It’s important that you understand what being self-employed means. Self-employment means that you are your own business. You decide the direction you take, you decide the products or services you provide. You will be working directly with clients and customers to generate revenue as well as suppliers and partners to acquire resources.

It can be exciting as well as nerve-wracking to work for yourself. You have all of the power. It’s nerve-wracking, because you will be the one to take responsibility.

What are the benefits of being self-employed?

Accountants aren’t surprised that self-employment is on the rise. Many clients ask how to become self-employed. They give a variety of reasons for their decision. Why should you think about becoming self-employed? Why do millions of people start their own businesses?

• Flexibility – Be your boss, set your own hours and work around your schedule. You have your own responsibilities, but as a freelancer, you’re not bound to a work schedule or policy. You accept work and complete it according to your schedule and the timetable of your client. The self-employed have more control over their work schedule.
• Self-employment pays more than traditional employment. According to survey data, self-employed people earn an extra £5000 on average. Working for yourself on a full-time basis opens up many earning opportunities that are not available to those in more restricted employment.

What you need to consider before going self-employed

Before you register as self-employed or start your business, you should consider a few important things. This includes:

• Are you ready? Self-employment is rewarding but requires patience, commitment and guidance. Prepare yourself for the challenges you will face along the way. Are you prepared to give everything you’ve got? It won’t be easy but it will pay off if done right.
• What are your startup costs? To make money, you have to spend some money. You should know how much it will cost you to launch your business and have enough capital to do so. For Accountants Bristol, visit com/accountants-near-me/bristol
• What is your Business Plan? It may seem obvious, but many self-employed people are so enamoured with the idea of being self-employed that they overlook the importance of a business plan. You need to know where to get funding, how to market, what to charge, and how to use resources. You should have a good business plan.
• Can you handle cash? All self-employed individuals in the UK are legally required to keep accurate financial records for taxation and file self assessment tax returns. This is something you should consider if you’re not good at managing money.