Britain’s self-employed population is growing, particularly in the last year. Many people are considering the benefits of self-employment and here are 11 tips to think about before you make the move:
1. Plan your move. Don’t quit a full time job if you’re not a position to cover your expenses immediately. Give yourself time to establish a client base and perhaps do some self-employed work at weekends or evenings to be sure that you can establish the income that you need.
2. Think about your brand. You need to have a name or brand for your business that doesn’t step on the toes of other similar brands. It needs to be recognisable or be able to tell people what you are doing.
3. Set up a website. In the modern world, you’ll need some form of online presence so that people can check you out. You can use online templates to set your own up but many businesses offer relatively cheap web design.
4. Identify your market. Do your research and make sure that you understand who your target audience is. Knowing who buys your product means that you can target them more easily.
5. Always market yourself. Even when you are busy you should always be promoting yourself. You never know when the orders might dry up.
6. Down tools on occasion. Make sure that you create time for yourself. Being self-employed can take over your life but that can be to your detriment.
7. Get the price right. Check out what other people charge. Don’t price yourself too low as you might end up working for free but at the same time don’t charge too much as you’ll end up with work drying up. Getting the balance is one of the hardest aspects of self-employment.
8. Get expert support. You can get support from a number of different avenues. Accountants, Marketing agencies, Legal support are just a few. You can also get business support from businesses like Momentic.
9. Work out if you can work on your own. Some people thrive on working for themselves, but others require the company. You can offset the loneliness in self-employment by using a shared office or working in a hub.
10. Embrace the work/life balance. Take advantage of your new flexibility. You can set your own hours and do not need to be conscripted to certain hours.
11. Look after your financial (and mental) health. Make sure that you plan for the future or times when you can’t work. You don’t have the support of an employer, so you need to make sure that you look after yourself.