Self-employment can be an exciting move. Once you’ve left your permanent role, you’ll be your own boss, can set your own hours and you’ll be able to enjoy the profits you earn. But there are important factors to consider too. Below, we explore the things to remember before going self-employed.
Is it right for you?
For self-employment to work for you, you’ll need to have secure revenue sources. This could be through freelance work you have lined up, or maybe you’re aiming to start a business. Either way, you need a plan in place. From there, you’ll need to ensure that you have the money to cover start-up costs, plus you’ll need to make sure you’re able to find clients. However, this can all be worth it if you want more flexibility and control over your career. By running your own business you’ll finally be fully in charge.
What to have in mind
Insurance
If you’re running a business, you might need to take out insurance even if you don’t feel like you want it. Business insurance can help protect your company from surprise costs that could bring the company down.
Health and safety
You’ll also need to take care of your own health and safety when you’re self-employed. This could be something simple like investing in an ergonomic chair if you’re working from home. However, if you’re carrying out construction or DIY projects then it’s important that you buy the appropriate personal protective equipment to keep yourself safe.
Networking
Networking is another important consideration. By meeting industry peers and clients you can help yourself to find freelance work or more customers for your business. You can do this by attending industry events or by maintaining a strong presence on LinkedIn.
Pricing
You’ll also have to consider pricing before going self-employed. This could be a matter of working out your hourly rate if you’re moving onto freelance work or if you’re contracting. Alternatively, if you’re setting up a business, you’ll have to create a business plan and project your revenue and costs.
Expert support
It’s always worth looking for expert support if you’re thinking of going self-employed. Try and speak to experienced professionals beforehand for advice and to establish whether this is the right change for you.
Online presence
Whether you’re setting up a business or working alone, it’s worth improving your online presence. By building your audience on social media, you can attract new clients and find extra work.
Going self-employed is a major step. But by planning carefully and by exploring the considerations above, you should be all set to enjoy the next step in your career.
