Tips To Become Self Employed
Have you ever considered working for yourself? I’m sure we’ve all considered it, but not many of us can say we’ve taken the plunge and gone for it. With so many factors to consider, it’s often difficult to know where to start. Luckily, I have 3 simple tips that’ll help you get you up and running in no time.
Building A Business
The first rule when setting out alone is this: the success of your future lies in managing your finances. From invoicing to paying taxes, finances must be handled, and handled well. For the self-employed or independent contractor, this often means paying a hefty sum for an accountant. Don’t be fooled however, you will still be responsible for much of the financial work, but your accountant will ensure all taxes are paid correctly and on time.
You may even want to consider being part of an umbrella company or franchise. You’ll receive many of the same benefits as if you are a normal employee, but without giving up your self-employed status. Think of the company as the middleman between you and your financial tasks. They handle the taxes, insurance, invoicing and other financial responsibilities while you focus on gaining new contracts.
Help For All
Contractors fall in one of two categories. The first is the self-employed individual who works on their own. They are listed as an individual for tax purposes. The second option is to create one’s own limited company, which lists you as a business and offers a few more tax benefits. Regardless of the method you choose, an umbrella company is still a vital asset to your business. The main difference between an individual and a limited company is typically the availability of insurance with limited companies usually being responsible for their own.
Even contractors who only contract from time to time can benefit. Umbrella services are available to contractors regardless of the amount of work they perform. The benefits remain the same, leading you to less stress while receiving the valuable help you need to succeed.
Growing Your Business
Once you have a steady stream of income from your new self-employed status, you may consider growing your business and taking on new staff too. This will be an entirely new challenge for you, but perhaps the next step in your self-employed career. There is tons of advice only about forming a new company and you could even ask a business owner you know how they did it too. From making that brave leap from employed, to self-employed, you’ll find yourself Googling offices to let leeds or maybe even London in no time! There really isn’t anything quite like working for yourself…
Good luck with your journey and share any success stories here with us!