We all feel energised as the days get longer and the sun comes out. And if you’ve ever thought about working for yourself, why not use this positivity to make it happen?
In this blog, we look at the benefits of working for yourself and what support there is to help you.
Why should you choose working for yourself?
There are loads of great reasons to set up on your own. We meet a lot of business owners and we’ve learned that each one has a specific reason that made them decide to run their own business.
Flexibility
Many business owners found that being tied down to a nine-to-five schedule just didn’t work for them. Some wanted to enjoy more time with their children (they grow up so quick!), while others had caring responsibilities for family members. Others wanted to have time for hobbies and interests – there’s more to life than work!
Values
Another big group of self-employed people are those who have a clear set of values that they didn’t feel the corporate world embodied. They love their sector, but they recognised independence would offer them more of a chance to share their skills in the way that felt right to them.
Challenge
Other people simply love a challenge! Working for yourself is full of challenges, but the knowledge that you are behind every one of your business’s achievements is exceptionally satisfying. If you’re stuck in a rut and not taking your best self to work every day, it could be time to do it differently.
Working for yourself – what do you need?
Budget
Start by working out your budget. Obviously, you will need to consider business costs – remember that even home-based businesses will need a website and hosting. You also need to work out personal expenses. Look at your monthly outgoings like mortgage repayments and car finance, and work out what you need to earn to cover them.
Business plan
Your business plan maps out what you offer and how you will grow. It’s an important document – you will need to show it to the bank if you apply for a business loan. And if you want to connect with investors or form a partnership, the other people involved will want to see it.
Registration for self-assessment
You need to register for self-assessment so you pay the right tax on the amount your business has earned.
Record keeping
Businesses need to record their income and outgoings, as well as customer and client information, and details of products and services. You might think you’ll remember but trust us, you won’t (sorry!). You will also need to provide financial records to HMRC so these need to be accurate and accessible.
Support for new businesses
Fortunately, there is loads of support out there. From online guides to writing business plans to plain English guides to registering your business, any new entrepreneur can find what they need to get started on the UK government website.
Fill your skills gaps with outsourcing
If you love the idea of starting your own business but you’re worried about financial records, tax and invoicing, you’re not alone. In our experience of supporting business owners, we’ve seen that finance is the number one area of difficulty. Not feeling confident about finance means maths (yikes!), getting to grips with invoicing software, praying you’re doing your tax return properly and having to admit you’re not actually Alan Sugar.
But it doesn’t have to be scary. The good news is that you can outsource almost anything you don’t know how to do yourself. Finance, tax and admin are some of Get Ahead’s most popular services, with our admin assistants, accountants and bookkeepers all on hand to provide what you need quickly and accurately.
Get Ahead also supports businesses with writing business plans, as well as creating websites and managing social media – all great ways to get your business out there.
If it’s time you started working for yourself, remember that Get Ahead are here to help. All our services are fully flexible and we don’t tie you into long contracts. Whether you need just a few hours’ support to get you started, or monthly help with invoice reconciliation, our virtual experts are ready to meet your needs. Check out our site to find out more, or follow us on social media.