So you're thinking about going self employed? (PHP Dorset)
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Transcript of So you're thinking about going self employed? (PHP Dorset)
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
https://joind.in/talk/6b357
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
https://joind.in/talk/6b357
![Page 3: So you're thinking about going self employed? (PHP Dorset)](https://reader034.fdocuments.us/reader034/viewer/2022052706/587930e41a28ab7c448b66c9/html5/thumbnails/3.jpg)
Toby Griffiths @ToG Cubic Mushroom Ltd.
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
A BRIEF HISTORY OF ME
- Family of business owners
- Uni - Electronic Systems Engineering
- Early Years - IBM, Shell & AZ
- The Multimap Experience
- Redundancy and 3 jobs in a year
- Financial troubles
- Partnering up with my brother
- 1 failed startup
- Cubic Mushroom Ltd.
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IS IT FOR YOU?
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
SO MUCH MORE THAT THE DAY JOB
MARKET RESEARCH
FINANCIAL PLANNING
BOOK KEEPING & ACCOUNTS
TAX
ADVERTISING
MARKETINGCUSTOMER RELATIONSHIP MANAGEMENT
RECORD KEEPINGFACILITIES MANAGEMENT
RECRUITMENT
STAFF MANAGEMENT STAYING
MOTIVATED
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
IS IT FOR YOU?
▸ Doesn’t suit everyone
▸ Must be driven/motivated
▸ No more regular pay days
▸ Think differently
▸ Will take time & energy
▸ Is hard to switch off
▸ Choose your own direction
▸ Work when and where you like
▸ Greater potential, financial reward
▸ You will learn new skills
▸ No limits!
THE CONS THE PROS
Add slide on switching off?
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KNOW WHY YOU’RE DOING IT
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GETTING STARTED
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
BEFORE YOU START
▸ Can you validate your idea, thoughts and assumptions?
▸ Market Research
▸ Leg work
▸ Start up weekends?
▸ If it’s a new thing, protect your idea
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
PLANNING, PLANNING, PLANNING…
YOUR GOALS
TIME MONEY
SKILLS
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
WHAT’S IT GOING TO COST?
▸ Company setup costs (if registering a company)
▸ Networking/Marketing/Advertising
▸ Book keeper/accountant
▸ Suppliers costs (e.g. hosting, email, software, etc.)
▸ Premises
▸ Taxes
▸ Insurance
▸ Regulatory fees (data protection, etc.)
▸ Contractor costs (specialist skills)
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
DECIDING ON YOUR MINIMUM PRICING
▸ How much do you want to take home each month (after tax)?
▸ What are the monthly running costs of your business? (production costs, hosting, subscriptions, insurance, travel, etc.)
▸ How much do you need to keep back for tax?
▸ How many hours are you planning on working each month?
▸ How much time do you need to spend on the business each month? (Admin, sales, marketing, networking, etc.)
▸ How many billable hours are left?
▸ Calculate your required rate
▸ Know your excess
£2,000
£480
(£2,000 + £480) + 40% = £3,472
30 * 5/7 = 21 days
5 days
21 - 5 = 16 days
£3,472 / 16 = £217 / day
£250 / day = +£33 / day x 16 days = +£528 / month(less tax)
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
BUT…
▸ Your time is limited
▸ Value is not limited
▸ Demonstrate the value of what you’re offering
▸ People will spend money to make/save money
▸ Research the value of the benefits you offer
▸ What are your Unique Benefits?
▸ Some clients will only look at the price
▸ You probably don’t want to work with these types of clients!
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GETTING GOING
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
YOUR BUSINESS STRUCTURE
SOLETRADER
LIMITED COMPANY
LIMITED PARTNERSHIP AND
LIMITED LIABILITY PARTNERSHIP
‘ORDINARY’ BUSINESS PARTNERSHIP
UNINCORPORATED ASSOCIATION
Source: gov.uk http://bit.ly/gse-hmrc-bus-struct
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
AND WHAT IT AFFECTS
▸ The paperwork you must fill in to get started
▸ How you can personally take the profit your business makes
▸ Your personal responsibilities if your business makes a loss
▸ The taxes you’ll have to manage and pay
Source: gov.uk http://bit.ly/1SmLT3J
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
TAX
▸ Register with HMRC
▸ Company (http://bit.ly/gse-hmrc-reg-company); and/or
▸ Self-assessment (http://bit.ly/gse-hmrc-reg-sole);
▸ HRMC Courses & Newsletters (http://bit.ly/gse-hmrc-courses)
▸ Know your dates
▸ Setup a tax bank account
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
BOOK KEEPING & ACCOUNTS
▸ Be organised
▸ Record everything (as early as possible)
▸ Spreadsheets
▸ Online software (FreeAgent, Xero, KashFlow, etc.)
▸ Don’t pay more tax than you need
▸ Outsource book keeping?
▸ Outsource accounting?
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
VALUE ADDED TAX
▸ You have to charge an additional 20%* on top of your fees
▸ If your client is VAT registered, they can claim the 20%* back
▸ 2 VAT scheme options…
▸ Claim back VAT on all purchases;
▸ Claim only VAT on asset purchases over £2k*, but keep some of the VAT you charge (http://bit.ly/gse-hmrc-vat-flat);
▸ Cash or invoice based
▸ Must register if your VAT taxable turnover is over £82k*
▸ You must pay VAT promptly, at the end of each quarter
* Values correct as of 1st Jan 2016
Add comment on invoice based vs. cash based
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
NETWORKING
▸ Offline
▸ Format
▸ Members
▸ Target Audience
▸ Don’t sell to the room
▸ Online
▸ Linked In
▸ Pintrest
▸ etc.
▸ All about building relationships
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
MARKETING & ADVERTISING
▸ I’m not an expert
▸ Word of mouth
▸ Referral schemes
▸ Website - Show your stuff off!
▸ Stunts to reach potential key clients
▸ It’s all about appearance
▸ Multiple offices, Virtual PAs & phone numbers
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
BILLING YOUR CLIENTS (AND MAKING SURE YOU GET PAID)
▸ Break big projects down into smaller phases
▸ It’s OK to bill some up front
▸ Include payment terms with your quote, contract or initial invoice
▸ Invoice for each part as you complete it
▸ Require payment for the previous stage of the project before beginning the next
▸ Include penalties for late payments
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STAY ON TARGET
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SO YOU’RE THINKING ABOUT GOING SELF EMPLOYED?
STAYING FOCUSED
▸ Business Plan / Goals
▸ Learning & Training
▸ Project Pipeline Review
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LESSONS I’VE LEARNED
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IT CAN BE A LONELY PLACE
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IT’S OK* TO BE PICKY WITH YOUR CLIENTS* More Than OK!
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DON’T BE AFRAID / TOO PROUD TO CHANGE
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FIND WHAT FEELS RIGHT… FOR YOU!
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BRINGING IN THE EXPERTS
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WHAT I DON’T KNOW (YET)
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HOW TO BECOME A BOSSUseful info can be found at http://bit.ly/gse-hmrc-taking-on-staff
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QUESTIONS?
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PLEASE DO STAY IN TOUCH
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The End!
Toby Griffiths @ToG Cubic Mushroom Ltd.
https://joind.in/talk/6b357