First Year Freelancing: The Need to Knows

In 2021, there have been more fresh business start-ups than ever before, with many people realising the ability to run a business from home being much more achievable.

It has made for an exciting year of finding your feet and growing your business from an acorn into a tree. Whilst the growth has been energising, chances are you were thrust into it with no training or preparation. Setting up a business takes a few key steps in your first year to keep on top of things.

Set-Up

Your first step in freelancing is setting up the business by registering with HMRC and informing them that you will be paying tax.

When freelancing, the most common way to register is as a sole trader, or you can register as a limited company if it better suits your needs. After that, it comes down to finding your clients and jobs. This can be through a combination of sources.

Linkedin and specific freelance networks are a great place to start if you feel anxious about contacting companies directly. You can also book yourself to network in various events or groups in and around your area. Creating a bit of marketing to help potential clients find you are always going to be an important step, just as much as a word of mouth recommendation to draw solid business towards you.

When you meet new clients, your relationships with them will go a long way – especially with return clients and the referrals they can provide for you.

Controlling your Financials

Admittedly, not everyone is a dab hand with numbers and papers, and it is easy to lose track of expenses and have them affect your profit as a business in rapid order.

Typically, people will gather all their receipts and invoices in easy to find files, or upload them digitally so they can be found when needed. Claiming all of these expenses back on your year-end tax return is an essential pulse for businesses, so it needs some organization moving ahead.

Being your boss can make it hard to balance everything at once, which is why many start-up businesses and sole traders ask for professional bookkeeping services to help them out.

Professional Help

Your accountant is among your top aides in helping you flourish as a business, and bookkeeping services in Manchester help both of you assemble everything and stay able to turn a profit moving forward with their range of services.

With bookkeeping and invoicing all taken care of, your accountant can focus on their important task of submitting your taxes whilst you can focus on growing your business, with all of your financial documentation and papers fully organised and prepared for the year-end to go smoothly.

Starting a business should be an exciting time and be less stressful as you move onwards, so entrusting bookkeeping services and a solid accountant to aid your progression through experience is great support.

 

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