I WENT SELF-EMPLOYED WEEKS BEFORE LOCKDOWN. HERE ARE MY TIPS TO THOSE CONSIDERING IT
Adam Faulkner started out his career in journalism and quickly moved into working in TV. But in March 2018, he decided to leave his day job.
“I became a bit disillusioned with my life in London, including my job in TV, and decided to go on an adventure with one of my best friends, cycling to Japan, which is probably not the most average reason for leaving a job,” the 38-year-old says.
When he returned to the UK, though, he did not go back to the grind of nine-to-five employment.
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In March 2020, nine months after he arrived back from Tokyo and just before the first Covid-19 lockdown, he set up his own business.
His company, which he runs on his own, Be Influential, works with companies to create marketing strategies and video content.
“I did consider going back into full-time employment, but realised I couldn’t do it and decided that was the right time to go out on my own,” he says.
Many of us dream of leaving the daily grind but few people rarely ever decide to go for it and quit their day job.
For the 4.4m workers that are self-employed in the UK, a flexible career awaits, where you can choose to be your own boss, working when and where you want.
Yet there are also plenty of benefits which do not exist with self-employment, pension contributions, holiday pay or sick leave, for example.
But almost six years on, Faulkner is still running his business. In addition, this year began taking part in stand-up comedy shows as well, and he has recently secured a talent agency.
“I gave standup comedy a go because it intrigued me while putting more energy into creating my own comedy content online, which meant I basically became a creator by accident, really,” he explains.
His work is now a balance between his original business and his new endeavours. He says getting to this point has been “all in the trying, experimenting and exploring” to find out what is right.
For anyone considering the leap to self-employment, Faulkner’s number one piece of advice is talking to people, he said this is the most important first step and it is by making contacts and talking that opportunities arise.
“When you start out with your own business, focus on building your personal brand too, as people buy from people,” he adds.
He also suggests having a small savings pot when you first start up, as you are suddenly going from a monthly salary to a much more sporadic way of earning an income.
Putting this money into an account where you will earn interest is key too he says, as is being able to dip into it if you need to without penalty.
It is also a good idea to keep this savings pot as a buffer, to offer protection from income drops, such as if you lose a job or you have to take time off for illness, for example.
You will also need to register as a sole trader or set up a limited business, depending on the type of work you are doing, and then register with HMRC for self-assessment.
Along with having an emergency savings pot for unforeseen things, self-employed workers are also advised to look at what insurance they might need.
If you own your own business, you could consider insurance to protect your equipment, for example, or business premises if you own them. Income protection is also a valuable tool as it will cover you if you become ill or injured and you are unable to work.
Most policies will pay out a monthly amount, such as £2,500, for a set period of time to cover you until you are back in employment.
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