Motivation and time management

I recently had the discussion of how to stay motivated when you're self employed with my forum-pals and these are the handy hints everyone came up with!

• firstly, if you have some orders to fulfil, get them done! State the obvious, you say but there's nothing like leaving them to the last minute to cause a mad panic and mistakes can be made when you're rushing!
• Write a task list/ to do list - daily or weekly or both! I think this is an invaluable tip as sometimes you know you have a long list in your mind but if you write it down it is a lot less scary and you wont forget anything!
• have a few projects on the go so if you get bored doing one thing you can move to the another for a while. This includes paper work. How dull is it to spend a whole day doing paperwork! spread it out if you can by doing a bit everyday.
• If you're really feeling in a slump why not take a look back at projects you've done in the past and see how fantastic/successful you have been! If you receive great feedback from customers why not keep them in a folder so you can easily find them and read them again.
• keep a routine - structure your day like work, have a lunch break at a set time etc and don't put the tv on as it's very distracting!
• work in small blocks, a couple of hours and then have a treat - you can even make it business orientated - like having a chat to likeminded people on a forum.
• business projections are a great motivation as long as they're realistic. If you set yourself a target to turn over a million in a year but you only make £500 you're going to be a little deflated. Under estimate and you'll be over the moon when you exceed it!
• Like the best dieticians say - eat when you feel hungry. In a crafting world - craft when you feel the need. Some days you just might not be in the creative mood and new ideas are simply blocked. Why not spend that time catching up on the paperwork, supply ordering etc.
• Following from above, however, someone suggested creating something new at least daily which to me makes sense even if the next day you hate what you did and have to redo it :S
• project management software. I've yet to find a decent open source one (message me if you know of one) but if you have the money to invest in some and think you will find it useful do it!

So far, these hints and tips are working for me, particularly the todo lists. If I have 5 minutes free - for example waiting for the paint to dry on my current poject - I look at my list for something I can do to fill time!

If anyone has any other hints and tips, please do share it by leaving a comment!

Becoming Self Employed

This morning I attended a free course, provided by the inland revenue on becoming self employed.
This covered what you should do when you want to be self employed, the timescale you have to do it in, what records to keep and why, what kind of items are tax-deductable, National Insurance contributions and how to work out what tax you'll be due to pay (if any).
Thinking about becoming self employed is a scary thing! There are so many things you need to think about and that you'll be liable for, that it could put you off leaving your 'employee' secure income where everything is done for you. However, this course is very useful in helping you get prepared and certainly made me feel more confident about it all.
I knew some of the information  already- for example I knew some business items were tax deductable and I knew records/ accounts had to be kept but I didnt know that NI contributions have to be paid weekly by direct debit as soon as you register to become self employed, I didnt know that the assets I currently have, including the very computer I am typing this on are tax deductable to a certain degree and I didnt know how much I could earn before I would even owe any tax. Now I do :D

It also covered VAT liablilities briefly although there is a course for this seperately if it applies to you.

There is a lot of work involved but to be honest, once you're up and running, if you slot it into your weekly routine it won't take long and will make your self assessment tax return a lot easier. I plan to attend a course on self assessment as well nearer the time!

So to become self employed these are the key points you'll need to do/ consider:

• Register that you're self employed by either phoning the helpline, completing a form or online. You can register even if you are still working (as an employee, full or part time) but you must register within three months of starting to trade/ as soon as you actively start seeking customers or you may be liable for penalties.
• Compile an assets register. This is a list of everything you already own which you plan to use for your business and their value at the time (you cannot claim full value and all valuations must be realistic- do your research). This would include any 'stock' you have ready for sale.
• Start an accounts book - either using specific software, accounts books or simple excel sheets. The course provided an example of account sheets.
• Start an efficient records system. This is to log all your incomings and outgoings. You will need to keep receipts or logs of everything otherwise you may not be able to deduct it from your tax bill.
• Consider a business bank account. As far as the Inland Revenue is concerned, it's not essential you can use your own but it may help you keep a track of your accounts better and sometimes there are benefits to having a seperate business account - for example some banks will offer freebies and free business support.
• Look into help/ support/ workshops specifically for starting up a business. Your local council or business link will most likely offer them. Not only will they give you advice, it's great networking and they may tell you about grants and funding that you did not know you are eligible for!

Well, I'm away now to get started on the list but please, do think about attending a course like this - it's free and so it will only cost a morning of your time but could save you time and a lot of money in the future!

Self Employment - Getting Started

I'm preparing myself to become self-employed. It's a scary thought so this blog is to share the resources that I've found. I'm attending a free course provided by the inland revenue tomorrow to get more of an idea about self assessment and so tomorrow I may be able to provide more information to you but for now here is a list of resources, provided by the inland revenue!

• To book on a free workshop
• Guide to working for yourself
• Getting started with VAT