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Tips For Going Self-Employed

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So you have finally managed to pluck up the courage, bite the bullet and leave the security of your 9-5 to go it alone. You may be realizing a dream by becoming your boss and it may well turn out to be the best thing you have ever done. However, opting to go self-employed is not without its challenges, logistics, and admin. So if you are about to brave the change here are some top tips for going self-employed. 

Replace your company perks 

There are many benefits to being employed, most commonly employees tend to benefit from a company pension plan and health insurance. If you are walking away from these perks then be sure that you have arrangements in place to replicate them. Ensure that you buy health insurance and explore your pension or savings options to provide for your future when you are no longer able or willing to work. 

Be sure you get paid 

Another guaranteed perk that you are leaving behind is the well-received regular pay date. When you are self-employed that security and regularity naturally decrease. Ensuring you get paid can be an arduous task. To get paid you will most likely be reliant on invoicing your customers and awaiting payment from them. No one likes paying a bill and whether intentionally or not you may find your customers or clients taking longer than you would like to pay your invoices. This results in you spending your time chasing up a payment or even missing out on payments. Create a system that tracks your invoices and the money you receive to ensure a bill never goes unpaid. 

Learn when it is time to say no

When you are self-employed you will find yourself more reluctant than ever to say no to work, for a whole host of reasons. Sadly a shrewd customer or client will know this and it could result in you being given last-minute work, underpaid work, or work that you don’t really want to do. If you find yourself in this situation or your schedule is too full to take on the extra work (and do it justice) then don’t be afraid to turn it down. By saying no you could be showing a potential customer that your services are in demand by others and that instantly makes you a more desirable candidate. Further, you should not take on work if you cannot complete it to the standard you want as this could harm future relations with your customers or clients. 

Set boundaries 

When you work for yourself it is harder than ever to switch off. You do not have the luxury of leaving the office and the work behind you as you tend to carry it with you at all times. When you are not working you feel guilty and as though you should be working and when you are working you are preoccupied with all of the other things you need to be doing, such as spending time with the family, chores, and the to-do list. It can be a difficult situation to navigate and the associated guilt can feel too much. To manage the guilt and the workload set yourself boundaries, define working times and family times, take breaks and ensure you take days off.