The road to self-employment can be exciting. It gives you the chance to push for your dreams to become a reality, you get to say goodbye to being dependent on employers. Self-employment can also be wonderful opportunity to learn and develop self-discipline. While it can be a great career path, there are some things that you need to know before you begin.

Register your business ASAP

It’s strongly suggested that you register your business once you’re sure you’ll be going self-employed. You’ll need to register your new business with HMRC either as a sole trader or limited company. It takes a lot of time to pull the trigger in deciding whether a person plans on going self-employed, but once that decision is made as well as registering you will also need to think about managing your tax.

Recognise that it’s not going to be easy

When you make the leap into self-employment, you’ll need to just be realistic with yourself. This means that you’ll need to understand that going self-employed isn’t all freedom. While yes, going self-employed does mean you’ll get to have more flexibility or even enable you to make a dream or idea a reality, you will need to put in a lot of work and determination.

You’ll be wearing many hats as a self-employed person, as you’ll need to do your own marketing, payroll admin such as pay management, and other payroll solutions – thankfully help is at hand at least for managing payroll. Focusing on marketing your business, delivering good customer service, at the same time as trying to do what you do best in a business can be a challenge. Sub-contracting is far from easy, it can be one of the more difficult things to achieve but with the right support and advice it can be an exciting opportunity.

You’ll need to open a business bank account

Many business owners make the mistake of thinking that they won’t need a business bank account and can instead just use their own. When the money begins pouring into your business, having a personal account simply won’t cut it. You’ll need to physically go to the bank and open a business bank account. It’s going to make managing your finances so much easier and keep your personal separated from your business.

Your business needs insurance

No matter how big or small you plan to make your business, you’re going to need insurance, and that is non-negotiable. Businesses that deal with clients and customers – which is all businesses – will need to have insurance. There are a variety of different types of insurance out on the market, so make sure you investigate it or hand it over to a company that provides the right insurance solution for you.

Don’t be afraid about outsourcing for help

Even the most successful of businesses reach out for help. That’s why there are services around just waiting to help self-employed business owners like you. Whether you’re needing help navigating the right insurance your business needs or payroll services, don’t be afraid to reach out. Outsourcing can prove extremely beneficial as you’ll benefit from a whole team of experts to help you.

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