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3 Finance Tips for the Self-Employed

Being self-employed is amazing. It is one of the best things I have ever done. I really can’t imagine working for anyone ever again. It feels liberating to be able to dictate the pace in which I work. And being able to work from home whilst care for my growing kids is a blessing. I am super thankful everyday for this amazing life I have been blessed with.

 

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Having said that, managing the finances can be a little tricky when you are self-employed. Especially when you are dealing with clients that never pay your invoices on time. I have had to put on my accountant hat to keep my business thriving. For those who do not know, I have a degree in Accounting (graduated university in 2006) but only practised for 1 year. The story surrounding that is a whole new blog post for another day.

Here are some finance tips I have picked up in my self-employment journey.

 

Be Careful with Credit

As a self-employed person, you need to be very careful with credit, especially credit cards. You may find it super easy to shop on your credit cards, especially when you are dealing with late payments and need to survive. If you must get some kind of credit to survive, make sure you understand the payment terms and don’t get carried away with spending money that isn’t yours.

If you have to deal with unforeseen circumstances and need quick money, a company like Cash Lady could come in handy. This company helps customers to find short-term finance solutions. So they are good for when your boiler or car break down, or when you need money quickly for urgent home improvements.

 

Keep Records

I am always on top of my records. Leaving it all until the end of the tax year will stress the life out of me. So I make a note of money coming in and going out.

Sending invoices is a great way to keep track of your money. I always send out an invoice for every project I work on. Even if the client does not request one. I need it for my books, so I get invoices sent out for my records.

 

Claim the Expenses

When filing my tax return, I make sure I claim every expense. This advice also links back to the keeping records tip. I always keep track of every expense, all year round. This makes it easier for me to claim the right amount of expenses. If you are not sure what you could claim as an expense, here is a detailed list of all expenses the self-employed are allowed to claim.

 

I hope you find these finance tips useful. If you have any finance tips for the self-employed, please share in the comments section below.

 

*Collaborative post.

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6 Reasons Why Self Employment is Good for Mothers

As a mother, we are faced with so many responsibilities. Managing the home, our family and still making time for self-care can be really difficult if you’re employed at a 9-to-5. I can imagine it being more of a struggle to work a 9-5 and run my family, than to be self-employed, running my own business from the comfort of my home, along with my family. There are so many reasons why self employment is good for mothers.

 

 

If you’re still wondering if it’s a good idea to transition into being self-employed, then here are 6 reasons that will convince you to get started.

 

Flexible hours

One of the first things you begin to experience when you’re self-employed is that you can work at any time of the day. You’re not restricted to work at 9am and close at 5pm. You can set the time that is most convenient for you. You can also reschedule, especially when you have to be at your child’s school or you’re feeling under the weather.

 

Self Employment & Flexible Location

You know those days at work, where it feels as if the cubicle is choking you to death? Well, if you’re self-employed you can work anywhere you want to. You can work from the comfort of your home or work on the beach. The location is up to you. When you feel like you need a change of environment, it’s just as easy as taking your laptop and going to the place of your choice.

 

You are in control of the income you want to make

Being self-employed gives you the opportunity to determine how much you want to earn. In a 9-to-5 you are restricted to a fixed salary and before you can get a raise, you should have worked long and hard to be eligible for a raise. When you own your own business, you are the one who determines how much you want to earn.  There’s literally no limit to what you can earn so long as you put in the work.

 

Less stress

The beauty of self employment is the amount of stress that you get to cut out of your life. You don’t have to deal with the pressure from co-workers or an angry boss. Worrying about commuting would be a thing of the past, if you work from home. You don’t have to worry about that late evening meeting and how to still make it to your child’s recital. Let’s face it: working at a 9-to-5 can be overwhelming at times. When you’re self-employed you’re in more control of your life and your work.

 

 

 

Gives you the sense of independence

When you work in a 9-to-5 you’re limited on all sides. Everything you do is focused on pleasing the company you work for. Whether you like it or not, there will be days when you’ll be asked to do things that you would ordinarily not like to do. Just because you don’t want to lose your job, you’ll find yourself succumbing to the whims of your boss.

But in your own business, you are your own boss and you have no one to please but yourself. You do what you like and the decisions you take in your business will not challenge your authentic self.

 

Quality Time

The most important people in your life are your dear ones. Being able to just be a part of their lives and get the opportunity to impact their lives daily is precious. But when you are neck-deep in work from the office (which can get extremely demanding) you miss out on what’s important. Being self-employed gives you the freedom to be with your family and be a part of their lives. Everyday spent with the one’s you love makes your life richer and more worthwhile.

 

Self employment is the coolest way to go, but it regardless of the freedom and beauty of being self employed, it is not the best option for everyone, and may not be the best option for you. This way of life comes with its own issues. It takes a lot of determination, passion and disclipline to make it work.

 

Fast and Easy Ways to Set up Your Business Premises

Running your own business is great fun, but it can be exhausting. In the early days, it is best not to say no to work. You never know if that extra client you are squeezing in is going to turn out to be a loyal and long-term customer.

 

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You relish landmark moments like opening your first business premises, but to some extent, dread them too. Setting up a new office, salon, shop or workshop is a daunting, and potentially time-consuming task. But it is vital that you get it right. Fortunately, there are ways to simplify the task and get it done in hours rather than days.

Keep the decor simple

You really should give your business premises a fresh coat of paint. It does not take long and will make a huge difference to how good your workplace looks when potential clients visit.

To start with opting for plain walls with a few pieces of good quality artwork to brighten things up, and help you with your branding. HelloCanvas canvas prints are ideal for this. The entire ordering process takes minutes. Everything is done online, all you do is send them your high-quality photo, choose the size, finish and frame and pay. Within as little as a week you get your artwork delivered to your door.

Use your brand and logo in your business premises

If you are selling a product or service it is always worth having a logo made up. We are visual creatures, so remember images better than anything else. Therefore, using a logo, in your business premises, on your correspondence, website and social media accounts makes a lot of sense.

You can easily get your logo made up into a banner, wall sticker, large picture or window decal. This does not cost a lot of money and is a good way to make sure you incorporate it into your business premises.

You can find out more about branding and how to create one for your small business, by reading this article.

Rent your furniture and equipment

The next task is to furnish your business premises. In most cases, the simple approach is to rent the furniture and equipment that you need. There are plenty of companies that offer this service. Including specialist firms that rent out everything you need to set up a beauty parlour, hairdressers or another type of business. This is by far the simplest approach, but you need to be aware it can be an expensive way to do it. Therefore, you should cost it out first, and review the situation once you are sure your business is viable, and that you will be staying open in the long-term.

Rent a serviced business premises

If all of the above still looks like too much work it is worth exploring the option of renting out a serviced space. You can easily find serviced offices, where redecorating, and the basic equipment you need is included in the rental deal. For other business models like hairdressers this option is not so easy, but if you do your research you can often find that fully equipped premises are actually available to rent in your area.

 

Do you have any tips to share? Please sound off in the comments section below.

 

*Collaborative post.

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