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be your own boss

Be your own boss this New Year, with our steps on taking the leap from humdrum permanent to self-employed success

Be your own boss in 2017

As we all settle back into our usual working routines, the Christmas break seems nothing more than a distant pleasant memory. How many of you started the year by deciding that 2017 would be the year you’d become your own boss?

 

It’s not uncommon to be full of determination when New Year Resolutions are made, but after a week of being back in the routine, maybe looking after children, and getting on with your day-to-day responsibilities, your dreams of solo greatness can easily flitter away….

 

So what can you do about it?

Intouch are here to save your resolution! We appreciate how life can get in the way of taking the leap, so this blog is here to show you how easy it is to take small steps towards reaching your goal in 2017.

 

Step 1 – Consider your professional worth

Wouldn’t it be great if you could continue with your career, but work when you want, for who you want, whilst charging a day rate of your choice (within reason of course!). Contracting allows you to do just that. Handsome day rates that traditionally outweigh those you’d expect in permanent employment are just some of the bonuses, so you owe it to yourself to see just how much you could be earning doing your current role, but for a whole range of clients instead of just one.

 

Take a look at a few different contractor job sites to see what types of going rates are currently being offered for your level of experience and qualifications. This should inspire you with what your dream could look like financially.

 

Step 2 – Understand what the market is asking for

Are you professionally in demand? Hopefully from your research in step one, you’ll have gotten a ‘feel’ for what people are currently recruiting for, and whether you’ve got the goods.

 

If the answer is ‘no’ but you’re not far off, don’t let this deter you. Consider updating your skills to match what’s required, and whether your professional presence would make you employable. Step three explores this in greater detail…

 

Step 3 – Get your self-promotion up to scratch

If you came across your own CV, LinkedIn profile or business website, would you hire you? When in permanent employment, updating these areas usually falls by the wayside as you may not be actively on the lookout for new work in the same way as if you were freelancing or contracting.

 

Ensure you get these areas updated, and keep them that way. Be sure to advertise any skills you’re currently updating, the types of work you’d be interested in, and possible availability. If you have any personal side projects you’ve also been working on, be sure to showcase them. They’re your platforms so don’t be afraid to show off professionally.

 

Step 4 – Try a bit on the side

If you’re not quite ready to take the full leap into contracting, why not dip your toe with some extra work in the evening or weekend? Start off small, maybe a short-term contract with a client you’ve previously worked for. They will already be confident about your calibre of work and you’ll probably be more comfortable with them too.

 

When you near completion with your first contract, consider how it went. Did you look forward to getting home from your permanent role when you could complete more of it? If this sounds like you, then you know the contractor’s life is for you.

 

Step 5 – Seek professional advice

Traditionally when people think of being self-employed, they think it means you’re totally alone to try and make the best of it. For contractors, this couldn’t be further from the truth!

 

With the support and professional guidance of a contractor accountant such as Intouch Accounting, you’ll know exactly how to make the most of your contractor income to ensure you’re maximising your take home pay. Not only that, we’re able to advise you on all aspects of contracting from an accounting point of view, to ensure you’re getting the most from your Limited Company.

 

Intouch are here to answer all of your questions

Whether you’re ready to take the leap into contracting and need advice on setting up your Limited Company, or are in the very first stages and need to talk to a professional about your options, our team of expert advisers are here to answer all of your questions. Get in touch today!

 

If you’d like to keep reading, take a look at our top New Year Resolutions for the ultimate contracting success in 2017. Download them for free now.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.