3 Tricks Every Self-Employed Individual Should Know

*This is a collaborative post

There’s no doubt about it; small and medium-sized ventures in the UK remain key drivers of the economy in the modern age.

In fact, small businesses and startups account for an estimated 99.9% of all private sector firms in the UK, whilst freelancing and self-employment is also on the rise.

However, starting out as a sole trader or limited company can be challenging, and we’ve put together a few tips to help you out as you launch your brand new venture.

1. Do the Groundwork – Does Your Business Have Legs?

Every aspiring entrepreneur should create a detailed business plan, whether they intend to source external financing or not. The reason for this is simple; as outlining your company’s financials and core concept forces you to consider the proposition that your submitting in greater detail.

This will help you to determine whether your business is viable, from its proposed sales and profitability to the level of demand that exists amongst customers.

Although you may have already given this some thought, of course, analysing your business plan in forensic detail will help you to arrive at a more informed conclusion.

2. Make Sure you Have the Right Tools for the Job

This is another key consideration; as whilst it’s easy to get swept away by your company’s vision and values, you cannot possibly choose success without investing in practical tools and equipment.

From polishes and an LED nail lamp for beauticians to spanners and ratchets for mechanics, these simple tools add tangible value to your business whilst also representing a considerable cost base.

It’s therefore crucial that you budget for this investment and equip yourself and your employees with high quality tools, so that your customers can benefit from the best possible service.

3. Create a Working Schedule

From entrepreneurship to remote working, there’s no doubt that the labour market in the UK is changing beyond all recognition.

Whilst you may feel as though becoming self-employed or starting a new business affords you the freedom and autonomy that you’ve always craved, the fact remains that you may have to work even longer hours if you’re to make a success of your new venture.

So, strive to ensure that create a fixed and realistic working schedule from the outset, in a bid to strike a balance between building a viable income stream and accommodating your home life and domestic responsibilities.

Without this, you’ll run the risk of either failing to get your venture off the ground or find yourself struggling more than ever to achieve a viable work-life balance.