Self-employment has never been so popular, especially for women with younger children. It gives you the flexibility you need to be able to go to those sports days and care for your kids if they are unwell, without putting your job at risk and affecting your earning power. Quite simply, self-employment can be the path to success for many women. However, don’t be fooled into thinking it is easy – it is far from it. It can take a long time to establish a business, whether you are trying to launch a global brand or working freelance from your kitchen table. There are many things you need to ask yourself before you take that leap into self-employment, read on to find out more.
Do you have the motivation and discipline?
To run a business, you HAVE to be motivated and disciplined. It can be far too tempting to stay in your PJ’s and watch another episode of Game of Thrones or whatever box set you are currently binging on, or nick your third afternoon off that week to go out shopping. While the main beauty of self-employment for many is the level of freedom and flexibility it affords, too much freedom and flexibility can mean that your business doesn’t succeed – often leaving you in a worse position than you started with. It’s ok to have the odd relaxed day, just make sure that you use your time wisely and productively. In most cases, if you are not working, you are not earning money – it is as simple as that.
Do you understand the legalities and administrative side of things?
Self-employment comes with a lot of legalities and regulations, and if they are not followed to the letter, it can land you in a lot of hot water. Do your research on tax and other financial regulations that you have to abide by – you MUST declare your earnings to HMRC, and, depending on how much you earn, you may have to pay VAT. A vat consultancy services can help you to get your head around that if you aren’t quite sure. You may also need to register with appropriate bodies and regulators and have insurance, depending on the type of business you have. If you are not sure, seek out professional advice before you start.
How will you fund your business?
Almost every new business needs money to start off with. If you are a freelancer, you will probably need a computer and depending on the business that you are launching, you will need an office, possibly staff, phone line, equipment, professional services – it all adds up. It would help if you thought about how you will pay for it before it starts to make a profit, which can be weeks or even months after you launch. Having enough money to keep you going for six months is usually a good idea.
Self-employment can bring all sorts of fabulous benefits, but it needs careful consideration to ensure you make a success of it.