Working from home: Guide to self-employment
Last Modified 16th of February 2021
Every 9-5 office worker can admit that at some point in their career the idea of working from home has crossed their mind. Truth be told many of us hate the Monday morning alarm only to be greeted with rush hour traffic on the daily commute, but how many of us actually understand what the lifestyle and career change of becoming a self-employed professional entails.
If you have a business idea and are considering taking a step towards establishing your own business and becoming self-employed you will initially start to think of all the benefits such a decision makes. Being self-employed allows you to work at your own pace and have complete control of the businesses development and direction. It also allows you to escape the cost and pressure of commuting from home to work on a daily basis as you can set up a business from the comfort of your own home.
However you need to remember that with the great control of being a business owner comes a higher amount of responsibility and potential down-falls. Before you make a definite decision there are many things that should be considered and evaluated to ensure that self-employment is the correct pathway for your future.
Finance is one of the most difficult and mind numbing aspects of becoming self-employed and running your own business. It is important to monitor and keep track of all finances associated with your business. A great and simple way to do this is to have separate personal and business bank accounts, which will make it easier for an accountant when they are calculating corporation tax, VAT and national insurance contributions.
If you are considering self-employment you obviously have a business idea and plan that you believe to be viable, however professional advice and assistance is recommended. It is definitely worth liaising with other self-employed professionals to gain practical advice.
The next potential stumbling block is to find a location for your business to operate from. With the growth of the internet and e-commerce based businesses it is more than possible to operate from the comfort of your own home. If space is tight at your home address or you are planning on employing a few people an office or retail outlet maybe required. Choose a place that is customer-friendly and near your target market to give your business optimum chance of success.
Remember to be successful when self-employed, be prepared to work longer hours, have an understanding of book-keeping/accounting principles and always seek advice from people who have spent most of their life successfully self-employed.