There’s no reason why you can’t start our own business at any time of your life, if you’re a recent school leaver or approaching your retirement. There are doors waiting for you to open them. The most important thing you need to do is work out what you want to do, what you’re good at and then work on all the necessities to turn that into a business that makes you money.
What Options Are There?
You can become self-employed in different ways:
- Become a sole trader – this is working on your own and it’s the easiest option
- Go into a partnership with someone else or a group of people
- Start a limited company
- Join a franchise
What are the Challenges?
Before you start your own business and tell the world what you’re doing you do need to think about the realities. You will not have holiday pay and there’s no such thing as sick pay. You won’t get a pension and you cannot guarantee a regular income, which can be extremely stressful. Most people think working for themselves means picking and choosing the hours they work, shorter days and more freedom, sadly this often isn’t the case, at least not for the first few years. You’ll probably be working very irregular hours and your weekends and evenings will be spent working on your paperwork or marketing.
The other downside is dealing with your accounts as you will need to submit tax returns every year. You can hire an accountant or a book keeper to help you but that’s an expense you’ll need to consider.
There are lots of benefits to enjoy; it’s not all long hours and paperwork. You will have the self-fulfilment that comes with running a successful business and a lot of the time you spend will be doing the things you love. There’s no one else to work for (just your clients) and you can pick the hours you work to a point.
What to Do First
Before you do anything you will need to do a lot of research. Research into the market; make sure there is one in your area doing the same thing and work out how you want to reach your audience. Work out the costs and how much people would pay for your services or products and work to develop a solid idea. You will need to work out a business plan and see how much money and what items you need to get started.
Go for Training
You may not quite be ready to begin your business. There may be courses you need to complete before you’re fully qualified or you might need to add some additional skills to your portfolio. There are plenty of intensive courses available from www.learntechnique.com for those working in trade skills. Additionally you may benefit from other courses that will help you to manage the books, advertise and market your company and make sales.
Once you’ve completed your training, researched and developed your business and sorted out the finances you’ll be ready to hit the road running.