Achieving Your Dreams of Being Self-Employed
There are many people out there who love the idea of being self-employed. The fact that they will have no boss to answer to, can work whatever hours they wish and do whatever they want can be extremely appealing. However, before you start it is worth thinking about the draw backs. Working for yourself means that you will get no sick pay and you will have to organise your own pension. You will need to organise your own work and find your own customers. You will need the self-discipline to put in the required time but also to take breaks when necessary. It is easy for some people not to do enough work and for others to put in lots of hours of work and do nothing but work. This can fit in to some people’s lifestyles, but not others.
If you still like the idea of being self-employed then you need to start off by understanding the law You need to know how to do your accounts and how to fill out your tax forms so that you can pay what you owe. If you intend on having employees then you will have to work out how to do their salaries and their PAYE, then there may be health and safety regulations, depending on what type of work you are doing. You may also need to consider insurance as well. If you are working from your home, you will need to let your mortgage company or landlord know to check that it is allowed.
To keep yourself focussed, it is so important to come up with a business plan. This will predict how much money you will spend and how much you expect to make. Consider what you intend to do and how you will make money from it and how much you will make. Then you will be able to do this. If you need to borrow money you will need to take the business plan to the lender so that they can decide whether they think that it is worth lending you money.
It will be a lot of hard work, even when you get past all of the paperwork. This is because not only will you be doing your job, you will have to manage the business and you will have to cope with the responsibility as well. You will need to work hard to bring in enough money. When you first start, this will not be easy and you may find that you will not be able to pay yourself. In fact you may need to invest money in the business rather than take any out. In fact a good business does need money made to be invested back in so that it can grow. This will depend on the business but it is something to bear in mind. You may need to have a great deal of money behind you when you start, so that you can cover your personal bills as well as your business bills.