The prospect of starting your own business is an exciting one – being your own boss, making your own hours and the sense of self-accomplishment that comes along with going it alone are all appealing aspects of the world of the self-employed.

However, with great power comes great responsibility. All of your new business’ success and failures ride on your shoulders.

While this can be an intimidating notion, it is quite possible to take control from the outset of your venture by following these friendly words of advice.

Get your finances sorted
Perhaps the most important part of your business plan is your budget. After all, you are starting a business to make money and if you do not budget effectively, you could get behind before you even get started.

Self-employed home loans have become quite common in the last few years and the market holds a wide range of financial options.

However, there are several complexities involved with the structuring of a self-employed loan – one that usually involve tax deductions and paperwork.

You will likely benefit from a chat with a mortgage adviser – these home loan professionals are well-versed in the self employed home loans category and can give you advice on several different lenders and products available to you.

Get organised
It is highly recommended that you start your business with a meticulous eye on the details.

Stringent record keeping may be time consuming, but always pays off in the long run. With notes on your budget, meetings, schedule and other day-to-day happenings, you will always know what is where and how much you have spent.

If organisation has never been one of your strong points, your first employee should be an accountant that can get the job done.

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.