Going self employed

J J

Johnny Mars Bar

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So after many years of working for one employer I am getting itchy feet and considering going freelance.

Having spoken to my boss I think I can negotiate a deal where I keep them on as a client, which gives me a bit of financial security while I do some business development and get other clients on board (hopefully!)

I was wondering if anyone on here could advise on the in's and out's. It's a brave new world for me!

My industry is marketing / digital / campaign management for the entertainment and events industries. There's not much in the way of equipment or capital I'd need to invest really. I can do my job mostly from a laptop and an iPhone..

I haven't 100% decided on it yet, just looking into it. I like the idea of working with a few different people on different things and being my own boss.
 
I've not worked for anybody in the last 30 + years even though you do still actually work for someone... "the client" and in that time I've never had holiday pay, sick pay, taken time off, arrived late, claimed travelling expenses or a ' not going in today 'coz I cant be arsed ' day.
Have you checked your competition as it seems like a cheap and easy access to market therefore encouraging a lot more in that game to go SE. The most important thing in working for yourself is getting your costings right, dont go in cheap and try undercut anyone, a race to the bottom, if anything charge more, sell that to the client as proffesionalism and service and let the competition catch you up.
Having said all that, 2 hours ago, I just lost a big client....welcome to the world of self employment.
 
The uncertainty and some extra stress isn't for everybody but if you feel from a personality perspective you can handle it then beyond the financial rewards, the sense of control and satisfaction you can get is well worth. Few obvious points:
  • Having your existing employer as a launch client is great but don't allow that to make you complacent.
  • Related, if your job contract/circumstances allow then do some informal biz dev now i.e. before you make the leap, both to gauge the extent/level of market there is for your services and to have those other clients warm and ready to go.
  • A decent accountant that you have a good relationship with is worth their weight in gold and the converse for a crap one. Choose carefully.
  • Shop around for the necessary insurances, it's surprising how different the quotes can be.
  • As you say a services model is great to get going as it's not capital intensive but it is harder to scale if you have ambitions later on. Even if you are a one man band, think about your goals and vision for what you want to do, is it exclusively about making more money and retiring earlier or is about other things too (btw a decent accountant will ask you that anyway). This will help with your decision making processes.
Oh and one final thing...if it's going really well and you've hired a few more people and you've got a decent business model going, at the some point you might get itchy feet/have a bit of a mid-life crisis and want to take it to the next level or make it something bigger and better because 'you're a long time buried'. If that's the case then be aware that buying yourself a Harley Davison and running off with the au-pair is a much cheaper and less stressful form of mid-life crisis :-)

All the best if you decide to go down that route. I've ballsed up as many things as I've got right so you're welcome to PM me for what not to do!!
 
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Not much to add other than be certain to form a limited company if you decide to join forces with another self employed person.
 
threespires said:
The uncertainty and some extra stress isn't for everybody but if you feel from a personality perspective you can handle it then beyond the financial rewards, the sense of control and satisfaction you can get is well worth. Few obvious points:
  • Having your existing employer as a launch client is great but don't allow that to make you complacent.
  • Related, if your job contract/circumstances allow then do some informal biz dev now i.e. before you make the leap, both to gauge the extent/level of market there is for your services and to have those other clients warm and ready to go.
  • A decent accountant that you have a good relationship with is worth their weight in gold and the converse for a crap one. Choose carefully.
  • Shop around for the necessary insurances, it's surprising how different the quotes can be.
  • As you say a services model is great to get going as it's not capital intensive but it is harder to scale if you have ambitions later on. Even if you are a one man band, think about your goals and vision for what you want to do, is it exclusively about making more money and retiring earlier or is about other things too (btw a decent accountant will ask you that anyway). This will help with your decision making processes.
Oh and one final thing...if it's going really well and you've hired a few more people and you've got a decent business model going, at the some point you might get itchy feet/have a bit of a mid-life crisis and want to take it to the next level or make it something bigger and better because 'you're a long time buried'. If that's the case then be aware that buying yourself a Harley Davison and running off with the au-pair is a much cheaper and less stressful form of mid-life crisis :-)

All the best if you decide to go down that route. I've ballsed up as many things as I've got right so you're welcome to PM me for what not to do!!
Click to expand...

Thanks for this mate. Really useful
 
A few tips below, with apologies if they are obvious.

1. Inform HMRC once you start.

2. Consider the pros and cons of forming a limited company, either now or later. There’s lots on the internet or you can probably get a free half hour with an accountant.

3. Whether you start out as a sole trader or limited company, there’s a long lag before you pay tax. Make sure you set aside for it as you go.

4. Give yourself a polished LinkedIn profile and think about joining local business networks.

Good luck mate.
 
Bold move! Good luck to you and lots of respect.
I quit my office job approximately three years ago and honestly have zero regrets about it.
Instead i am doing some freelance jobs with the microsoft teams sms and feel much happier these days.
My working hours are very flexible and completely depend on me, which is absolutely amazing.
 
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