In 2017, there were 4.8 million self-employed UK workers. Becoming a self-employed contractor can be the best business decision you’ll ever make.
In the UK, the amount of independent contractors is increasing. All age groups are becoming independent contractors, too. The flexibility alone is enough to draw in crowds.
When you’re an independent contractor, you don’t have a boss. You are the boss. It’s too rewarding to pass up.
However, being an independent contractor isn’t simple. Here are 10 brilliant tips for independent contractors.
1. Set up Your Business’s Legal Structure
Part of becoming an independent contractor involves setting up a legal structure for your business. Will you be a sole proprietor, partnership, or Limited Liability Corporation (LLC)?
Your status will affect your taxes, finances, and liabilities.
2. Make a Business Plan
Write down your business’s objectives and goals. Then determine ways you can achieve these aims.
You must have smooth processes for invoicing, filing taxes, bookkeeping, scheduling, and task management.
You’ll need to set aside money for insurance. That includes healthcare and liability insurance.
Find an insurance provider who specializes in your field.
4. Get Your License
Depending on your work, you might have to get an independent contractor license.
Licensing requirements vary depending on where you live.
5. Start Marketing
Invest in marketing your business. This can include digital marketing, traditional marketing, or a mixture of both.
If necessary, focus on targeting your local area for clients and projects.
6. Save Your Receipts
Save the receipts for any purchases you make for work. You can get tax write-offs later on.
Keep a designated folder/section for your receipts. Organize them by date.
7. Keep Track of Money
Stay on top of how much money you’ve made. Keep track of who owes you money as well.
Document all of your financial information. If necessary, use a pay stub creator to make pay stubs for yourself and others.
8. Have a Home Office
If you want to be a successful contractor, you’ll need to have an “office space” in your home. Your couch won’t cut it.
Set aside a designated workspace for all business endeavours. Your brain will shift into “work mode” whenever you’re there.
If possible, make your office green-friendly.
9. Keep a Schedule
Part of being a contractor means keeping your own hours. Determine a schedule that works well for you and your clients.
Have a set time for waking up. You should also have a set time for when you stop working.
Record deadlines on a calendar.
10. Look for Work
Look for work everywhere. Check online resources and print publications for work opportunities.
Take advantage of social media to find more work.
Dreams Come True: Become a Self-Employed Contractor
In the UK, at least 15.1% of workers are self-employed. Becoming a self-employed contractor isn’t easy, but it’s worth all the effort you put into it.
As self-employment increases in the UK, more people are seeing the advantages of self-employment. For many, self-employment is more lucrative than traditional employment.
Bring the “boom” to your business and read more business information. It could make you a richer person.