Easter has now passed, the weather is getting better and the days are becoming longer and people tend to be thinking more about the future and new business ventures and job opportunities.
Maybe you are thinking of leaving your corporate life and becoming your own boss, the media is full of success stories to tempt you into the world of self employment.
The reasons we find, as canary wharf accountants, people embark on self employment are less company politics, appraisal systems, independence and more money. What is seldom mentioned are the drawbacks which include loneliness and isolation, financial difficulties and the inability to make sales and market your business.
There are many ways to get around these difficulties, business hubs are great places to reduce the isolation and loneliness whilst often coming into contact with businesses that need your services, so you can make a few sales as well.
Also perhaps a fundamental of running your own business is understanding your own strengths and weaknesses, to be able to exploit your strengths and manage your weaknesses. Thus for example if you are a great salesman but weak in keeping your records in shape you need to ensure you have a bookkeeper you can call upon and a good local accountant who can assist you. The insight into your own strengths and weaknesses and managing them is fundamental in creating a good business.
A low risk of starting into self employment is freelancing or contracting using skills you already have and creating a business around it. Many successful business people started this way. If you are thinking of freelancing or contracting, contact us and we can advice you on the accounting and taxation implications of running a freelancing/contracting or small business.