Talking money with the self employed

Five things to consider when self employed

Did you know that 67% of self-employed people are seriously concerned about saving for later life.

Source: IPSE

1.    Consider getting a pension plan.

Why Pension? There is always the State Pension to rely on. Unfortunately, The State Pension is not likely to provide you with enough income to maintain the standard of living you might hope. Start planning for the retirement of your dreams. Click here for more information.

2.    Put away money for tax, national insurance and pension.

It may be very daunting when you do not seem to have enough, but little drops go a long way. Those tax bills pop up when least expected.

3.    Find out the help/grants available at your Local Council/National.

Your local council’s website is a good place to start. Information on available income support grant schemes can be found here.

4.    Create a budget plan

It can be weekly or monthly, depending on your business and how your income flows.

A budget will act as a guide to your money management. This helps you not to go overboard with spending. Checking whether you are entitled to benefits may help to maximise your income and improve your personal budget. Visit the Turn 2 Us website for further information, or contact us should you require help to apply.

5.    Know your competitors and broaden your network

Knowing who your competitors are, what they are offering in terms of price and market niche will enable you make good decisions that can save you money.

Attend business events to network and meet other business people to exchange ideas and increase the chances of a big sales contract. Begin by looking at the resources here.