Whether you have been employed for many years and are looking for a change of direction. or recently left university and are looking to self-start your own career, being self-employed is the perfect option for those who have a skill or talent to share with the world and make a living from it.
While you may enjoy the freedom of being your own boss, many factors come with working for yourself, such as long hours, managing your taxes, and learning to cope mentally and financially with quiet periods.
If you have been considering becoming self-employed for some time, check out our top tips on how to become successful:
Manage your money
One of the main aspects of being self-employed is that you have to become financially independent and manage your money. As you won’t be receiving a traditional paycheck from an employer with tax deductions already taken, you’ll have to put money aside to pay your tax bill at the end of the financial year. Therefore, don’t overspend, as you could land yourself in trouble.
Also, be sure to save for those quieter periods when work isn’t flooding in so that you have enough to live on. If you’re worried about the financial aspect of self-employed life, you may want to consider hiring an accountant to oversee your incomings and outgoings.
Be a good boss to yourself
You won’t have a conventional boss; therefore, it’s your responsibility to treat yourself well. Much like a job, you’ll be working hard, day in and day out, so you have to make your work life pleasant to make your days tolerable and somewhat enjoyable.
When traveling for work purposes, don’t book an outdated, cold, and dirty hostel – treat yourself to a comfortable hotel. Don’t feel the need to work at home if you’re getting distracted – rent flexible office space at The Brew, where you’re more likely to be productive.
Don’t feel guilty for the luxuries. You can claim such aspects on your business expenses when it comes to paying your taxes, so you’ll never be out of pocket.
Take a break
When self-employed, it can almost feel as though you’re on a treadmill. You may feel as though you have to commit every single hour of the day to your work, but this will only lead you to burn out, which is common in overly ambitious, dedicated people.
Learn to switch off at the end of the day by unplugging your devices and spending time in the great outdoors or on your hobbies. Your mental health comes first, so you owe it to yourself to take days off and vacations for a much-needed rest and refresh.
Self-employed people are continuously fighting off competition to secure work from clients by proving their knowledge and abilities. Force yourself to keep learning about your industry and develop new skills to help you stay relevant. As you’ll be up against hundreds of competitors, you need to work hard to stay relevant in an ever-changing world.