If you are planning to go on a solo flight to self-employment, you should know that there are a number of considerations. When you look at an accountant who sets up their own firm, you think they have it easy but they need many things such as chartered accountant insurance to make sure that their business does not go down when things go wrong.
In a poll conducted through social media platforms Facebook and Twitter, 32 self-employed individuals coming from Australia, Asia and North America gave their take on self-employment. Here are a few things one should consider before venturing into this side of the employment world.
- There should be a balance between work and life and for self-employed individuals, it is quite hard to accomplish. These people are independent contractors and owners of startup businesses. They feel personally invested into their work which can be a dangerous thing for their private lives. You should know your priorities before going into self-employment. If your career is your number one priority then this lifestyle is recommended for you.
- Consider your financial standing because this is one of the biggest challenges for self-employed individuals. The poll revealed that 78 per cent are worrying about their retirement savings while 71 per cent said that self-employment means they do not have benefits. You should be the one in charge of your retirement plans and look for healthcare providers that will cover you as a self-employed.
- Delegate an accountant that will handle the finance of your business. In the case of independent contractors, they have the obligation to lead and take control because their work is their own brainchild and its success depends on them. According to the survey, 40 per cent of them look for an accountant as well as important delegations necessary in running a business.
- As the owner of a business, you have a liability to whatever happens to it legally. You are also responsible of the debts it might incur. This is why professional liability insurance is required for professionals such as accountants and medical practitioners. In case of litigation, the chartered accountant insurance policy will be able to cover the costs.