Things to Consider When Going Self Employed

A lot of people fear coming quitting their jobs and starting something of their own. This is because they lack the necessary knowledge about how to kickstart selling their services.

Well, fear is natural. You quit a well settled job and start something you hardly know about or have experience in. This does not only put your career at risk, but also can put your future at risk, especially if you’re putting your savings on the line. Everything can get lost if you do not play safe.

But, this risk is worth trying because if you hit the bull’s eye you can change your fortune, however the risk should always be well calculated.

To help you in this transition, here is all that you need to to consider when going self employed:

Getting Experience

No matter which line of work you choose, you can’t become a self employed person without experience. Training is important.

To do this, you can look for apprenticeship or signup with a company as an employee. Take this time of tenure as a period of polishing your skills, learning more about the business so you can know the ins and outs of it. Once you feel you are ready, you can make the big jump and take a leap of faith.

Registering With The HMRC

Since being self employed means you’d be earning solely by yourself, hence you will need to pay taxes to the government.

Every self employed person has to sign up with the HMRC before they start a business or before the tax year concludes (6th April to 5th April). This means that the last date to register is 5th April.

Buying Self Employment Insurance

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No matter which profession you choose, self employment insurance is a must. Things can go south in your line of work as injuries, damages or losses cannot completely be eradicated. Here’s when self employment insurance can be your friend and help you out in these situations.

In case, you are wanting to hire employees to join your business then employee liability insurance also becomes necessary. It will insure your employees if any mishap were to happen by them or to them.

These insurance are not mandatory, however, they’re a relief. The expenses you need to bear in case something goes wrong are bank breaking and hard to catch up with.

Getting Clients

Last but not the least, spreading word out about your services is important. You can use social media platforms like Facebook and Instagram to market your business.

However, it’s vital that you do it with professionalism, therefore, making a professional profile/portfolio and having a website to have clients connect with you is a good option.

Consider these options before you go self employed so that you face no problems in the future.

 

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