Being self-employed is a great thing. You’ve got the freedom to work any hours you desire, and be your own boss. It comes with all sorts of amazing perks that normal workers will never enjoy the benefits of. However, there are downsides to it as well. You will no longer be relying on someone else to help you along the way. Now, you’ve got to manage everything on your own, and as we’re about to explore, it isn’t easy.
As we’ve already mentioned, when you’re self-employed, you are your own boss. That means that everything relating to business falls under your watch, from finances to marketing. You’re responsible for your own success, meaning that you’ve got to handle a lot more tasks than you previously did. Once you’ve registered as self-employed, the first big task that you’re going to underestimate is your tax returns. In fact, the first time you do it, it might be enough to put you off forever! You are responsible for all your taxes and making sure you’re paying them correctly. Keep all of your records in a safe place and track them thoroughly. This will make the tax return process so much easier.
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There are other things to consider as well, though. Self-employment comes with many considerations, whether you’re a company owner or a freelance contractor. Everyone needs to manage their finances, and we’re not all mathematical geniuses when it comes to accountancy. Luckily, accountants for contractors and other self-employed professions are available if you outsource. If you’re the sort of person who can’t stand the thought of working with vast sums of money, this is going to be your best option. Everything else can be outsourced as well, from IT repairs to marketing services. You don’t have to take advantage of all of them, but consider the areas that you’re going to struggle with.
While self-employment might seem like a very comfortable life (and it can be), it’s also very risky. Sure, it’s great that you can work your own hours, but what happens when the work dries up? It’s not always guaranteed that you’ll get a steady stream of work as a contractor. You can’t just turn up 9-5 every day and rely on your bosses to keep paying you like you did before. This means that you have to spend a lot of time marketing yourself. Whether you’re a company owner or a freelancer, you need to think of yourself as a brand. Get your name out there so more people are aware of your existence. The better you do this; the more success will come your way.
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Finally, you also need to have a degree of self-discipline. No longer do you have bosses breathing down your neck while you finish off an important piece of work. It’s totally up to you whether you want to get the job done; it’s your money and reputation on the line, after all. If you aren’t good at motivating yourself to complete those tasks, you’re going to have to learn very quickly. Your self-employed business won’t survive without it.