Becoming a Self Employed Worker
Top Tips For Becoming Self Employed
If you're thinking of taking the plunge, read our guide on becoming a self-employed worker.
Becoming self-employed is a huge step to take, it’s exciting, scary and everything in-between. There are a lot of things to consider when going self-employed, it’s okay to feel a little overwhelmed by it all. So, if you’re considering self-employment grab a coffee and spend five minutes reading our top tips.
1. Is becoming self-employed right for you?
The first question you need to ask yourself should be ‘is this right for me?’ and the second should be ‘am I ready?’. There are plenty of reasons to do it, and there are plenty of reasons not. It’s sensible to weigh up the pros and cons of self-employment before taking the plunge. Being self-employed is very different to being employed. You will need to consider everything that this means. You’ll be responsible for finding work, paying bills and you’ll lose certain benefits like holiday and sick pay. You can work to your own schedule, turn your hand to managing your own business and potentially earn more money while building your confidence. Our advice would be to fully research what it means to be self-employed and determine if this is something that will work for you and your lifestyle.
2. Manage the business set up process
When you decide to become self-employed, you need to take some steps to set up your business. Establishing a new business can be daunting, especially if you haven’t done it before. Creating a list of tasks you need to complete to successfully set up your new venture is a great way to ensure you don't miss any vital stages. Start with your business plan and work from there, including any necessary tasks like buying tools and equipment, applying for any licenses you may require and registering with HMRC. There is a lot of information online to help you build your list. Don’t put too much pressure on yourself and take it step by step. Managing your business doesn't stop there and make sure you keep on top of your admin, invoice your clients on time and ensure you’ve got your bills covered including your tax bill!
3. Research your sector
Knowing everything you possibly can about the sector you work in is going to be nothing other than beneficial to your new business. Find out about your competition, customers, regulations, think about the amount that you will be able to charge and consider all costs you might incur. Knowledge is power! Arm yourself with as much as you can before you get to work. You’ll find inspiration and develop your business plan faster with research on your side.
4. How will you find work?
This is a big one. You are going to need a certain amount of income to survive and finding work is going to be your priority. Perhaps you already have some work lined up, but what are you going to do after that? How are you going to keep bringing home the bucks? The answer to these questions of course depends on the sector you work in, and some other factors, like the lifetime value of your clients or customers. If you struggle to find your next job you can try online platforms to help you fill the pipeline. Grafter’s platform enables you to find short term projects whenever you are available, you discuss all the details of the job with the client before you start work.
5. Graft but don’t burn out
The key to a successful transition into self-employment is hard work. Yes, you’re now the boss and supposedly in control of your week but don’t forget to put in the graft, particularly when clients are demanding more of you. Try monitoring the hours you are working so you have an idea of how productive your days are. The temptation is to never turn down work at any price but this is not always the right decision. Work hard and you will reap all of the benefits. Scaling up is your next challenge where Grafter can help to find flexible resource but that's a whole other challenge. The other key thing to remember is it’s equally important to switch off. Give yourself plenty of breaks and time away from work. Working too hard for too long causes lack of productivity and cloudy judgment. It’s all about balance.
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