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Self-Employed: Getting Off To A Good Start

A self-employed person is a professional who carries out his activities independently. To make his business profitable, he must avoid several pitfalls. Find the important challenges you must overcome to get your business off to a good start.

Risk Of Isolation And Self-Employed

One of the risks associated with being self-employed is isolation. Here are some solutions to avoid it:

  1. Share your workspace,
  2. follow training courses and participate in conferences organized for entrepreneurs,
  3. find a mentor,
  4. participate in networks of entrepreneurs,
  5. organizes business lunches with partners or clients.

Sharing your workspace is called coworking in the professional world. Coworking consists of working in the same room with other business creators. Thanks to this collaboration, you can meet and interact with other entrepreneurs daily. You can take advantage of these exchanges to develop your business. Several training sessions are organized for entrepreneurs nationally and internationally each year. 

Thanks to these meetings, you can discuss with resource people who will share their experiences with you. In addition, you will have the chance to expand your professional address book and be informed of all new legislation and opportunities in your sector of activity. Having a mentor and arranging regular meetings with them can help you avoid isolation. His role will be to assist you, guide you and give you the benefit of his professional address book. To benefit from the know-how of your mentor, the latter must be an experienced entrepreneur.

Open A Business Bank Account

Opening a professional bank account is necessary to ensure proper business management and credibility with partners. This account makes it possible to trace all the transactions carried out by your company.

Choose To Open A Business Bank Account Online

To open a business bank account, it is necessary to choose a bank that meets the needs of your business. Knowing that mobility is one of the main characteristics of self-employed workers, the ideal is to create your professional bank account online. Opening a professional version allows you to benefit from all possible banking services without traveling. This operation is free, simple and secure in most online banks.

Another advantage of online banks is that you benefit from support from a personal adviser, as in traditional banks, without having to go to a branch. The latter can answer all your concerns by telephone and even via specific social networks (Facebook, Twitter). Online banking institutions also allow independent entrepreneurs to manage their day-to-day activities more efficiently. They have an application that will enable you to check the status of your bank account from your phone. Additionally, most of these online banks can deposit checks through their app. To do this, scan your customers’ reviews directly in the application and send them by post.

What Does The Law Say About Opening A Bank Account For A Business?

Opening a business ledger relies upon the lawful status of the business. Independently employed specialists with a turnover of over 10,000 euros in two continuous schedule years are expected to make a ledger devoted to the action of their organization. You can legitimately send off your organization without opening a record if you have a small undertaking. Even so, opening an expert financial balance is suggested when your organization is made for greater believability. It likewise permits you to isolate your own operational expenses.

Freelancer And Organization

The organization is the foundation of any successful and productive business. A good organization allows you to have good credibility with your customers and your partners. It is up to you to plan your days well. This gives you a clear idea of ​​each task to be performed daily. If you have freelance collaborators, you can delegate several tasks to them. Thanks to this distribution, your employees have a precise idea of ​​what they must do at each moment of their day.

Good organization involves rigor and discipline. Set daily, weekly or even monthly goals to achieve and create a task execution schedule. This trick will save you from wasting time. For more efficiency, it is recommended to carry out a periodic follow-up and evaluation of the activities carried out in the structure. At the end of each week, check that you have achieved your goals on time.

Budget Management And Self-Employed

Any self-employed person must have good management of their budget. To achieve this, you must:

  1. draw up a provisional budget,
  2. make a detailed follow-up of your accounts,
  3. distinguish between turnover and profit.

The provisional budget is a document that summarizes all of a company’s expenses and revenues. It allows you to forecast all the costs and all the income related to your activity over the current or future year. To establish it, you can create an Excel file to indicate what you receive and spend. Consider the actual situation of your business and its environment before setting a budget. Good management of a company’s budget requires the scrupulous keeping of its accounts. 

Keeping your accounts rigorously up to date will give you a precise idea of ​​your cash flow. This will guide you in your decision-making regarding any investment in your business. Turnover and profit are distinct concepts but need to be understood by new entrepreneurs. Turnover represents the total amount of sales made over a period. Profit is the amount remaining after deducting all business expenses. It is essential to distinguish between the two to have a clear idea of ​​your financial resources and to know the profitability of your activity.

Also Read: Magento Vs. WooCommerce: Comparison Of The Shop Systems


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