Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question, “what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
There’s something special about being an entrepreneur or part of an amazing startup. All that freedom comes with the price of accounting for every detail. Here are a few you should keep a close eye on.
Your Office Space
There are a lot of freelancers who have taken to renting out an office rather than working from home. The distractions in a familiar environment can be too much. Some solopreneurs feel like they can’t really get to grips and concentrate on what they need to at home. If you are thinking about renting an office space, find a location in a safe area and consider protections specific to the space, such as skylight protection, building and contents insurance and a general a safety survey.
When you were employed, there is every chance that there was somebody else taking care of your payroll. If you are not good with numbers yourself, consider hiring an accountant. Not only is this good in terms of keeping you on top of the books and in compliance with the taxes and other financial responsibilities but it frees up time for you to invest in revenue-generating jobs rather than spending time doing things which aren’t really profitable to your business.
It can be easy to get carried away when you know that you have turned a profit, even if it’s in your first week as a sole trader – but don’t count your eggs before they’ve hatched. If you get into the game of spending everything that you have earned, you won’t be able to fully invest back into your business or cover your liabilities.