Published on July 30th, 2014 | by Sally Wenham0
Working 5 To 9, Is That The Way To Make A Living?
Most people are familiar with the Dolly Parton classic ‘9 To 5’, the song which has immortalised the hours of the working day. However it is more and more apparent that this tradition is being reversed and there are a lot of people now working 5 to 9.
These 5 to-9ers as they’re known are entrepreneurs who have started home businesses and run them outside of their everyday working hours. This gives the prospective business owners the peace of mind that they will be receiving a secure salary from their 9 to 5 job, but they will be making extra income from their home business.
Due to the current economic situation, it is no longer as simple as leaving your job and setting up your own business. Starting up your own business is a gradual process which requires a lot of planning; running a business in your spare time provides you with the ideal opportunity to check if your business is a viable option.
There are certain things that you have to consider when you’re starting up your own business. Firstly, check that your current employment contract will allow you to run a business from home. It is also important to make sure that you have a strong idea for your business. As this is going to take up your spare time, setting up a business around a hobby or skill will increase your motivation towards making it a success. Once you have your idea, create a business plan which includes information on how you will run your business and make it profitable.
It is always beneficial to consult your boss and make them aware of your plans. Most bosses will allow you to run a business from home providing that it isn’t a direct conflict of interest to your full time position. Generally the skills you will gain by running a business out of hours will benefit your full time role going forward; without your current employer having to outlay any costs for training.
Once you have assurances that you can establish your business, you will have to register yourself as self employed with HM Revenue and Customs. Once you have done that, you can begin to network and market your business and watch it grow.
When your business begins to grow, it would be beneficial to have all the relevant accounting books and forms required to track your businesses outgoings and revenue. This will then make it easier to submit your financial records to HMRC at the end of every tax year.