Do you happen to have self-employment (or starting a side-hustle) on your list of New Year’s resolutions? Do you have a dream of eventually being your own boss full time- or maybe the cost of living crisis is still very much a part of your life, and earning a bit more is a necessity to help make ends meet?
At Tree Shepherd we have helped so many local self-starters with their own hopes and dreams do just this, and we can help you too.
Whatever your reason for considering self employment full or part time, we have 5 things that need to be at the top of your list of considerations.
1.If you’re thinking of a side-hustle, make sure you check your company’s policy! Your contract may forbid you from accepting freelance work in the same industry or even state that you are not allowed to work at all outside of your contracted job!
- Register as self-employed, and keep the registration and paperwork (actually, keep all your paperwork, it’s a good habit to get into!). Whether you’re freelancing on the side or full time, you need to sign-up to let the government know. Keep a record of incomings and expenses for your tax-return.
There has also been quite a bit in the media recently with respect to selling on resale sites such as ebay Vinted and Etsy. Since 1 January HMRC has required digital platforms – places like Etsy, eBay and Vinted – to collect information on how much their users make.
This so-called ‘side-hustle tax’ is not a new tax, it does mean that people who have never declared their income from these sites could soon be in the sights of HMRC. Keep this very much in mind if you plan to operate on any of these sites. We have a blog on all things tax that can help you navigate all the complexities surrounding tax and self employment, you can read it here.
- The Juggle. Being your own boss means also setting your own boundaries – what are your bottom lines, when are you going to work (remember, all the time is not the answer!) and what is the goal. Write these down, and revisit them quarterly! We have a blog on self care which you may find useful, you can read it here.
4.Stick to the plan and stick to your niche! Having a business plan is key to sooooo much. Knowing what you plan to do, how you intend on getting there and addressing the potential pitfalls BEFORE embarking can save you heartache, time – and money. So you don’t know the first thing about how to write a business plan? Well, as luck would have it we have some advice, you can read all about it here.
5.How are you going to promote yourself? You are your business… Do you need a website? A dedicated email address? A space? Social media? Remember, whilst doing this you aren’t being paid, so be smart! Self promotion is a big thing, read out hints and tips here.
We’ll soon be hosting a series of dynamic and engaging workshops designed to empower YOU when it comes to starting or sustaining your business.
During these short but sweet one day a month workshops, we’ll get right in there and give you all the essential skills and knowledge you need to thrive in today’s competitive market.
For more information on the courses, or If you’re considering freelancing or hoping to set up your own side hustle then get in touch with Tree Shepherd on 020 3948 3020 or email: email@example.com for more information.