Starting your own business is an exciting idea, but there's a lot to weight up. We're here to help and guide you through some of the things you'll have to think about when you're deciding if it will work for you.
The good side
You're:
- in charge - you come up with the ideas and you take the lead
- free to try out something new
- able to decide when and how you do your work
- create something new and make an opportunity for yourself rather than waiting for one to turn up
The practical side
You'll have to deal with:
- finance - from setting up grants and loans to dealing with your income and expenses
- taxes - both your own and any staff you take on
- finding premises if you need them
- marketing your business, finding clients and making it a success
- recruitment
Some of those things will take time away from what you really want to do with your business. This does not mean you should not do it. It just means you need to be prepared for both the fun side and the practical side.
There's a lot of hard work involved, but that might suit your strengths perfectly. You'll need to be resilient and quick-thinking to keep going when things do not always go to plan.
Self employed and entrepreneur
You may call yourself 'self employed' or an 'entrepreneur'. Self employed is a way to define your employment status and means you do not have a contract with an employer. Instead you might provide services over time or be in a business in your own right.
An entrepreneur is someone who not only sees an opportunity, but understands how to capitalise on it. Lots of people think of a particular business idea, but not everyone understands how to sell it or drive to make it happen.
