Take the plunge and become self employed
If you have a marketable trade or skill, and want to be your own boss, then self-employment might suit you. According to The Independent you’ll be joining the ranks of the 4.5 million workers who are self employed across the UK.
Some basic information
If you decide that self-employment is for you then it’s a good idea to take into account all that this entails. For a start, you will have to be good at organising your work pattern. You can’t call in sick just because you don’t feel like working; the only person you’ll be fooling is yourself. You’ll no longer be eligible for on the job training. If you need to improve your skills then you should sign up with a training provider. Options Skills provides courses for the gas and electrical trades, the NUJ runs schemes for writers and a quick search online will reveal other bodies that supply training to their members.
Financial concerns
Another factor to consider is that you will have to invest some money in promoting yourself. A Facebook page and a Twitter account are a good idea for self promotion, but you may also have to consider advertising in the local press, as well as producing some business cards and flyers. These start-up expenses have to come from your own pocket, so when you are thinking of joining the ranks of the self employed make sure that you have sufficient savings to fund your start up costs as well as several months without any salary at all. Many people use redundancy payments as a way of financing a new lifestyle. The Citizens Advice Bureau has some helpful advice for anyone who is thinking of branching out on their own.
Organisation is paramount
If you want to make a success of your new lifestyle, then you will have to be organised. You can’t present HMRC with a boxful of tatty receipts at the end of your financial year. From day one familiarise yourself with government tax regulations and go online to the HMRC website for further information. If you find that bookkeeping isn’t your forte, then hire a bookkeeper, they’re cheaper than an accountant and just as competent for helping you keep your finances in order. A personal business plan is a good idea, you can work out what income you need to generate and also how much money your fledgling business can afford to spend.
The joys of self-employment
Despite the fact that paid holidays will be a thing of the past, and you’ll have to organise your own pension, there is still a great feeling of satisfaction to be gained from working for yourself. The only people who’ll ever tell you what to do will be your clients, and if they prove too demanding, you don’t have to listen to them once a contract is over. You’ll never have to attend a boring meeting, if you don’t want to, and your dress code will be your own. Another bonus is that if it’s a sunny day and you’re free, you can simply close your front door and go out for the day – just remember to take your mobile with you so you can keep in touch with your clients.
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