Stepping out on your own, regardless of what career choices you have made, can be a daunting task for most parties. You remove yourself from the known security of the office workspace, to place yourself in an environment that, while governed and run by you, is still an unknown.

Despite the fact that it can be a huge learning curve, there are still many benefits to becoming self-employed, even when it comes to more niche jobs such as tax advisory. In a time when more of us are choosing to branch out on our own, having someone on hand to help with tax legislation, be that on a personal or corporate level, is a godsend.

As this is a job with a lot of specific knowledge required, it is not merely a career you can dive into without the proper qualifications; you are dealing with a multifaceted industry that has many different components. Therefore, while any type of graduate might wish to start along the path of becoming a self-employed tax adviser, it is the ones that studied in a faculty like accounting and law who will be most compatible with this career choice. The reason being is due to the need for legal understanding, as well as being able to negotiation with clients, and keep on top of all the various numbers involved within the tax adviser process.

Therefore, while any type of graduate might wish to start along the path of becoming a self-employed tax adviser, it is the ones that studied in a faculty like accounting and law who will be most compatible with this career choice. The reason being is due to the need for legal understanding, as well as being able to negotiation with clients, and keep on top of all the various numbers involved within the tax adviser process.

The reason being is due to the need for legal understanding, as well as being able to negotiation with clients, and keep on top of all the various numbers involved within the tax adviser process.

If we take a look at more personal experiences, from individuals that have successfully set up their own business, we can see the numerous pointers we need to be aware of before we leap into this decision. One of the obvious entry points to becoming a tax adviser is to be involved in accounting; it’s a great headstart to have, though be aware that it doesn’t automatically make you in the know when it comes to all tax legislation. This common misconception can prove damaging to your clients later down the line. For you to be the best advisor possible, you need to put the hours in and do the work, after all, as Mark Lee discusses,

This common misconception can prove damaging to your clients later down the line. For you to be the best advisor possible, you need to put the hours in and do the work, after all, as Mark Lee discusses, your customers are trusting you implicitly with the advice you give.

Taking into account how important your clients see you, we need to look at the implications of what could happen if the advice you give does not work out the way you had hoped. This is when you look towards protection in the form of professional indemnity insurance, a means of ensuring that any potential claims made against you will not destroy your business.

Due to the nature of the society, we live in, and how easily a claim can be made, even if you give the best information and advice with the knowledge you have to hand, you need to be covered. This area of tax advisory can be scary, which is why we suggest doing your research and finding an insurer, and a policy, that works best for you.

Another important factor to take into account when setting up your business, is to be prepared to outsource for help. Sometimes a situation will arise that you’re not fully qualified to deal with, and so you’ll need to bring an expert on board to assist you in the matter. Even if you should feel that you have all the necessary skills, even more, trivial components, such as having a comprehensive website, need to be taken into account.

If you haven’t got the time to run that side of your business, make sure there’s someone on hand who can. We live in a digital age, where word of mouth no longer works wonders on your career, and so having accounts on social media is a must.

Running your own business, be that alongside someone else or on your own, is a task that isn’t for the fainthearted; many trials will be presented to you, so it’s important to keep a level head. Even though some would say that there’s more pitfalls than benefits, by taking the right advice and precautions, you can craft a successful business. All you need is the time and willingness to do so.

Self employment might mean the end of having a boss dictate ideas and jobs to you, but it can also mean the beginning of longer hours and more financial risk. However, as long as you’re willing to listen to all the help given, you should be in a more stable position than those not in the know.