Working for yourself is a great idea and can be very rewarding. There are over 4 million of us in the UK doing just that! And there are lots of reasons why you should too!
Some of the benefits include:
- Working at something you really want to
- Setting your own hours
- Having increased flexibility/a better work/life balance
- Better earning potential
- More control
- Being your own boss
- Feeling a strong sense of achievement
Nobody said that working for yourself is easy though. You may have to:
- Work longer hours (particular at the start)
- Manage your finances carefully
- Do your own bookkeeping
- Prepare business accounts
And you will have to:
- Register for and pay taxes
- Submit a tax return
If you start working for yourself, you’ll be classed as Self Employed by HM Revenue and Customs (HMRC). Even if you haven’t told them yet.
Do NOT let this put you off though. Although there’s lots to do, there is plenty of professional help and support out there.
So where do you start?
Right here! With this 10 point plan.
I work for myself and nobody gave me this simple list when I started. I wish they had but, instead, I had to find out myself. That was hard but I did it. And I learned a lot along the way! I want to make it a bit easier for you.
So, start by making sure you have the required registrations and systems in place. And that you do the things necessary to ensure you have set up correctly.
These are the first things I did when I started working for myself in 2016. So, I can tell you they were necessary, they worked and they helped.
- 1. Choose a structure
- 2. Choose a trading name
- 3. Purchase your domain name
- 4. Create a business plan
- 5. Obtain any licences/registrations you may need
- 6. Register for taxes
- 7. Set up your record keeping
- 8. Open a separate bank account
- 9. Purchase Insurance
- 10. Get professional help
I’ve summarised here because I wanted to create a series of step-by-step posts that are easy to read and not too overwhelming.
I’ll be going into more detail on each one of the 10 points over the coming weeks. So be sure to check the ‘Latest’ section of my website for more details. Or back here where I’ll be adding links to those more detailed posts here as and when I publish them.
In the meantime, just email me if you want my:
- New Business Start-up Checklist, or;
- Business Plan Template, or;
- Help with
- Bookkeeping
- Software
- Accounts
- Taxes
Achieving Success when working for yourself
If you’re just starting your new business venture or struggling with the steps to the next level contact us now.
We can help you with this and much more
Get ready for success with Moore Financial Management
We can help you with all of your compliance obligations such as:
- Self Assessment Tax
- Making Tax Digital
- Corporation Tax
- Filing Accounts
- VAT
- Payroll and Pensions
But also the things you really need to increase the chances of your business being a success
- Management Accounts
- Cashflow Reporting & Forecasting
- Budgets
- Real Time up to the minute information
These are the things that add value and the information you need in order to make the correct business decisions
If you’re not confident with any of this or don’t have the time, getting a licensed accountant to do it for you can actually save you money. It can free up your valuable time which you can use to concentrate on your business. You can also benefit by knowing it has been done correctly and on time.
Mistakes can be costly.
As can missing deadlines.
