The decision to become self-employed may be one that fills you with an equal mix of fear and excitement. There are so many unknowns: Will there be enough work? Will I be paid on time? What will I do if I’m away on holiday? The benefits of being your own boss for many people outweigh the disadvantages especially within the construction industry where often different trades are working in conjunction.

The first consideration when setting up your business is where to source the supplies needed. Trade accounts can be set up which will enable you to buy materials and tools you need and pay for them on a monthly basis. This will help to stabilise cash flow a common problem with self-employment.

A further recommendation would be to set up a payment schedule if possible. This means that an amount of money is paid initially to cover material costs then an agreed amount is paid as different stages of the construction. A final sum is paid on completion.

Prompt payment of invoices can be encouraged by an incentive such as a reduction in the total cost or a penalty for late payment.

With a few safeguards put in place, self-employment can be both rewarding and enjoyable.