Worrying times for the self employed

Posted on April 15, 2020 at 3:24 pm

Being self-employed can be extremely stressful at the best of time but especially at the moment buti it can also be extremely rewarding and allow you to run your own business how you wish to but you need to have the right work ethos to be able to do it.  Some people can also make a lot of money from running their own business but you do need to have the motivation, skills and discipline to make it a success.

Currently lots of self-employed people are still unable to work so are having to rely on savings or universal credit to keep them afloat. In June many self-employed people will be getting a grant that should cover some of their earnings but this grant will be taxable and will affect tax credits / universal credits. This is bringing a lot of uncertainty about and people simply do not know what the future holds for them.

The first year or so of running your own business is often testing the water and a bit of trial and error. You will learn a lot in your first 12 months of trading but if you make changes based on the learning you have done you can often make it a success. If this is your first year, you may decide to put it on hold until after this crisis is over or use it as a time to learn and get all your business in order.

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