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I’m finalising a guide to stepping off the PAYE work treadmill and becoming self-employed.
Anyone got any small or useful hints, tips, surprising things (good and bad) or other insights into Self-Employment? What surprised you? What frsutrated you? Doesn’t have to be long, can be one word e.g. “TAX!” but, what one thing would you tell someone currently working in a job (or not) considering becoming self-employed???
Gareth Turner, Rob Fryer and 2 others17 Comments-
A few from me as someone who has been through the process in the last year:
– It’s not what you know but who you know so build up your networks.
– Start as a side hustle, it may be that that’s what it remains.
– Trust the process (easier said than done) 😀
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@refeiaz “It’s not what you know, but who you know” is always accompanied with the sentiment that somehow it’s less valid to be given a hand, or an “in” than being knowledgeable and doing things the hard/impossible way… And.. if you know it to be true, that it is indeed more improtant to know a LOT of people for success, and you’re using it as a reason to jusitify yourself on why other are more succesful then my siggestion is always get out and meet more people 🙂 – GO NETWORKING! 🙂
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@refeiaz yes that ties in to Signal’s ‘No one should build a business alone’ way of thinking.
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@robfryer-brandstorm EXACTLY! 🙂
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I would say it’s all about discipline. Once you no longer have an employer, it’s easy to drift along and spend a surprising amount of time doing ‘important stuff’ that actually gets you nowhere. Getting a new routine will look different for everyone but for me, it’s simple things like having a dedicated work space, ‘getting dressed’ (i.e. not working in jogging bottoms, unless you’re a fitness instructor) and ignoring the household during my key working hours. For others, it might be ‘going out’ to work (using co-working spaces), or committing daily targets into writing to ensure they are done. I have a physical diary which sits on my desk and gets the ‘must do today’ notes; an online calendar with appointments; a To-Do list on One Note which is my ongoing jobs.
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@sarahmarsh 100% agree – consistency counts, and how you show up, your intent for the day is a massive game changer. I HAVE to go into my office to get deep work achieved, it’s basically a bunker and it focuses me on the tasks I HAVE to do. So, yes, get a routine, look to improve and streamline for efficiency. Definitely a great tip!
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Upskill yourself to a point where you don’t lack confidence, seek mentorship in a colleague or friend and don’t forget to do competitor research to see how you can close any gaps!!
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@PaidAdsDigital Hi Katia, thanks for the comment. Confidence is a key component, in ones-self as well as the goods and services you offer.
Mentorship; 100% agree, someone who has been-there/seen-it is a real game changer and over the three decades I have been in business I always look to be the least qualified in the room, it’s how you learn stuff and meet the people who can really move you forward. Who you mix with matters!
Competitor research – I do think this is useful, just to ensure you are not missing a trick, but I quite often find that “group think” holds a lot of business back. Most of my biggest breakthroughs and growth moments came because I chose to do things differently. Think diferently!
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@stu love your response – 100% I always try to surround myself with people that are smarter and more experienced than me so I can learn from them! I explain this to my 9 year old, telling her she won’t continue to learn if a) she thinks she is the smartest person, but also b) if she simply is the ‘smartest ‘in her group – she needs to continue to ensure she surrounds herself with groups of children who are smarter than her.
Great feedback – thank you!
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@stu this might be helpful for one of my clients. How does one procure this guide?
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@djohns4 I will share with you asap later today – I’m adding it to the project website, but will share a copy directly here with you. 🙂
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I think it is important to get proper advice before taking the plunge ! HMRC have to be notified within 3 months , record keeping has to be sorted , Insurances should be considered such as public liability insurance and professional indemnity insurance. Putting money aside for tax is essential, especially as the first payment may not be due until 22 months after starting !
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@geoffb great advice Geoof – never leave the HMRC out of your plans, otherwise they will come along when you least want/expect/need them to!
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No one prepares you for all the things that comes with starting a business.
For me it is having a plan, or some kind of direction to head in. It doesn’t have to be complicated or overly detailed. I spent the first couple of years ‘winging it’ just seeing what came along. Once I started to hone in to who I wanted to work with and the kind of work I wanted, things started to move forward. As they say, ‘Hope’ is not a strategy!!!
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@robfryer-brandstorm
an imperfect plan is better than no plan!
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great Idea – cant wait to read it
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For all those who requested, please find our first version of our Neurodiverse Self-Employed Handbook here
https://businessoddcast.com/thank-you/Any comments, feedback, notes or ideas welcome, this is V1 we know with your input V2 will be even better!
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