Do we not all dream about to just do our own thing? In our own time?
Sounds amazing yes, so what you have to do and how to start?
The key in success is preparation and patients. You really have to want it, besides you need to know your basics first, however being self employed also means you are relay on yourself a specially at the beginning. Self-employment can be individual working or you can create something bigger and building on to establish your own company. Which means you need to really be on top of things in order to establish your own business and always a step ahead at a lot of other people will try to archive the same. This is not about competing but more how you differ yourself from other self-employees there are many different sections you can easily start with. But not every business Industry will allow you to be self – employed.
Do your research first before diving in.
So if you thinking about to change the career path or develop your path in your own individual way their a certain things which need to be considered.
Let’s look at the small print:
You need to register as self-employed for Self-Assessment tax and look for the option to add a tax, duty or scheme. You’ll be asked “what type of tax do you want to add?” Choose Self-Assessment, then choose your category – sole-trader, partnership or trust.
When you’re self-employed, you pay income tax on your profits, not your total income. To work out your profits simply deduct your business expenses from your total income. This is the amount you will pay income tax on. Find out more about expenses you can claim for on your Self-Assessment tax return.
Know how to calculate your cash flow, the cash flow statement is about where the money is going which you will require in order to track your taxes such as your profit and expenses or losses. It’s important to know how to calculate the cash flow first off. This is a building block and having accurate information here means the final statement will be credible. In fact, a recent study found over 80% of small business failure can be attributed to poor cash flow issues.
Support – Loans:
If you looking for something bigger at the beginning you will need to create a pitch about your project as you will require maybe a loan in case you are not fully prepared financially. For the application of a loan from a bank or an investor you will need to have everything single detail and outcome prepared. You need to sell your Idea in a way that the investor can visualize it happening – but stay real and be humble. Good things take time to develop and any professional investor will know this.
Short overview of different types of Self Employment
Virtual Assistant Service
If you want to work from home and enjoy a fairly flexible schedule, you could work with business owners as a virtual assistant.
Graphic Design Service
For design individuals, you can offer your services on a freelance or contractual basis. Design logos, websites or branding elements for businesses. Or if you prefer to work at the consumer level, you could design custom invitations or other paper goods.
Social Media Consulting
For those with a marketing background, you can offer your expertise to businesses as a social media consultant. Either help clients create a strategy that they can execute on their own or actually handle the posting for them as well.
For a more focused approach, you could also offer your services as a personal trainer. Set up a home gym or meet clients at a local facility in your area. Then you can work with them to create a fitness routine to help them meet their goals.
Similarly, you can work as a self-employed makeup artist. You might even specialize in weddings or special events to really narrow down your client base to start off.
If you prefer teaching or have a specific area of study, you might consider starting your own tutoring service where you work with students one-on-one or in group schemes.
For those with strong organizational and communication skills, consider starting an event planning business. You can either offer general planning services or specialize in one type of event, like weddings or corporate retreats.