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self employed tips for coronavirus

Tips for the self-employed on how to thrive during Coronavirus

The Coronavirus pandemic has shone a light on the difficulties faced by freelancers, so we want to provide some tips for the self-employed on how to thrive.

Ordinarily the self-employed are not entitled to the same benefits as employed people, such as sick pay.

Currently, they may also lose income as companies start to cut costs and stop using freelance help.

Check your savings

We have no idea how long the measures that have been put into place to limit the spread of the coronavirus will last.

Nor do we know how effective they will prove for businesses in the medium to long term.

The good news for many freelancers is that they may be more prepared for the uncertainty due to the nature of their work.

But now is the time to get extra prepared. By checking your savings and investments, you know how much money you have available should the work dry up for any length of time.

It’s always recommended that you try to have a savings buffer equal to three months of your outgoings.

Obviously, this may be too late for some, but if you still have regular work, it is worth putting some money aside now.

Take a look at your budget

This is something we should all do regularly. If you know where your money is going and how much is coming in, you will have a better idea of where you can cut or reduce your outgoings.

Speak to your creditors

Whether it’s your landlord, mortgage provider, bank or energy supplier, call them to find out what help is available if you’re struggling.

It might be that you can reduce some of your outgoings this way, but if you don’t ask, you won’t get.

Consider income protection

While all insurers have now pulled out of providing unemployment cover for new applicants, some are still offering income protection.

This insurance pays out if you can’t do your work because you are ill or injured.

Polish your CV

Now is a great time to make sure your CV and LinkedIn profile are up-to-date.

If you want to stand out from the crowd then consider getting a professional service that can help you, like the CV Centre, though always check the prices and reviews.

Don’t panic

Nobody knows what will happen and these are unprecedented, uncertain times for everyone.

Talk to as many people as you can, including those in your industry to see what they are doing but also your friends and family for support.

Try to carry on doing your job, or finding work, as best you can.

Please speak to us at the Hollies Bookkeeping if you require clarity, guidance or help with any of the above.

Now is the perfect time to get onto of your accounts and make sure you keep it up.

Although we are working from home, we are still working. Contact us on 07981 849571 or email info@theholliesbookkeeping.co.uk