Home » How to Start a New Self-Employed Business

How to Start a New Self-Employed Business

Becoming self-employed is a bold move to make, I know because I have been there. More and more people are going down the self-employed route these days, so there’s clearly something in it! However, just like with anything else, it can also be a foolish move to make if you don’t know what you’re doing!

Don’t let fear and apprehension hold you down; there’s a lot of opportunities to be had. If you’re going to make moves in this arena, then it’s important you’ve got the know-how to see you through those first hurdles you’ll encounter.

Consequently, here are some useful tips for you to take stock of when it comes to starting a new self-employed business.

Admin Work

How to Start a New Self-Employed Business

Self-employed businesses can’t just pop up out of nowhere and get straight to work. To operate safely and legally, you need to register with HMRC to legitimise your operation. This makes you liable for tax payments and helps the higher powers that be know your employment situation too.

Depending on what kind of self-employed business you’re running, you may also need certain insurance plans to ensure your business is operating with licence too. If you’re handling food or hiring employees, you will need various kinds of cover that protect your assets and people. Make sure all your admin work is sorted!

Have Other Income

For most people, becoming self-employed is a rocky road indeed. Doubt, swirling complexities and worry can plague your mind at every turn. Moreover, financial troubles can arise too; when you’ve started out, no one knows who you are. It’s a tough pill to swallow, but to begin with, you’ll have few customers, clients and thus little profit, if any.

It’ll help you greatly if you have another income on the side; whether you have properties to rent out or a part-time job to work. Put simply, ease into the transition of becoming self-employed, especially in terms of your finances. If you have another income, you’ll be able to support yourself through those tough earlier years, and eventually, ease off that other source of money as your self-employed venture grows.

Minimise Your Budget

How to Start a New Self-Employed Business

The saying ‘try not to grow up too fast’ is applicable to self-employed businesses too. In order to succeed, your self-employed venture needs to steadily evolve from strength to strength. Therefore, you should absolutely avoid pumping all your assets into your project right out of the gate.

Hold back, act strategically, and grow your self-employed business organically by minimising your budget. This way, you won’t be tempted to overspend on your efforts, and you won’t underestimate the power of customer or client satisfaction. For example, you can open an online account with Think Money to keep your finances watertight, ensuring that you never get ahead of yourself. Remember, Rome wasn’t built in a day!

How to start a self-employed business

Facebook Comments

9 Comments

  1. March 10, 2019 / 1:21 pm

    I can’t wait for the day I ditch my employed job. Being able to work flexibly around my kids is definitely the way forward for me!

    • March 17, 2019 / 2:36 pm

      It really is a game changer to be able to be there for your children and still provide for your family. Good luck, you’ll be there before you know it x

  2. March 10, 2019 / 3:24 pm

    I am employed but also self-employed there is so much to take into consideration and it is very hard work but totally worth it.

  3. March 11, 2019 / 9:39 am

    Great tips here! It can be really hard to start a self employed business, this is fab advice for those doing just that.

  4. March 11, 2019 / 9:46 am

    Well, today is actually a big day for this household … my husband is going BACK into full time employment after 19 years of being self-employed. We are both self-employed and the uncertainty of work has had us living on too many knife edges. He’s looking forward to it, and I’m looking forward to the regular income!

  5. March 11, 2019 / 10:17 pm

    I would love to be self employed and to always be there for my kids. I am just starting my second maternity leave so maybe I will come up with a grand business plan on my year off!

    • March 17, 2019 / 2:38 pm

      You’d be surprised at how many of the mumpreneurs I know began their businesses whilst on maternity leave. Fingers crossed x

  6. Helen Neale
    March 12, 2019 / 12:25 am

    I am self enployed for 2 years now I am.not that successful but I am now stable. And these tips can be very helpful for those wanted to start.

    • March 17, 2019 / 2:39 pm

      Baby steps, you’ve taken the plunge and I am sure you will nail it x

It's always nice to receive comments, go on don't be shy . . .

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: