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Self employment / Starting a business

Do you have a great idea? Have you always dreamed of being your own boss? Is there a gap in the market that you can fill?

There are lots of reasons why people want to be self-employed: here are some of the main ones:

  • Independence
  • Challenge
  • Opportunity to make money
  • Personal satisfaction
  • Being your own boss

What kind of person do you need to be?

Many different people run their own business.  However there are perhaps a number of common qualities and skills:

  • A determination to succeed
  • Self-discipline and persistence
  • Willingness to work long hours
  • Being organised
  • Flexibility
  • Prepared to take some financial risks
  • Self-belief
  • Being an entrepreneur

Combine these with business skills such as financial planning, accounting, marketing and business skills.

So what do you need to do?

  • Think seriously and creatively about your ideas.
  • Check out your market - is there a need or opening for your idea, are there similar businesses in your area, could you buy in or improve what they do?
  • Look into your financial needs - are there any grants, loans or financial support you can apply for?
  • If you are thinking of working in an industry where almost everyone is self employed, investigate the implications of this for you, are you the sort of person who would enjoy self employment?

Get advice!!

If you are really serious about your ideas you need to get some advice from professionals.

HM Revenue & Customs have FREE e-learning tool that advises on the tax and National Insurance issues involved in starting your own business. - Find out more about the HMRC e-learning tool

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