If you've decided that you would like to become self-employed, and work from home, do you know what you're getting yourself into? This article will give you some tips to find out if you're ready to become self-employed.
Do you have a business plan?
A business plan is essential before you start your new business, otherwise you can find yourself flitting from one idea to another. Produce a business plan, and stick to it as much as you can. Obviously, you need to build in some flexibility, but you should not waiver from your plan unless you have a really good reason.
What kind of business do you want to run?
You may be a skilled gardener or decorator, perhaps you're good at teaching other how to do something. Wherever your talents lie, that should be the basis for your new business. If you don't have a skill, do a course which will help you develop something in which you have an interest.
Do you know about taxes for the self-employed?
If you don't then perhaps you'd be better to hand over your tax arrangements to a tax professional. Yes, it will cost, but you'll have peace of mind in the knowledge that your tax is being handled by someone who knows what they are doing. If you are happy dealing with tax yourself, then that's equally good, and you will save yourself some money, but make sure you keep track of all your income and outgoings for your end of year calculations.
Do you have an office?
If you've got a spare room you can set aside to run your business, then that would be ideal, but you don't have to have a dedicated room. Could you free up a corner of your garage if you had to? Do you have a summer house in the garden with an electricity supply? Even a table in your living area would be appropriate, just make sure that you keep it organized and make sure the rest of your family knows that it's 'your office space'.
Do you have insurance?
Depending on the type of business you want to run, you may need business insurance, to protect both you and your clients. Have you thought about taking out health insurance? If you're not employed, you'll lose any health insurance benefit you may have had, and will need to bear this in mind for the future.
Being self-employed is right for some people, and not for others. I hope this article has helped you to decide if becoming self-employed is right for you or not.