Four things to consider before going self-employed
If you’ve had enough of the regular 9 to 5, and want to be your own boss, you’ve probably sat and fantasised about packing it all in and working from home.
In fact, many people across the nation have started to do this. It’s been widely reported that self-employment is rising, as many people opt to work for themselves, rather than someone else.
But, it isn’t as simple as quitting your job and going it alone, there are things to consider. Because of this, we’ve highlighted four things you need to consider before stepping out into the world of self-employment.
Depending on the type of work you’ll be doing, you’ll need transport. From working as a plumber to working as a hairdresser or photographer, you’re going to need transport.
Therefore, you’ll have to ensure you have a reliable vehicle to help you get to jobs, meetings and everywhere else your work may take you. Because of this, whether you opt to buy a used or new car, make sure you shop and around and find one that’s right for your needs.
One thing people looking to go self-employed tend to overlook is the cost. When you work in a company, you’ll be using the gas, electric and water there, you’ll also be using the company phones and internet.
However, when you’re self-employed, all of these costs fall on you. Therefore, you should make yourself familiar with what you can claim cost-wise. From clothing and travel expenses to legal and financial costs, there are plenty of expenses you can claim back when self-employed, which can be explored here.
You may have thought about this already, but, from finding work to doing it, to invoicing, tax and even marketing yourself – you need to do it all.
Although it may seem easy, it can all be extremely taxing.
That’s why it’s important to sit back and think, ‘can I pay someone to do this for me’. A good example of this is your tax return, which you can pay an accountant to do, helping to remove the stress from yourself.
One thing people who go it alone won’t tell you is, it can be extremely lonely at times.
If you work in a role that doesn’t require you to interact with other people on a daily basis, you may not see anyone for a few days at a time. To avoid this it’s important to get involved with self-employed communities in your area, where you can meet like-minded people. Also, make time for friends regularly to ensure you’re getting out of the house.
These are just a few things to consider, but, if you’re thinking of taking the self-employed jump, it could be the best thing you ever did.