Being self-employed can be incredibly rewarding, offering freedom, flexibility, and the opportunity to follow your passions. However, succeeding as a self-employed individual requires more than just a great idea or technical skills. It demands a set of personal and professional traits that enable you to navigate challenges, seize opportunities, and build a sustainable business.

In this blog, we explore the common traits of successful self-employed people in Droitwich and the local areas and provide practical tips on how you can develop these traits to become a successful business person.

1. Self-discipline and motivation

Successful self-employed individuals will set goals and consistently work toward them without external supervision. They are proactive and take ownership of their time, ensuring they stay productive without a boss monitoring their progress.

How to develop this trait:

• Set achievable goals and break them down into daily or weekly tasks.
• Stay organised by using tools like calendars, to-do lists, or productivity apps.
• Reward yourself for completing tasks to maintain motivation.

2. Resilience and adaptability

Being self-employed has its ups and downs. There will be setbacks, market changes, and unexpected challenges. Resilient individuals bounce back from failures, learn from them, and adapt to new circumstances quickly.

How to develop this trait:

• Embrace challenges as opportunities for growth.
• Develop a problem-solving mindset to tackle issues head-on.
• Seek support from mentors, peers, or professional networks during tough times.

3. Strong communication skills

Clear and effective communication is crucial for self-employed success, whether you’re pitching to customers, networking, or negotiating contracts. Successful individuals can articulate their value proposition and build strong relationships.

How to develop this trait:

• Practice active listening to understand customers’ needs better.
• Take courses or attend workshops on communication and presentation skills.
• Regularly seek feedback to improve how you convey your ideas.

4. Financial acumen

Understanding how to manage finances is vital. From budgeting and pricing your services to managing taxes, having financial know-how helps you maintain a healthy bottom line.

How to develop this trait:

• Learn the basics of bookkeeping and financial planning.
• Use accounting software packages to log your income and expenses.
• Consult professionals like JRMA for guidance on running and managing your self-employed business, including training on using accounting software packages.

5. Understanding tax compliance

Self-employed people must comply with HMRC’s tax regulations. Successful self-employed people know that being on top of their tax affairs will save them time, money and stress in the long run and take a proactive stance on managing their finances and tax matters.

How to develop this trait:

• Familiarise yourself with the self assessment tax system.
• Research how to register with HMRC to file self-assessment tax returns.
• Set reminders for key dates, such as filing tax returns and paying any due tax.

An accountant will be able to help with the above points.

6. Time management and prioritisation

With numerous tasks demanding your attention, effective time management ensures you stay focused on activities that drive results. Successful self-employed people know how to prioritise and delegate.

How to develop this trait:

• Identify what times of day you work most productively and schedule important tasks during those times.
• Attend courses or read business-focused books on time management.
• Free up your time by outsourcing activities that you find difficult or that someone else could carry out more cost effectively.

7. Passion and perseverance

Passion fuels the drive to keep going even when things get tough, while perseverance ensures you stay committed to your goals. Together, these traits help self-employed individuals achieve long-term success.

How to develop this trait:

• Reflect on why you chose self-employment - and remind yourself of it regularly.
• Surround yourself with supportive and inspiring individuals.
• Celebrate small wins to keep your passion alive.

Conclusion

Being self-employed is a big step for many people. However, developing the traits highlighted in this blog will help you to build a thriving business. Remember, successful self-employed people don’t just materialise overnight. It’s the result of consistent effort, learning, and growth.

With the right mindset and support, your self-employment journey can be as rewarding as it is successful. Start cultivating these traits today, and they will make a difference.

How JRMA can help you, the self-employed

Understanding the complexities of self-employment can be overwhelming, but JRMA can help.  We specialise in assisting self-employed individuals in setting up and running their businesses efficiently. From processing bookkeeping and payroll to managing your VAT and providing training on how to use accounting software, we are highly experienced in helping successful self-employed people.

Please give us a call to find out how we can help you.