When you get that first invoice paid by a client, give yourself a massive pat on the back, you did that, you bagged the client, did the work and got paid. It’s an amazing feeling and make sure you do something to celebrate it. I had a little dance in the kitchen, which my kids gave me very strange looks for, but when I told them why I was happy, they joined in with my little party 😂
I was fortunate that I was in a position to pay myself from the get go, not a lot of people are, so I wanted to go out and celebrate with a meal with the family. But that didn’t work out as the husband was feeling great, so we settled for a takeaway (which I think cost more than the restaurant would have done!) but that didn’t matter we did something!
So the first time a did my payroll, it was exciting. But the second time, was completely different 😬
People will be like, “what? It must be great to pay yourself! “
Yes it’s great seeing your personal bank account go up, but then seeing your business bank account go down, It’s an emotional rollercoaster!
Then there is the extra pressure of making sure your declaring the payments to the HMRC, and the bill you have to pay them, making sure all the payments line up, keeping track of the confirmations and filing them, just in case the tax man comes knocking at your door. Password and IDs - making sure you‘re using the right ones, the list goes on. To an outsider, it seems really straightforward, and when you break it down it is, but when you’re doing it for yourself, scary, just bloody scary.
So my advice to anyone new to this, block out a time to do your payroll, and do that for every month. Block out enough time to do the task, check your work and then add extra time to have a cup of coffee to get over what you’ve just done.
If your a veteran, please tell me it gets better, it’s got too 😂😂