Being self-employed isn’t easy, otherwise everyone would be doing it. Regardless of what you do, whether you’re a freelance graphic designer, a writer or performer, there are some things worth knowing that will help you navigate your journey into this employment. If it’s your first time in self-employment, it can be a little scary. As this is my second time now, I thought I’d share with you my tips that are worth knowing when you’re self-employed.
*This is a collaborative post.
Manage Your Money Better
Managing your money is important when you’re working for yourself because unfortunately, you don’t get the luxury of a set wage. It’s important that no matter how good one month is, the next month is something you need to prepare for, especially if you don’t have any work planned out or confirmed yet. Try to improve the way you budget your money to help it last in those times where you might not earn so much in a month. When you do make extra money, put it into savings and you then have an emergency fund which you can use to help make payments to your bills and the rent or mortgage payments. That and making sure you’ve got enough for food is the most important part. If you’re not managing your money properly, then you’re going to struggle.
Do Your Taxes Or Get Help With Them
Taxes are an essential part of being self-employed and another area that isn’t covered when you’re working in this employment. Usually, it would be covered for the company you’re working for but now would be a good time to get an accountant. Doing my taxes is something I avoid and give to my accountant friend instead, however it’s worth seeing if you enjoy doing them or can do them without the help of an accountant. My advice would be to get one because they can end up claiming for things against your taxes that you might not have known were possible without them. Getting a sales tax consultant for your business might be handy if you’re running one as a self-employed individual.
Set Your Work-Life Boundaries
Boundaries are important to have when it comes to your self-employed life because it can be very easy to work all hours of the day. For some jobs, that can be possible but its essential you draw the line and have a life outside of your workplace, even if you work from home. That’s something I’m still trying to learn and be better at as I’m a bit of a workaholic. Keep the boundaries set depending on how you like to work and you can choose your own working hours to suit you.
Find Support In Friends & Family That Are Self-Employed
I found it really beneficial to speak to friends and family who were already self-employed for their advice on self-employment. Make sure you’re doing this if it’s your first time and also for times where you might be struggling and need some wise words of advice from those who’ve been doing it for a while.
What do you think of being self-employed? Have you tried it before or want to give it a go? Let me know in the comments below.
*Disclaimer – This is a collaborative post with Tax Connex. All words are my own.
