Welcome to our Going Freelance Guide to Self-Employment.
Any going Freelance guide self-employment is foundered on a need to have a basic business background or business training.
The desire to become self-employed is a significant motivator for one to start their own business, such as a start-up company. Notably, the hard work of both a business owner and employees determines the success of any venture. Consequently, any individual wishing to start a business should consider their interests and passion.
Remember, as a business owner, you don’t have to do in it all yourself. Outsourcing is a great way to get the help you might need, while focusing on what you love. At the same time you support other business owners in what they might be great at.
There is also evidence that companies now, more than ever, are looking for freelance talent. With the uncertainty of the next few months discouraging businesses from making permanent hiring decisions, they need short-term solutions.
Those with in-demand digital skills are the top winners, with social media managers now averaging a fee of £422 per day, up 27 per cent since the start of the crisis. App and web developers have also seen a 16 per cent increase.
In the aftermath of the last recession, self-employment boomed. The numbers of people working for themselves rose 10 per cent between 2008 and 2012.
The experience of working from home is likely to have got more people thinking about going freelance, as they look to maintain those flexible aspects of their working life. Or it might be getting furloughed. Or being laid off due to Covid-19 .
Many employees are planning a career change thanks to the pandemic, with one in four determined to set up their own businesses.
Top tips for going self-employed
- Decide on your structure: “The sole trader route is probably simpler, but setting up a limited company could give you more control over how you get paid.”
- Get insurance: compare life assurance and injury policies to make sure you are covered if you areunable to work
- Look at pension options: “When you’re considering different pension products, you should look for something flexible. Bear in mind that you can also get fairly generous tax relief on your pension.”
- Claim expenses: Make sure to claim what you can to secure tax relief.
Ideal time for going freelance?
There is never any guarantee of success from self-employment. However, technology developments mean it is easier to find work and do it remotely. The market for freelancers is growing incredibly fast.
Going freelance is less of a gamble now that you no longer need a contact book full of potential clients. You can now go online and find clients for any niche skill set in a really short space of time.
Going freelance guide to self-employment