A successful self-employed person is organised, meets deadlines, seeks to continuously improve themselves and maximise the potential of their business venture. From pursuing a career as a full-time lifestyle blogger to running a drop-shipping business selling art prints, listed below are six simple steps to successful self-employment that people can follow to become successful as a sole business owner.
Listen to Feedback
How will you ever know how your business is doing unless you ask for feedback? Excellent customer feedback is a pleasant pick-me-up which you can keep as a reminder of your hard work. On the other hand, negative feedback, although is never pleasant to hear; it’s essential to remember it’s not personal and that it’s also the best way to educate you about parts of your business that need developing.
Invest in a filing cabinet and folders to organise your invoices and business expense receipts for each tax year. It’ll make it far easier to file your tax return to HMRC when the time comes.
Save 20% Of Your Earnings
From the moment you begin making an income from your self-employment venture, think about moving a percentage of your earnings to a separate savings account. Practice leaving the savings account untouched, and keep adding to it on each payday, until it’s time to file your Self-assessment tax return to HMRC. In doing so, you’ll avoid the panic of scrambling around for money at the last minute to pay off your tax payment when HMRC requests it.
More reading, researching and enrolling on new courses is an essential investment in yourself and your business. Also, while setting out as a self-employed individual, hiring others to complete tasks such as accounting and designing a website can be costly. Through learning and expanding your skills, you can take care of these tasks on your own, and save money too.
Employees are automatically enrolled into pensions by the company they work for and often receive generous contributions from their employer too. However, self-employed people are not. If you haven’t already, it’s within your interest to start saving for retirement soon. With a private pension, you shall receive contributions from the UK government which will increase your savings.
To prevent your business from falling stagnant, routinely take time to address not just what you’ve accomplished so far, but how you are going to push your business forward. Think about goals you can work towards that will help you to form your dream life. Whether improving productivity levels, to work fewer hours a week. Or sourcing higher paying clients, to work less and earn more. A plan of action will help get you there.
Becoming successful as a self-employed person is about striving to improve yourself and your business, while educating yourself in your chosen industry, practising new skills, and being mindful of customer feedback. And, correctly filing your paperwork, allocating money for your taxes and organising a pension, shall help to keep your finances in order and set up a stable financial future for you.
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