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Becoming Self Employed Guide

If you want to become self-employed, you should possess the skills and knowledge. Learn the basics and prepare a business plan.

Know your responsibilities and you will surely succeed.

Most career individuals these days are no longer satisfied with their day jobs. People have various reasons for quitting on their regular job as an employee and decide to become self employed. Although starting a new business can be risky and scary, it has its rewards. When you are self employed, you can set your own schedule and you get to delete the tasks.

Is Self-employment for Everyone?

You need to be aware that becoming self-employed is not for everyone. It is important that you love to work on your own and that you’re confident or knowledgeable enough to handle your own staff. With passion and interest for what you’re doing, you are surely going to succeed. The first thing that you have to do is to overcome your fear. Be prepared for the worst and think positive always.

Getting Registered

It is vital that you register as a self-employed because if you don’t, you will face legal issues that can incur you some costs. On the first month of your business, you have to register as soon as possible. You’re given three months from the end of the first month in the business. However, in a limited company, registration is not required. Find out the exemptions to this rule so that you will know what to do. Basically, once you start hiring employees, there is a need to register as self-employed.

Taxation

As a sole owner of your business, there is a need to register with the Revenue Commissioner. This is necessary for income tax purposes. You have to make sure that you maintain all records needed to prepare the annual tax. All purchases of goods should be recorded, as well as the sales. Cash received and amounts paid should be monitored as well. It would really help if you have your own accounting software. It will be easier to prepare financial statements when all records are in order.

Getting Insurance

Businesses are not obliged to get insurance but it is recommended that you get one so that you can secure your business or your investment. You can check with a reputed insurance company to find out which insurance policies will best suit the business.

Aside from getting insurance, there is also a need to seek credit. This is vital if you don’t have enough capital or personal savings that you can use to start the business. These are some of the things that you have to look into so that you can become self-employed. Take your time in learning the basics and don’t forget to prepare a comprehensive plan.

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