There are lots of people out there who assume setting themselves up as a freelancer will be easy. It’s true that it isn’t too difficult to do - you just need to fill in the necessary paperwork and let the taxman know that you are no longer in full-time employment. However, it doesn’t come without its difficulties.
Topics: freelancing, business
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Sure, there are many benefits of being self-employed, such as being your own boss and setting your own routine, but you also need to have a lot of professionalism. One way to keep yourself professional is to treat your freelance work as a proper company. Don’t worry, you don’t need to set up a separate business entity to do that - you just need to follow these great tips.
Keep Your Personal And Work Finances Separate
Firstly, it is essential that you keep all of your work finances completely separate from your personal ones. If you don’t then you will find that figuring out your annual tax return is hugely complicated. One of the best ways to keep all professional expenses and income separate from personal money is to hire an accountant to take over your bookkeeping and accounts for you. Not only will they help you file your tax return, but they will also know how to save you money on it.
Set Up A Schedule
All business owners have a daily schedule. This keeps them on track with their various jobs and tasks, and some of them find that working through a to-do list also keeps them motivated. As a freelancer, this is also something you should do. You will experience all of the previously mentioned advantages, but it will also help you know when to stop working at the end of the day. Most freelancers are guilty of working too late because they find it hard to switch off. Once you’ve come to the end of your daily schedule, though, you will know it’s time to start your evening and relax.
Get The Same Support That Businesses Would
Businesses have a huge support network in place, and it is necessary that you set up something similar for yourself. Thankfully, there are a few contractors who you can rely on to help you. It’s worth finding a firm that offers IT solutions for businesses so that someone can step in to help you whenever something goes wrong with your computer. It’s also highly advisable to find a lawyer in case you ever need any legal advice.
Save For Your Retirement
When you are in full-time employment, you will benefit from paying into a workplace pension. Unfortunately, this benefit doesn’t exist for the self-employed. So, it’s important that you start saving for retirement yourself. You can set up your own private pension as well as paying into a seperate savings account. Once you start this, you can begin to look forward to a very comfortable retirement!
As you can see, it can really pay off to start treating your freelance work as if it were all a big company!