries of being self-employed is the flexibility in working hours. Deciding when you choose to work to fit in with your lifestyle is great but it is essential to be able to complete the work. Being self-employed means that your income relies on the work you can get and complete. If you lack the motivation to find work and get clients to use the services you are offering, you may find being self-employed to be extremely challenging.
However, if you are confident, have the drive and have no fear of failure, your energy and commitment will prove beneficial as you complete project after project.
Know What You Need
If you are still motivated to push forward and fulfil a dream you have always had, it is worth knowing exactly what you will need to turn that dream into reality. There are a few things that you must do when you choose to become self-employed, which includes registering yourself as self-employed, setting up a business bank account and knowing if you need to register for VAT.
Having an idea, business name and milestones you hope to achieve might be the first step, putting those plans into motion and having everything legally ready is the next step to turning your dream into reality.
Becoming self-employed can be a thrilling time, filled with the prospect of great opportunities, the chance to be your boss and flexibility in the hours you decide to work. As you seek to turn this dream into reality, it is worth taking into consideration factors such as seeking advice, whether being self-employed is the right route for you and if you are prepared to take on such a challenge.
Although it can seem a little daunting when looking at what could go wrong, the successes and highs that can come from being self-employed are certainly worth taking the risk.