Most people in the United Kingdom and even across the world dream of being their own boss. Being self-employed comes with a range of benefits and perks for professionals across a multitude of industries and fields. It allows you to set your own working hours, get added flexibility, do everything precisely as you want and choose your own target audience. This is just the tip of the iceberg when it comes to the advantages of being a self-employed professional.
If you are thinking of working in the capacity of an HGV driver, these and many more benefits are up for grabs. That said, where and how do you begin? How can you set yourself up as a professional HGV driver? We share with you a few tips for doing just that!
The very first thing you need to do when embarking on the journey of becoming a freelance HGV driver is to know your limits. Every individual possesses a unique set of strengths, weaknesses and skills. Business owners and entrepreneurs must work around their own strengths and weaknesses. The key is to identify the things you are good at and places where you must seek help. This could mean outsourcing that aspect of your business or getting some extra training. Hence, you must look for the blank spots and ensure you are doing this with enough support from the professionals.
Every business requires a good accountant. Even if you like numbers and are a bit of a mathematician, hiring a professional accountant can be the key to a successful business. In addition to ensuring that all your accounts are sorted timely, an expert accountant can give you the right advice on how to run your business more efficiently. As a result, you can end up saving quite a bit of money in the long run.
It is essential to register with HMRC before you actually do any business. To make this critical decision, you need to decide the kind of structure your business will have. You can choose to be either a sole trader or a limited company. As a sole trader, you will essentially be a self-employed individual being the sole owner of the business. This business structure is quite simple and straightforward. Small businesses usually start out in this manner, which is why it is one of the most preferred business structures today. You can set it up easily by registering yourself as a sole trader. Alternatively, you can also establish a limited company, regardless of whether you are just one individual or have a team of shareholders, managing directors, etc. Therefore, you must first decide how you want to proceed and which business structure you wish to embrace so that you can register your business with HMRC to begin.
A business bank account is a must in case you get paid for your work regularly. It is easy to get this done. After registering your business successfully, you can visit your local bank and open a bank account using the deal that best suits your requirements. It can take up to two weeks for your bank account to be set up, depending upon the bank and the deal you choose. Therefore, it is better to start on this step sooner rather than later to avoid missing out on any potential business.
Finally, it is super important to take a step back and consider things once all the steps mentioned above have been fulfilled. When you are getting trained to become an HGV driver, you will already have come across a ton of paperwork, equipment and admin work that comes with being a driver. As a business owner, there is even more work involved. Everything from your office printer to your vehicle will need consideration and research. You will need to buy equipment as well as set them up. Therefore, it is best to get yourself organised as soon as possible. Make a to-do list and work through it. Set up an efficient workflow system so that going forward, you can stay more organised and productive.
Embarking on a journey of becoming a self-employed individual, whether an HGV driver or anything else can be a scary thought. It takes courage to start something of your own and persevere in the face of uncertain income. However, it can be one of the best things you do in the long run where your professional life is concerned. If you ever come across any hurdles, feel free to get in touch with us at Target Accounting. We are a team of expert accountants who can help you with all aspects of your business with ease.