- By Rosie Beasley | simplybusiness.co.uk
Self employed entrepreneurs need the right business insurance
Climbing out of your comfort zone is always a big step, but the rewards of setting up as self-employed persuade thousands every year to go it alone.
Autonomy, hours to suit and the chance to steer your own career are just part of the attraction. Success however needs a firm foundation, so before you take on the big boys, make sure you’ve crossed your ‘t’s, covered your back and polished up your permits.
1. Plan for perfection
Even if you plan to work alone on a freelance basis, you should still treat your new situation as a business – therefore a good business plan is essential. Setting out exactly what you’ll be doing, who your target customers and competitors are, how you’ll promote yourself and where you hope to be in five years time will help you think strategically, and address any weaknesses in your plan before they become problems. You should also try and forecast what your expenses will be and how much revenue you’ll need to turn a profit.
Bank managers or other investors will need to see this business plan if you want to raise money – and in this case you should also detail exactly how much money you’ll need, what it will be used for, and how quickly they can either have it back or start to see returns.