Here are 5 more tips from someone who has been independent for 10 years.

Quick intro

I’ve been self-employed for 10 years now, when a vast majority of people throw the towels after 2 years. I actually know plenty of people who struggled enough to go bak to a 9 to 5. Thankfully, I didn’t follow any of their advice back then! I talked about this in a piece I called ‘Saving money isn’t enough‘. I should rename it because clearly I may be good at being independent but I’m not good at titles! And in my view, you will find there a goldmine of advises.

You can browse my “Money talk“ tag. There are quite a few detailed entries where I talk about being self employed. Including how I have tripled my income.

It doesn’t matter if you want to be an influencer, consultant, are just starting a side hustle or ultimately want to be an entrepreneur. In most cases, you’ll start your adventure alone, so all of these tips apply. Well, honestly, they do apply even if it’s not a solo adventure.

My first 5 tips are available here, please check out them out before digging into the ones below!

6 – Stay on top of regulations including on taxes

You need to have a general understanding of the laws that apply to you and to your clients wether they are individuals or businesses.

Corporate law, tax laws, data protection laws, KYC, AML, copyrights laws… Only naming broad categories here.

I’m afraid, you will have plenty of obligations to respects and if all goes well, plenty of contracts to draft and invoices to issue!

Get knowledgeable and keep up with changes. One way to do so is to register to the big 4 newsletters and to read them. It won’t make you an expert, but it will keep you informed.

7 – Hire an accountant

Finding a good accounting firm to assist you will be the best financial decision you make.

Obviously they will prepare all the tax declarations you are supposed to file but they can also help you with lots of other things. Chose well and your accountant will become a great business partner.

My accountant advised me on my status when I started, reviewed my invoices template, helped me set things up. They also act as tax advisor when I need it. They deal with the tax administration questions.

I have no hesitation to pay for such services, as I know that tax issues would cost me a lot more.

8 – Have a professional emergency fund

Just like one should have an emergency fund to cover at least 6 months of living expenses, an independent should have on top of that, a separate emergency fund, to cover for at least 6 months of business expenses.

I could never insist on that enough.

As mentioned in my 5 first tips, it feels absolutely amazing when you get the notification from your banking App that your invoices got paid! But sometimes, the notification is late. Meanwhile you have taxes, social charges and various expenses to pay. It can be extremely stressing.

I still have quite a few unpaid invoices at the moment and some date back from 2 years ago. Last year ended very, very tight and as time is flying, I burned down my emergency fund. I’m now going to focus on rebuilding it to not just 6 months but 1 year.

9 – Respect confidentiality & privacy

Respecting your clients confidentiality rules and respecting the private information you may have about the individuals you are working with is so important. It will often be a contractual obligation and one that you do not want to breach. Breaching confidentiality rules can also be a legal offence.

Just make it a personal rule to treat as confidential information, all your clients’ data.

And to be clear, gossiping is a terrible waste of time, but gossiping about your client is one of the most damaging thing you can do to your business.

How does this applies IRL?

I may sound extreme but for example, my partner barely knows know what I’m doing. I never leave documents lying around, even at home. I don’t travel with documents I could lose. My screen is always locked if I’m away from my computer. If in a conversation, I’m being asked something specific, I reply that I don’t remember. I’m blond so people believe it! I never go to one of my client with another client’s documents, in case I mix them up.

But don’t despair, I don’t really have to think about it anymore, it is second nature!

So please, just don’t become a problem for your clients.

10 – Improve your IT security

In a similar way as the above, and to ensure you respect all your legal and contractual confidentiality obligations, do check your IT set up and upgrade your security, wherever you can.

It’s good for you, for your business and your clients.

I’m talking about the usual recommendations:

• Use double authentication and strong passwords
• Be selective with the apps you download and the type of access they get
• Don’t fall for phishing scams
• Don’t leave your computer or phone unattended
• Keep software up to date
• Be mindful of the security level of the wifi you are using
• Use encrypted back ups…

Once your business grow, you can consider adding more security features.

Once more: don’t become a problem for your clients.

In short

You may be slightly disillusioned after reading all of these, as you were maybe trying to become self-employed to escape the rigidity of the corporate world, only to realise that similar rules will apply to you.

I’m afraid that if you are going to work with corporations, small or big, indeed, very similar obligations will fall upon you. If you work with individuals, you are not immune to such obligations either.

Please, don’t let this stop you. Because once the set up phase is done, most of these obligations will remain in the back of your heads and won’t prevent you from enjoying the freedom you gained.