Careers Pack Notes

Self Employment Session

 - Different modes of self employment 

- How to get started as a sole trader 

- Business planning for self employment 

- Tools for self employment including pricing 

Defining self-employment 

- Freelancer 

- Sole trader 

- Sole director 

- Contractor 

- Gig economy worker 

-Portfolio worker Pros: 

- Working your own set hours 

- Working in your own chosen environment 

- More Freedom with your work meaning you would enjoy it more 

- More reach and world wide opportunities due to having a social media presence 

- Easy to switch careers 

- Holidays whenever you please for as long as you please 

- People usually pay for your work in your own style rather than to pay you to do what they want you to do 

- You can set your own prices 

- Being your own boss 

- Develop your own personal interests 

Cons: 

- No benefits such as Sick pay or Holiday pay, maternity leave etc 

- It’s hard to maintain a social media presence, and to gain followers due to the millions of other people trying to do the same thing as you 

- You need good people skills and need to find connections with an online presence 

- No work = No money | Financial Uncertainty 

- Work out your own finances and you have to pay your own taxes 

- Potential isolation Portfolio Working Having a job and freelancing at the same time You are self employed as soon as you start working for yourself You only need to tell HMRC once you start earning more than £1000 from your self employment in one tax year April-April Getting Started: 

The Basics 

- set up an account with HMRC and let them know you are a sole trader (if earning over £1k+) 

- Establish a system to keep track of income and expenditure (such as Maya etc to get them tax free, broadband for business use is free) 

- Plan your work and work your plan Business Planning Pricing your work: 

- Are you providing goods or services? 

- How much will it cost to run your business? 

- How many days of the year will be billable?

- How much money do you need to live comfortably? 

- How much do you need to set aside for tax, national insurance, pensions etc? 

- Are there standard costa in your market? 

BETCU £125-£205 per day as self employed or £31-£45k through PAYE Reality of entry salaries 

Entry salaries are in the region of £12-15k. 

Computer games starts at 18k (Rises quickly with experience) 

Experienced Salaries from £23-26k 

At least 10 years experience: £36k+ 

https://www.itool.co.uk/fees/ 

Getting paid through invoice’s 

Ask about order number for bigger companies 

Time-Blocking Time table/To-Do list of tasks 

Web Presence Audit