Business

Riding solo

11/06/2011 Office of Road Safety

0

Being self employed can be rewarding, exhilarating and really, really stressful. We take a look at some practical ways to reduce your stress and make the most of being self employed.

Helping hands 

The Business Enterprise Centre (BEC) can give you low-cost advice and support on all aspects of running a business; including accounting, taxation, business planning, finance and legal assistance.  Visit their Perth website at www.businessadviceperth.com.au for contact information and have a look at the range of resources on offer (including a free one hour consultation).

Keep work and play separate

When you own your own business, it can be really tempting to check your emails, do a couple of quick jobs or answer your phone out of hours. The Home Based Business Network, created by the Small Business Development Commission has these tips for separating work and home life:

• Start and finish at a regular time each day.
• Avoid procrastination, it’ll make you feel you need to work later to make up the time.
• When you finish work for the day, close and lock the office door, switch off the mobile and switch on the answering machine with an appropriate friendly message.

Money matters

 You can earn great money as a self employed person, but the weight of responsibility can be stressful. The Australian Securities and Investments Commission (ASIC) has these tips for keeping your finances in good running order:

• Pay yourself a weekly wage rather than spending as you earn, as self employed income tends to fluctuate.
• Deposit or transfer your business revenue into a high-interest savings account and only use this account for your wages and other business expenses.
• Plan ahead for holidays and sick days
• Set aside money for tax. If you’re not sure how much to put aside, contact the Australian Taxation Office for advice or use one of their online calculators.
• Don't neglect retirement savings. A quarter of self-employed Australians had no superannuation at all in 2008, according to research by the Australian Super Funds Association (ASFA). If you need more incentive, adding to your super can also reduce the tax on your current income.
• Income protection insurance protects you financially if you can't work because of illness or injury. Premiums for income protection insurance are also usually tax-deductible.

For more tips, visit www.moneysmart.gov.au. Are you self employed? We'd love to hear your stories about how you manage your stress.