In our article on Self Employed Success we briefly looked at why using accountancy services was important to your business success. Here’s a little lighthearted release from the HRMC to give you a few ideas on what your accountant wouldn’t be adding to your tax return!
Without doubt, the biggest growth area in terms of employment types currently across the UK is that of the self-employed person. From freelancers to store owners, Uber drivers to builders, more people are now becoming their own boss than ever before. And many of them are making a success of it – in fact, a big success. But what are the secrets to self-employed success, regardless of your industry or area?
Do what you love
One of the biggest demotivating factors in any job is doing something you don’t enjoy or even hate. Many of us have been there – you take a job to get a wage or the job you took changes over time and you come to be unhappy, depressed and lethargic. Therefore, when considering going self-employed in any form, one of the most important considerations is to do something that you love.
Of course, this needs to be offset with the practical. You might want to become an author but this isn’t always a job you can jump straight into. Therefore, it is worth starting your business in a similar industry and work towards this goal – freelance writers are a prime example. You build up your portfolio of writing, make connections and establish yourself in your field then move towards being an author on the topic you love.
Sadly, businesses do fail and sometimes due to circumstances beyond the owner’s control. But one of the top reasons for failing businesses that could have been prevented is a lack of preparation, especially in areas such as tax and legal matters. Therefore, when you are building a business, it is important to put practises in place from the start to ensure success.
Accountancy is one of the big areas and finding a specialist in freelance and self-employed accountancy like Taxup in London is vital. Taxup Contractor Accountants work only with people who have their own business or are sole traders and can offer the range of services that new and established businesses need. This includes basics such as bookkeeping and tax submissions as well as financial advice to help grow the business and ensure cash flow.
Once you know what you want to do and how you are going to do it as well as putting the preparation into place, you can start planning ahead. Every business wants to grow, make more money and be successful and the ones that do this manage by business planning. Use systems such as SMART goals to help plan the weeks, months and even years ahead so you know where your business is going.
Working a combination of plans and advice from your accountant will also allow you to take steps such as employing staff, expanding to new locations or offering new product lines. These all are the logical ways to grow the business and the timing is crucial.
Running your own business can be stressful and a little frightening but if you get the right support and have plans in place, then success is there for you. Keep goals realistic and achievable with the right dose of ambition thrown in and you will have the best chance of success.