When it comes to the working world you have two main options: to become an employee or be self-employed and potentially an employer. The first option tends to be the easiest. Someone else takes on most of your working responsibility for you. You just turn up, do the job and get paid. Tax is deducted from your wage slip. You’re insured in the workplace. You receive paid holiday and potentially even paid sick leave. You might even be lucky enough to have a few perks with the job, such as private dental or healthcare covered. But at the same time, do you really want to spend your life building someone else’s dream? Becoming self-employed gives you so much more freedom with your work. You only have to answer to yourself: no more worrying about losing your job security, having to sacrifice certain events because you are denied your requested holiday leave, having to provide mountains of evidence to claim your sick pay and you can spend as much time as you wish with a newborn child, because you won’t have restricted maternity or paternity leave. What’s more? As your business grows, you can start to take on full-time employees of your own who will help you to make your dreams a reality. Of course, the second option sounds much more appealing. But it’s important to remember that becoming self-employed or a business owner doesn’t necessarily mean jumping in the deep end and going it alone. You will need a few helping hands along the way. This is where you will need to partner up with other individuals. Here are a few to consider.
Tax rebates are the bane of any self-employed individual’s life. Especially if they happen to be a business owner with employees; as if sorting your own tax out wasn’t bad enough, you become responsible for a whole host of others’ tax payments too! This is where a professional tax attorney can come to your rescue. This individual’s job is to offer you the highest quality legal service by advising you on tax relief, helping you with tax planning and fixing back tax issues and disputes. You should ideally opt for an individual with qualifications and both a legal and accounting background, as they will give them the biggest knowledge base to work from.
Most self-employed individuals and business owners form a partnership with a highly qualified accountant. An accountant’s role is to form an overview of your business, evaluating where you can save money and make cut backs and where you should be investing more of your cash. You may think that you can do this yourself but think of the sheer amount of time that it will take. Your energy would be better spent enforcing the suggested changes, developing new products and collections, conducting market research and collaborating with others on an effective advertising campaign. Leave the facts and figures with an accountant and focus your efforts elsewhere.
Unless you have plenty of savings put aside, you’re probably going to have to take out a loan to either get your company up and running. You need to invest to make a profit after all. It’s also important to bear in mind that most companies or self-employed individuals make a loss in their first year of operation. Most will be lucky to break even. This is because they need to make a name for themselves or their brand and are still rooting themselves in the marketplace, establishing a name for themselves and earning recommendations. Chances are that you might need some funds to tide things over during this time too. This is where you could do with building a respectable, professional relationship with a professional lender. This might be an individual working at a bank or for an agency of some sort. If you borrow responsibly and make payments on time and also have a good working relationship with the person in charge of approving your requests, you can often start to make negotiations, being offered access to larger amounts of cash, lower interest rates and the option of more flexible payment options. Perfect!
Remember, when you become self-employed, it can be tempting to try to take all responsibility on your own shoulders. Avoid this. One person can’t do everything themselves and still have the time and energy to see their work or business flourish. Lift some of the weight from your shoulders by collaborating with these individuals. It’s a mutually beneficial relationship which also allows both parties to maintain their independence.