Accountant Malta

01.11.2022

It takes courage for an individual to explore the employment world from a self-employment perspective. Setting foot in the business world on your own is a very challenging experience but in the long run, it’s a positive experience if proper research is done and work is handled well.

Today we are sharing with you tips that we think are the most useful to have a great self-employment experience without regrets.

  • Analyse the market to discover potential customer portfolios, size of the market and what potential customers are willing to pay.
  • Budget carefully as it can take some years to have a steady income that will allow you to expand and employ new individuals with you. This whilst keeping in mind monthly bills and payroll.
  • Draft a business plan that will help you understand the scope of your self-employment adventure.
  • Study any funding & grant schemes that are availableand applicable to your type of business.
  • Register your business or submit documents to start off working as a self-employed individual.
  • Keep costs low by opting for a virtual office/work from home experience to eliminate the running costs of a business including rent and other monthly office-related bills and expenses.
  • Take care of your accounting needs by ensuring that you submit every document on time to eliminate any late payment fees.
  • Don’t overload yourself with administration and back-office work – take the necessary time to focus on your core business.

Even the smallest type of business can be risky so make sure to consider every tip that we shared with you. Think about your business proposal, get solid advice, and find a good way forward that will ensure that you will have a monthly income until you become established and have regular return and profits.

The Fairwinds Management team is experienced in assisting self-employed individuals. We provide business solutions to clients and make it a point to provide all the necessary assistance to make this journey a positive one. For instance, we provide:

  • Accounting services
    We assist clients with budgeting, bookkeeping, management accounts, payroll services, financial reporting, VAT and tax registration.
  • Accounting administration
    We assist clients who are seeking to offload their administration and back-office work to experts in the field to eliminate backlogs.
  • Business advisory
    We assist clients in identifying their strengths and overcome their weaknesses. We provide financial oversight, assist in business planning, corporate finance and consultancy.
  • Funding & Grant Schemes
    We provide assistance in finding the right funding and grant schemes that are available and match the client’s requirements and type of business including but not limited to the Microinvest Scheme that is aimed to assist small and medium-sized enterprises.

If you are considering in exploring the self-employment world, then we encourage you to get in touch with our experienced team who will surely assist you in every step of the way. For assistance, our team can be contacted on +356 2704 0903 or on info@fairwindsmanagement.net

Charlene Sciberras
Article by Charlene Sciberras