There comes a time when an employee working for a company thinks of going solo and earn for himself or herself only. However, many fear this idea because they don’t have the knowledge to begin the venture and miss out on the benefits of working as a self employed tradesman in the UK.
There are many benefits of going solo such. You get to choose your own clients, and enjoy great flexibility without having to worry about a boss.
It’s not very difficult to start out as a sole trader or even to start up your own company. If you pack good skills in the line of your work along with sound experience then you are good to go.
Here’s how to run your self employed tradesmen business:
Learn A Skill And Get Experience First
Without the right qualifications and experience, you can’t become a self employed tradesman. To learn a skill, you can turn to NVQ courses.
It’s a public sector that offers a wide diversity of courses ranging from plumbing to electronics to carpentering and many more. There are levels from 1 to 5, with 1 being the lowest and 5 being the most advanced. The higher your level, the more skills you learn. The best part? All courses are free.
However, packing skills only won’t help you get clients, it requires experience too. If you don't have any then look for contact based work first under a firm to gain experience or you can also take apprenticeship to get work experience.
Choose Your Type – Self Employed, Company Or Partnership
Self Employed: This will give you full rights to call it your own business and it’s one of the easiest ways to start as a tradesman. To become a sole trader you will have to register with HMRC, complete the annual self assessment tax return, pay for insurance and tax and also keep a track of the income you earn along with the expenses.
Limited Company: Requires a bit of investment and incorporating with HMRC and Companies House. It asks you to pay corporate tax, dividends tax, income tax, make transactions on a separate business bank account, pay for national insurance, keep track of income and expenses, tax returns and complete annual company accounts.
Other than this, you will also need insurance. You can consider Tradesman Saver Self employed insurance as it can safeguard you and everyone you work with in case things go wrong.
Market Your Services
The competition is stiff and to spread a word for your services, social media is the best choice. Make a Facebook page and introduce users to what you can do. Also, let your friends and family members know of your next venture so that they can spread the word.
The idea of self employment can go down in shambles if you fail to manage it properly. It requires to keep records which include customer information, expenses, addresses, payment slips, transactions made etc.
It can be hectic to take care of everything on your own, therefore, hiring an assistant can help you here. Other than that, a software to manage things won’t hurt as well.