Three Things to do after you’ve registered as Self-Employed
Taking the big leap into the world of self-employment begins with registering as self-employed but that really is just the first step. Now you can justifiably describe yourself as self-employed it’s time to get organised. Chances are many of these things may happen alongside your registration and the more organised you are, the more successful the beginning of the self-employed mum or dad career will be. Below are three things you should do as soon as you’ve registered as self-employed, if you haven’t done them already!
1. Set up your Systems
There are so many different things you need to get in order once you’ve decided that self-employment is for you. Once you’re registered it’s important you get your systems in place to ensure you’re starting off on the right foot.
The most important of these systems is your accounts or bookkeeping, not many first-time self-employed parents are able to hire an accountant though some have the luck of being one and therefore it’s really important to keep your financial records in good order, so you’re ready for your tax return at the end of the financial year. The bookkeeping essentials here at WAHMWeb are a good place to start for guidance.
Other essential systems or at least things you need to take into consideration are your working hours. Do you plan to work a regular 9-5 or fit your work into gaps around your children? Do you plan to utilise childcare? How will this fit in with your business’ growth and development? Having a rough schedule of when you’ll be ‘at work’ and when you’ll be ‘at home with the kids’ is one way of ensuring you’re at least set up to succeed, even if real life does get in the way.
2. Weigh up your Essentials
Depending on the kind of business you’re setting up there are a few things you can give or take. As a sole trader, for example, you are not obliged to have a business bank account but it could come in handy when you get around to doing your accounts. Equally business insurance is another consideration which many new businesses aren’t sure about. There are specific industries where it is essential but for others, it could be something you consider at a later date.
The cost of starting up can easily spiral out of control if you don’t keep tabs on what is essential for your kind of business and what isn’t. If you’re a food-based business, for example, it is essential you have health and safety approval for your kitchen.
3. Think about Funding
Although you have probably weighed up the costs of your business again and again before even registering as self-employed, it doesn’t help to have an extra injection of cash. Whether you choose to look out for your own angel investor or pitch to venture capitalists or simply apply to one of many funding opportunities that are available to small and new businesses. You could consider bank finance and again, these are all big decisions that you should have planned out as soon as the idea of self-employment became a reality. Even if you don’t plan to look for funding elsewhere and this closely links with the first point, be sure you know where your business capital is going to come from.
Congratulations on becoming self-employed, it’s a great way of balancing your family’s financial needs with their needs for your presence and with these starters you should be ready to go and get that business off the ground.