5 Things to Think About When Going Self Employed*

I’m the first to put my hands up and say that going self employed was one of the best things I did in regards to being a mother. I always put LM first and having a flexible job means I don’t have to think twice about it. There is only one instance where I missed out a great networking opportunity because I had something on at school, I felt sad but I knew I only started this so I could be there for everything, just like my own mother was. But I’ll also be the first to say, being self employed is the hardest job I’ve ever had. It’s not something to be entered into lighting, but if you’re still considering it, hopefully today’s post will help you.

Please bare in mind that this isn’t a post telling you how to get paid opportunities, how to market yourself or use SEO as at the moment, I’m still learning this side of thing.. it’s more how to balance everything, and how to stay sane while you do it. It could be applied to any sort of self employed job.

Do Your Research.
This is point number one because it’s so important. I did months of research into whether or not this was a viable route for me. I worked out all my outgoings and what I’d need to have coming in to keep my head above water. I’m lucky that I actually have a background in accounting having studied a few years back. When it comes to money, tax and national insurance it’s so important that you understand exactly what’s going on. I recommend that you pull up the HMRC website but personally I find that rather confusing. Instead I chose to do my research in forums and Facebook groups. There are always people happy to explain the rules and regulations to you. To ensure I was getting the right information I also paid a visit to my local Citizens Advice Bureau.

Get Organised.
Personal organisation is actually one of my strong points. Growing up I was spoilt, I got a lot of pocket money and when I started to work I could keep every penny I earned. Then I went to university and things changed. I got very little money as my parents earned a lot, I had to take on a job to just have money to live on. I learned early on how to budget to the point I knew where every penny was going. I can make money stretch and I can prioritise what needs paid. Little Miss and I can live well on very little money. However, going self employed means sometimes you don’t have a regular income. Some months you may get a surplus, other months you could get very little. You need to keep a close eye on your earnings and you need to be prepared to save a little every month for those times you don’t earn enough. I set up a separate account to put savings in, which can also be used to cover tax if I end up making over the threshold. I have an accounts spreadsheets so I can keep track of what I need to do, due dates, payment dates and payment amounts. On top of that I keep track of my expenses which I can eventually claim back. I have a paper diary that I keep by my bed so I can wake up each morning and check what deadlines I have coming up so I can prioritise my work. Organisation is absolute key when going self employed because at the end of the day, you’re your own boss.

Make a Brand For Yourself
Nothing looks more professional than having a brand. This might take some time especially if you have a physical store, but I find the best way to get started it by having a good website and a set of social media channels. These days everyone searches online for a website and by having a well made and easy to use website designed by a professional company such as Silky Ocean Studios Click Here, can really set you apart from the crowd, especially if you’re entering an already saturated market. Some examples of their fantastic work are this amazing website for Sherlock PR and for flight giant Flybe.  They clearly take the specifications for each business into mind which is something that can only be achieved by a website like Silky Ocean Studios. My best advice is to have a theme that covers the website and your social media, make sure they’re all linked up and easy to navigate. This will help you with my next point.

Promotion is Key
This is the point I plan on working hard on come 2020. Promotion. As self employed you’re working for yourself and you need to do all your own advertising and selling of what you have to offer. By having a clear website and social media presence you will be able to promote yourself and what you’re all about. You’re the person responsible for bringing in clients and if you’re selling something physical, you need to make sure people are able to find you to buy. If you’re going the physical route, flyering and business cards, or even a newspaper article are things to look at investing in.

Don’t Start Out Too Big
I know there is the saying, go big or go home, but when you’re first starting out you could find yourself in a lot of financial trouble! Start out small and if you find you’re successful, then you can look at expanding. This is how all successful businesses get started, it really is a tried and tested formula.

There is a lot to think about if you decide that you want to go down the self employed route, but I think these five points are key to when you are just starting out.