How to become your own boss

 

Guest blog: Freelancer employment company, Parasol offers advice on self employment and becoming your own boss. From the development of your business idea right through to financial management.

 

The current economic climate has resulted in a large number of people being made redundant, while it has also prevented many from even getting started on their career ladder. As a result of the downturn, more and more people are thinking about becoming their own boss.

If you are sitting on a good business idea, but believe that it is a risky time to make the leap to self-employment, you may want to think again. With reduced competition and lower prices for office space, marketing and advertising, a recession can often be a good time to get creative.

Where to begin?

There are a number of different paths you can choose to take in order to become your own boss. Whether you want to set up a limited company, become self employed or work through an employment outsourcing specialist, it is important to make a decision that is best suited to your goals and requirements.

Running a limited company or being self-employed means that you would be responsible for your accounts, invoicing and records, while an umbrella company would take care of all your financial management. Once you decide on the most suitable path, you should:

1) Develop your business ideas – you must research your idea to make sure that there is a viable place in the market for your product or service. It is important that you aren’t too precious about your initial idea as it may need to be tweaked to make it as successful and profitable as possible.

2) Construct a business plan – if you are setting up a business, you will need to construct a detailed plan that includes information about your business idea, strategy and objectives as well as your market and realistic forecasts regarding your finances.

3) Plan your finances – with a viable plan, a bank will lend you money for your business venture. Alternatively, you may have family or friends to financially support the project, or your own start-up funds.

If you want to become a contractor or freelancer, or use an employment outsourcing specialist, you may only need financial support or back-up savings at the early stage of your career as your pay may be sporadic. This will allow you to build a reputation and establish yourself in the industry, without having to worry about your outgoings.

4) Understand the legislation – this can often become a hindrance for new start-ups and the self-employed. Getting specialist advice on topics such as tax and employment can help you to avoid such stumbling blocks at the start. For example, contractors can look for the best umbrella company around for payroll support so that they can delegate tax calculations, National Insurance deductions and business expenses to the professionals, allowing them to rest assured that their pay is correct.

Completing these four tasks will stand you in good stead for success. However, the work doesn’t end here. Setting up a business or becoming self employed can require you to set up and manage a workplace, working schedule, workforce, partnerships as well as a marketing and advertising strategy. While becoming your own boss does require plenty of hard work, this effort is essential if you are to thrive in self-employment.

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