Interested in a career change? Have you had a business concept in mind for a while? Do you dream of being your boss? If the answer to these questions is yes, you may want to consider going self-employed as your next career move.
Going self-employed can open the door to endless possibilities. It is a chance to run a business the way you want. You can deliver a product or service that you think consumers want. Most of all, it will be a job in an area that you enjoy and feel confident that you will thrive in and succeed.
Those that are on the fence about going self-employed here is why you should consider making the switch.
Why You Should Make The Switch
Running your own business can be challenging at times. You may encounter moments of uncertainty. There is the added pressure of doing well as your financial situation depends on how much work you have.
However, despite these challenges, the perks of going self-employed are worth highlighting. The rewards available can be a significant part of the reason why many people seriously consider going self-employed. These are just a few of them.
Freedom In Location
Depending on the work, you could choose to work from home to reduce the costs of investing in an external office space. If the work does not limit you to a set location, you have the freedom in having the ability to move home. You do not have to worry about how it will affect your commute time.
Choice In Hours
Working a standard 9-5 job can provide you with a routine, a set schedule you have to work. However, these set working hours can be restrictive at times. Depending on the company, some businesses will not allow employees to work flexible hours. Not being able to alter the hours they work can force individuals to work around their office hours. For example, they have to book appointments for the dentist or the doctor either before work or after.
Being self-employed, you get to choose the hours you work. If you have children to pick up from school, you can alter your working schedule to enable you to go collect them. As you are your boss, you can create a timetable that works for you. You might be the most productive at night or prefer to start early in the morning and finish early too.
Potential High Salary
When you are self-employed, your earning potential is far higher. With the freedom of being able to decide the hours and the days you work, there is the possibility of taking on more work. Financially, there is almost no limit to how much you could earn simply by being self-employed.
The decisions that you make as a business owner will impact your earnings. It is this fear that many entrepreneurs thrive on. The uncertainty about potential outcomes is a motivator for leaders. It pushes them forward to make their business a success and achieve the targets they have set. When successful, they reap the financial rewards.
What To Consider Before Taking The Leap
The benefits that come with going self-employed are tempting. Being able to choose working hours, freedom in business decisions and reaping the success of those choices sounds like the ideal role for many. If you have a business idea and are confident about it, you might be prepared to move forward with it. Before deciding to become self-employed, it is worth considering some of these points before you switch.
- Finding Work Being Self-Employed – Having a business idea is the first step to starting your own business. Knowing if there is a demand in the market for the services or products is another. If you choose to go self-employed, ensure that you can find work to keep yourself in business. Your finances depend on the work you accomplish, so you want to ensure there are opportunities available.
- Ready To Be Your Boss – A perk of being self-employed is the flexibility in the hours. Whilst you will have this option, you need to consider the impact on your business after cutting out hours in your working day. The more hours you work, the higher income you will likely make. When you are self-employed, you are required to be prepared to work harder, longer and smarter than ever before.
- See If It Fits Your Lifestyle – Starting your own business and running it will be a time-consuming task, which at times will be overwhelming. Before moving forward, ensure that the business idea that you want to build fits into your lifestyle. Naturally, starting a business will cause some form of disruption in your life. If you choose to go forward with your idea, be prepared to adjust to keep a work/life balance.
Steps To Take When Becoming Self-Employed
If you still want to move forward on this career change, here are some steps you have to take to become self-employed.
Register As Self-Employed
After setting up as a sole trader, you will be responsible for paying your own National Insurance (NICs). You will also have to pay your income tax. You must also ensure that you register with HMRC. Depending on your circumstance will alter how you register your self-employment status with HMRC.
Opening In A Business Bank Account
Your business income will be taxed alongside your tax. However, as a sole trader, you must keep both your business records and finances separate from your accounts. Open a separate business bank account to help keep all of your finances separate.
Look For An Accountant
Starting a new business is time-consuming. There will be days where you might not be able to complete everything that needs finishing. One of these aspects is ensuring that your finances are in order and any forms that need completing are done so correctly.
For these reasons, hiring an accountant can be a benefit for your business. It will free up your time to focus on other tasks, whilst providing you with peace of mind that your finances are being properly handled. There are plenty of helpful accountancy firms, such as Hodge Bakshi. The accountants in Cardiff can provide a diverse range of services. These range from business advice to bookkeeping. All of these services can prove to be a powerful asset to your business.
Ensure You Are Ensured
There are insurance policies that you are legally required to have in place when you are in business. Depending on your business type,
Make The Move To Self-Employed
Knowing the benefits and how to move forward with your business idea, the next step is deciding if you want to take the leap and be self-employed. If you choose to make the move, know that you are not alone.
There has been a rise in the number of people who also decided to become their boss. It can be beneficial for you. With more people going self-employed, there is likely more support available. All of this help is for people to make the transition to being self-employed.
Becoming self-employed could be the first step to a new lifestyle. It could enable you to be in your dream career.