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setting up self employed

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By (user no longer on site) OP   
over a year ago

Im trying my best its sooo stressfull lol help would be great x

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By (user no longer on site)
over a year ago

What's the problem?

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By (user no longer on site)
over a year ago

Will it be just you on your own working or will you be employing others as well.

Two options ;

Sole Trader - Only you working - You still need to do yearly accounts as well as Tax return.

Limited Company - more than one person employed - Still need to do accounts, Tax returns as well as filing accounts with Companies House

In either case, you will need to see what your annual turnover will be and may need to register for VAT if it will be over the threshold

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By (user no longer on site)
over a year ago


"Im trying my best its sooo stressfull lol help would be great x "

it is your choice , to be stressed or not to be stressed, if you chose to get stressed you will probably fail, any business needs energy, strength and determination, stress is a disease that stops you operating to your full potential,

Manage stress first, then you can manage yourself, then you can manage a business.

There are only three things to consider,

Firstly , how much money do you need to make, to maintain your lifestyle and to make a profit.

Secondly, how many hours are you able to commit to a business.

divide number one, by number two.

That tells you how much per hour you need to clear on top of your business costs.

Go For IT !

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By (user no longer on site)
over a year ago

There are many 1000's of sites devoted to pricing, accounts etc, depends on type of business, and your goals.

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By (user no longer on site)
over a year ago

YOu also need to see what hours you are prepared to work.

Most self employed people work in excess of 80+ hours per week, as it's a case of getting the job done, regardless of hours.

You don't clock in or out.

If you can put the hours in, you will survive.

If you only want to do 37 or 40 hours a week, then you're better off being employed.

It's your business and the more you put in, the greater the rewards

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By *iss_tressWoman
over a year ago

London


"Im trying my best its sooo stressfull lol help would be great x

it is your choice , to be stressed or not to be stressed, if you chose to get stressed you will probably fail, any business needs energy, strength and determination, stress is a disease that stops you operating to your full potential,

Manage stress first, then you can manage yourself, then you can manage a business.

There are only three things to consider,

Firstly , how much money do you need to make, to maintain your lifestyle and to make a profit.

Secondly, how many hours are you able to commit to a business.

divide number one, by number two.

That tells you how much per hour you need to clear on top of your business costs.

Go For IT !"

Second post of yours I've read today which I've

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

It really depends what you are selling/doing. I am self employed and the effort is in bringing in new work. You have to factor that time into your business model along with any holiday time and contingency plans for illness.

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By (user no longer on site)
over a year ago

Totally agree.

Don't forget dave, it's not just about the work.

You have to wear different hats, Sales, marketing, advertising, quotes, understanding work brief/orders, doing the work, after sales, accounts etc etc.

It's not as daunting as it sounds.

regardless of the type of work you are doing, the principles are all the same throughout.

But more than anything, discipline and determination is an absolute MUST.

Go for it. It gets easier

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By *estEndGentMan
over a year ago

London

What part of it is stressful? If you have the work and will be making money the hard part is done. As for taxes, if you're working for yourself with no employees this is simple. The government website explains it step by step.

Enjoy your new found freedom!

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By (user no longer on site)
over a year ago

I'm doing the same but with help from the jobcentre. Google new enterprise allowance, I get money help and mentoring

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

I found it pretty straight forward, the HMRC website was very useful

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Totally agree.

Don't forget dave, it's not just about the work.

You have to wear different hats, Sales, marketing, advertising, quotes, understanding work brief/orders, doing the work, after sales, accounts etc etc.

It's not as daunting as it sounds.

regardless of the type of work you are doing, the principles are all the same throughout.

But more than anything, discipline and determination is an absolute MUST.

Go for it. It gets easier"

Setting up your systems, even if it is just a box for your receipts, helps a lot.

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By (user no longer on site)
over a year ago

Is taking notes

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By (user no longer on site)
over a year ago

Find an hour, sit down and read, free on line.

" THINK AND GROW RICH "

by

NAPOLEAN HILL.

It has changed my life in many ways, the word rich is interchangeable to whatever you seek, health, happiness, money, love,.

The book isn't heavy goung and suggests different simple steps, that can make the difference between reaching goals or failure.

I wish I had this advice when I opened my first shop aged 16.

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By (user no longer on site)
over a year ago


"YOu also need to see what hours you are prepared to work.

Most self employed people work in excess of 80+ hours per week, as it's a case of getting the job done, regardless of hours.

You don't clock in or out.

If you can put the hours in, you will survive.

If you only want to do 37 or 40 hours a week, then you're better off being employed.

It's your business and the more you put in, the greater the rewards

"

I made this mistake many years ago, working every minute of every hour I was awake, saying yes to everyone,

You don't need to work long hours to make a business work, in fact its about your health, quality of life and decision making, often in business its better to say, no, than do more than you can manage.

Having a business is about enriching your life, and then your family life.

If you work 80 hours a week, family life suffers, and you are defeating the object of working for yourself.

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By (user no longer on site)
over a year ago


"Totally agree.

Don't forget dave, it's not just about the work.

You have to wear different hats, Sales, marketing, advertising, quotes, understanding work brief/orders, doing the work, after sales, accounts etc etc.

It's not as daunting as it sounds.

regardless of the type of work you are doing, the principles are all the same throughout.

But more than anything, discipline and determination is an absolute MUST.

Go for it. It gets easier"

I'm self employed but I don't own a hat. Maybe that's where I'm going wrong.

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By (user no longer on site)
over a year ago

Now a days everyone wants value, everyone knows the price of everything, but the value of nothing.

I breed and sell horses, to breed and school a horse for 3 years, costs me about £4000.

Horses are being sold from £50 at auction centres across the country, because of sodden land and cost of keeping them.

To make any profit I have to charge at least £7000 per horse, I do this by using risk reversal.

I advertise my horses at the price I need to achieve, and offer to deliver the horse, free, look after, and pay for feed etc for a month.

After the month I will collect the horse, so far in 20 years no one has ever returned a horse, the kids fall in love with it, or the rider bonds with it. and I am happy that everyone is happy and I get me dosh.

Never never aim to be the cheapest,

whatever you sell or whatever service you offer, people remember quality, rather than price.

In my flower shops, I expect one in ten complaints, because if you are keeping everyone happy, you are giving them too much.

As it happens I only remember one complaint and that was about 3 years ago, so I am just reviewing prices and standards to see how I can increase my profits, even though I may lose some customers.

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By *wingerdelightCouple
over a year ago

eastliegh

and dont forget not all the money you earn is yours, save at least 20% if not more, you will need it come tax time

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By (user no longer on site)
over a year ago

[Removed by poster at 08/01/14 13:00:51]

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By (user no longer on site) OP   
over a year ago

Thsnx everybody nice people

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By *uckyinlustMan
over a year ago

manchester

Great advice manrider.

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