Do you want to work for yourself?

group of successes people

4.75 million people are now self employed, thats 15% of all people in work in the UK.

Why become self-employed – Citizens Advice

There is encouragement from the government for people to become self-employed and at first it seems attractive, especially if you have recently become unemployed or redundant. Although one of the main attractions of becoming self-employed is no longer having to work for somebody else there are several disadvantages you should consider. These include not being certain of having a regular income, having to arrange your own sick pay and pension and probably having to work long hours.

What should you do before you start your business?

  1. Create a Business Plan – research shows it will increase your profitby 20%
  2. Create a cashflow forecast – work out how muc money you will need to run your business and where you will get the funding from
  3. Choose the right structure – its important to consider carefully whether to be a Sole Trader, Partnership or Limited Company
  4. Talk to an Accountant – Accountants will help you register and set up your business and avoid the risk of penalties
  5. Market Research – is there a market for your product or service, how big is the market and why will customers buy from you

Your responsibilities

You’re responsible for:

hmrc-expenses

 

steve@bicknells.net

 

Print Friendly, PDF & Email

One thought on “Do you want to work for yourself?

Leave a Reply