How to Start Working for Yourself

Thinking about starting your own business? Let’s be honest, there’s never been a better time – nor have we ever had more time! – to take the leap. With so many of us (me included) now in the routine of working from home, swapping meetings for Zoom conference calls and only wear smart clothes on our top halves (pyjama bottoms FTW), I know a lot of my friends have spoken to me about changing this into a way of life, way after the lockdown is over.

More and more people are becoming self-employed and enjoying the benefits of being their own boss. While there are many perks to self-employment such as greater flexibility and unlimited earning potential, there are also obstacles and you need to know how to get started.

Registering

If you are self-employed, you will need to set up as a sole trader and register for Self Assessment with HMRC and possibly register for VAT. As a self-employed worker, you will need to do your own taxes so it is absolutely essential that you have a proper accounting system in place which monitors all income and expenses and that you re-member to file your tax return each year. This can be daunting and stressful at first but becomes much easier once you get the hang of it.

Setting Up

If you decide to start working for yourself, you will also be responsible for getting the business up and running which can be a difficult and complex process. This might in-volve market research creating a business plan, securing funding and finding a suita-ble location for your business. There are also likely to be equipment costs to cover, especially with industries like hairdressing where you will need to invest in hairdress-ing accessories and equipment.

You will also need to set up an office space that’s going to allow you to be productive and separate your working time away from your relaxation time. Setting up a home office doesn’t have to be expensive, and you can go here for tips on how to do that if you’re on a budget.

Legal Requirements

It is also important to check to see if you require any licenses or permits to operate and also that you abide by any laws and regulations – there are certain industries

where this will apply more than others, such as any food-related industries. It is vital that you are compliant and above board from day one so you need to take the time to research and make sure that you are setting up in the right manner.

Securing Work

One of the major challenges that people face when they start working from them-selves is making a name for themselves and securing work. This is where creating a brand identity, having a strong online presence and digital marketing is so important. You also need to network at every opportunity and promote your services to your ex-isting network – once you start to get work it can become much easier to secure more because you will have experience and a reputation.

More and more people are starting to work for themselves and this is easy to see why. There are all kinds of different self-employed businesses that an individual can start but it is important to be aware of the challenges that this can bring before you get started.