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Having freedom and success is something that many people would strive for, if they had the means. And in today’s society it has never been easier to create that lifestyle you desire in order to maximise a work-life balance.
If you’re not completely satisfied with how your career or lifestyle is heading and are contemplating a change, the idea of working for yourself will probably have entered your mind more than once. Many people dream about having their own business or starting out as a freelancer or contractor but get stuck on the ‘how’ and often don’t overcome the barriers in order to get themselves where they need to be.
If you could get past those hurdles (and there is so much help and advice readily available out there), you would see, and hopefully reap, the benefits to working for yourself and running your own business.
The gig economy is changingSince 2008 the gig economy has been on the rise and it’s here to stay. Prior to that, freelancers were looked at as the stop gap to fill job positions and it was a lot harder to find work if you were contracting full time or trying to sustain an income. However, with the rise of independent workers, it is now so much easier to find contracts and attract clients. As this continues to grow, it can only be good news for those trying to break through with their own business. Now is the time to embrace the change and push your business to expand in a dynamic way enabling you to receive financial freedom and the benefits of running your own business.
Financial freedomRunning your own business means that you are not limited to the salary that you’ve been promised at the beginning of the year by an employer - there is possibility to earn more, invest more and to see bigger and better for your lifestyle. Being flexible in your working hours and taking a few extra minutes to work every now and again rather being restricted to office hours could give you the time you need to complete an extra contractor or take on a new client. The possibilities are endless when you are working for yourself.
Having financial freedom comes by having an idea. Then changing that idea into a vision with a plan. By working on that vision and executing the targets you have set yourself, you can achieve your goals in a set amount of time that is geared around your personal situation, fitting in around other commitments whilst still maintaining a work-life balance that suits you.
There’s no timesheetWorking for yourself will mean that you can choose what hours your work and depending on the industry you’re in, will result in being able to work around other commitments you may have. HOWEVER, even though there are no timesheets, you still need to respect that time is money and building a business will not happen on it’s own or overnight. Hard work, effort and commitment needs to be given priority if you’re going to see successful results, don’t expect everything to fall in your lap! Work hard, when you can and create a business model that you can carry on and take forward, knowing you can adapt and tweak later on. Establishing a working pattern now that works for you will make you happier and will give you a sense of control which in turn gives you a mindset of success and enjoyment in your work.
Address the challengesChallenges will come along at some point but that’s part of running your own business. Address challenges and get to the root of all problems before they can take hold. As you move forward in running your own business, you will adapt ways of managing and controlling issues that arise. Don’t let them bring you down but instead overcome them and learn from mistakes and challenges and use these in things that arise going forward.
Find somewhere to call your ‘workspace’.If you’re running your business from home, you’ll need to establish a place where you can call your office. Setting up on the sofa isn’t ideal and before long it will be too easy to switch on the TV and get distracted. Instead, create a space where you can leave your computer or work files and know that when you go there, you’re ‘at work’. Try to leave aside things that will distract, as working from home can be tempting to ‘just…’ but remember that you’re running a business and discipline is important to create structure and a successful working business.
Get organisedThe key to a successful business is to be organised; manage your time well. When starting out small, whether a freelancer or contractor - or even if you decide to start up as a Limited Company, it’s important to have structure and practices in place that will enable you to concentrate working ‘in’ the business rather that ‘on’ the business. Work out what your focus is and what you have time for. With the rest, you will benefit from getting outsourced help, so you don’t drown in the workload that will surround you. That’s where a trusted accountant can help. You may have some great business plans and ideas - but do you have a head for figures? Have you got the time to stay up to date with the laws and legislations that come in for business owners? If not, you could find yourself running into troubles and possibly fines if paperwork is not completed accurately or on time.
2020 Accountancy provide specialised accounting services for contractors, freelancers and Limited company contractors. With many year’s experience in the industry and understanding the way in which small businesses are run, we are there to support individuals who simply don’t have the time or knowledge to manage their accounting on their own.We tailor our packages to suit your individual needs and provide you with a dedicated account manager that will walk you through each step and advise on any information that we require in order to manage your accounts effectively.
If you’re just starting out in business or have been going a while but are struggling with time management, get in touch to see how we can benefit your business and see that you get on the right step to success.
Embrace your work-life balance - enjoy running your own business and remember the reason why you started a business in the first place!