Recent statistics show that approximately 7.5 million people are registered as self-employed in the U.K. if you are planning on becoming self-employed or are already running your own business, this guide is for you.
Inside, we will share six easy-to-implement strategies that will help you overcome the challenges most small business owners encounter. The goal is so that you can enjoy what you do and the ultimate freedom that comes with it.
Excited to learn? Keep reading!
1. Remember You are at Work
One of the greatest mistakes that self-employed people make is forgetting they are at work. Being self-employed does not give you the leeway to slack and be lazy.
If you work from home, try to get properly dressed and separate work from leisure. Set aside clear working hours because your work is as important as a person with a 9-5.
It may be a good idea to pretend that you are in an office once in a while. Make sure your desk is properly organised, send proper emails and treat clients professionally. Besides, ensure that your language is professional at all times.
2. Say No With Zero Guilt
Self-employed people are known for not saying no and are easily taken advantage of because of this. Learning to say no is one of the best things you can do if you want to earn the respect you and your business deserves.
For example, do not let anyone throw last-minute work at you. Respectfully say no if you feel uncomfortable about certain things. Enthusiasm and efficiency are good traits to have but sometimes being too available might be mistaken for being desperate and get you disrespected and taken advantage of.
While at it, have a clear work schedule and stick to it. It might be a good idea to get a separate cell phone for work so that you separate work calls from personal calls.
Finally, don’t forget to give yourself breaks. Go on holiday if you can and do not carry work with you. All work with no play makes Jack a dull boy, remember?
3. Take Out Life Insurance
Financial protection is critical when you are self-employed to provide that essential safety net for your loved ones and give them financial support during difficult times.
Level term and decreasing term insurance policies are among the most popular choices for people looking for life insurance for self-employed. However, we also recommend checking out other little-known but equally important policies like critical illness cover and income protection cover.
If you are approaching fifty and are self-employed, it would be a good idea to consider the over 50s insurance policy.
Finally, a business life insurance plan will enable you to protect key staff members, your business and other involved parties from the risk of financial strain.
4. Be Careful With Your Money
Many self-employed people mess up when it comes to handling their money. Having all the money come to you as opposed to a formal paycheck can lead to overspending.
If you struggle with managing your money, talking to a financial professional is a wise thing to do. The best ones will guide you on how to put away enough money to cover you in the months when business is not so good and even handle your taxes.
5. Have Goals
The worst thing you can do as a self-employed person is work blindly. Ensure you have goals that you are constantly and smartly working towards.
Evaluate where you are regularly so that you know what to improve, what to keep doing and what to do away with. Be open to feedback from clients and partners and work with the feedback to your advantage.
Switch up the way you do things because, in the words of Albert Einstein, only a mad man does things the same way and expects different results.
Develop processes that can help you work better, faster and smarter. Having a customer relationship platform for example can be very useful in helping you keep track of customer information. You don’t have to track your customers from a spreadsheet or your box.
6. Remain Teachable
Technologies change and update every day. If you are going to remain relevant as a self-employed person in whatever field, you need to keep acquiring new skills. Ensure you learn new skills and improve the ones you already have so that you remain relevant.
With improvements in technology, it has now become easier for people to run their businesses and work from anywhere. This explains why the number of self-employed individuals in the UK is on the rise.
We hope the tips we just shared here will help you in your journey as a self-employed person or jumpstart your journey if you are thinking of venturing into self-employment. Good luck!