Do you have a hobby? Are you proud of how well you exceed with your hobby? Whether that’s reading, writing, drawing, painting, knitting, or even just trying out different foods and meals with your own unique spin, you could turn it into a business! You can become self employed, with a skill someone out there is going to want to hire you for, and you could make a fine career for yourself doing what you love.
But that’s a huge jump to make, especially if you’re currently working on a stable income with no need to jump ship. There’s two main slightly scary parts about taking the leap towards self employment, but as long as you’re aware of them, and how to work with them, you’re going to be just fine. So here’s the ideas you need to examine before you make a decision.
Remember, the daily grind will be yours to shape.
The Tax Matters
Having to sort through and file your own tax is something that many people find intimidating, and most people out there have to do so on a yearly basis. However, as someone who is self employed, you’re going to have to find out what tax brackets and rules you fit into all on your own, and then try to file with the added weight of inconsistent income and extra VAT.
However, there’s quite a bit of aid out there if you do fall into trouble over this, mainly completely by accident. After all, you’re not an accountant! But you can always enlist the services of one, even if just for an hour or so, and get reams of advice you could put to good use for years to come. And not only that, but you can look into hiring a company like Brunoro Law to make sure you’ve always got some legal power on your side – tax is incredibly important, and that means you should treat it thus in all areas.
The Lack of Stability
If you’re choosing to become self employed, and work entirely off of your own back, then you’re never going to be too assured about the stability of the work you do. Even if you’re opening up your own company, you never know when another customer is going to log onto an online basket or walk through the doors of your physical location, adn that can be a hard idea to face.
So to make sure you’re never feeling too down and out about your opportunities in your quest to become a successful self-preneur, then you’re going to need to come up with a list of contacts before you start. Network, network, and then network again before you settle into a happy routine with the clients you manage to pull in – you never know when you’re going to need to rely on other businesses and markets during dry spells.
Becoming self employed can be quite intimidating, but if you know the common problems, you’ll have the confidence to face them.
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