Ces
Graduates
Self employment
Careers and Employment Service
Graduates
Self employment
Graduates
Self employment
Self-employment is both exciting and challenging.
It involves a lot of planning. Here are some factors to consider:
You may also want to see the National Enterprise Network. They are a membership organisation for local enterprise agencies.
HM Revenue and Customs have created a tax guide which includes a selection of helpful free guides in both video and written formats. Topics range from setting up in business, keeping records and tax-the basics.
It is best to start off with a smaller idea at first.
Your idea must have a 50% chance of succeeding for it to be realistic.
You may wish to 'test the waters' before you become fully fledged into self-employment.
You could be self-employed part-time to build up your customer base.
The Prince's Trust offers grants to people who wish to test their business idea first before turning it into reality.
If you are unemployed and claiming job seeker's allowance and considering self employment Job Centre Plus can give you advice on how your benefits may be affected.
If you are an unemployed musician and are claiming job seeker's allowance you may also be able to get some help regarding self employment under New Deal for Musicians.
You may find the HM Revenue and Custom's booklet Are you thinking of working for yourself useful if you are considering self employment.
See:
Finance
Your business plan should indicate how viable your business is, ie has it got strength to succeed?
The main indicator here will be the amount of money you put into your business initially.
Contributing some of your own money into the business will look attractive to a lender / sponsor. It will also make you more determined to make the business a success.
If you have limited savings, you may wish to ask your family / charitable trusts for help.
Book keeping is a legal requirement.
HM Revenue & Customs requires every business to keep records for tax purposes. You will need to produce annual records.
If you have a limited company you will also need to send financial records to Companies House.
Banks will also ask for evidence to assess whether they can still help you.
An accountant will be able to advise you on an appropriate book keeping system. If you cannot afford to hire an accountant then you may wish to enrol on a book keeping class.
You may wish to look at the following websites for short courses:
Marketing
Work out the cost of marketing your product / service.
It makes it easier if you know who your customers will be.
A course on marketing may help, or ask organisations such as Business Link, The Prince's Trust, Shell Live Wire or your local enterprise agency for help.
You may wish to have a competitor analysis of similar businesses.
Be creative. Receive the help of friends and relatives, ie in setting up a website, designing posters etc to cut costs.
Advertise in the trade press, local newspapers, radio stations, libraries etc to round up business.
Location
Linked with marketing and advertising is location.
Will you be working from home or do you need to rent premises?
To decide, consider accessibility, the environment and how easy it will be for you to network with external agencies.
The Health and Safety Executive site has details on protecting yourself and staff within the workplace.
Are there any renovations needed on the property?
Are there any building works to be done?
Do you need planning permission from your local council?
It's a good idea to seek advice from a solicitor/business adviser before you sign any contract.
Check the Yellow Pages or the Law Society for solicitors.
Family and friends may know of property to let or be willing for you to use some of their business space.
Alternatively look in the property pages of your local newspaper and classified pages in Loot.
Remember, all types of people become self-employed, however what these people have in common is the ability to believe in their idea and its success.
Common qualities are:
Useful websites
See:
General
Prospects
www.prospects.ac.uk
Health and Safety Executive
www.hse.gov.uk
Companies House
www.companies-house.gov.uk
British Chambers of Commerce
www.britishchambers.org.uk
Provides support to local businesses
HM Revenue and Customs
www.hmrc.gov.uk
HMRC’s help line for the newly self-employed: 08459 15 45 15 or alternatively contact the Self Employment Contact Centre on 08459 15 46 55
HM Revenue and Customs Business start-up website
www.hmrc.gov.uk/startingup
Federation of Small Businesses
www.fsb.org.uk
Department for Business, Innovation and Skills
www.berr.gov.uk
Yellow Pages
www.yell.com
You can search for local solicitors, accountants, banks etc
City Business Library Provides business information for job seekers, sole traders, enterpreneurs and small medium sized enterprises.
020 7332 1812
www.freelanceadvisor.co.uk/workline-uk Employment advice
Business support
HM Revenue & Customs' free starting your own business e-learning package. The e-learning package guides you through the practicalities of setting up a business including registering your business online, record keeping, VAT registration, becoming an employer, planning for retirement and more....
www.hmrc.gov.uk/courses/syob/syob/index.html
www.venturenavigator.co.uk/ A free online business support service which includes assessments such as the business viability assessment which tests the viability of your business idea.
www.smarta.com Business support for entrepreneurs. Includes video interviews, business start-up guides on various topics including business planning, finance, sales and marketing and more....
Business Link
www.businesslink.gov.uk
Help line: 0845 600 9006
Institute of Directors
www.iod.com
Confederation of British Industry
www.cbi.org.uk
WestFocus
www.westfocus.org.uk
Help with setting up your own business either before or after graduating
Shell Live Wire
www.shell-livewire.org
Business start- up support for 18-30 year olds.
National Enterprise Network
www.nationalenterprisenetwork.org/
The Prince's Trust
www.princes-trust.org.uk
Business start up advice for people aged between 18-30 years old. Runs The Prince's Trust Enterprise Programme which includes useful free guides ranging from preparing a business plan to sales and marketing.
http://www.princes-trust.org.uk/need_help/enterprise_programme/business_guides.aspx
Artquest
www.artquest.org.uk/articles/view/what-is-self-employment
A website for visual artists which has a section on self employment including registering your business, national insurance contribution, invoicing etc
PRIME Initiative
www.primeinitiative.org.uk
Helps people over 50 to become self-employed
Directgov
www.direct.gov.uk/en/Employment/Jobseekers/LookingForWork/DG_173931
Self employment advice for jobseekers including information about the New Enterprise Allowance and Enterprise Clubs.
www.hmrc.gov.uk/bst/index.htm
HM Revenue and Customs Business Support Team offers one-to-one advice as well as workshops about self-employment including tax and national insurance issues.
InBiz
www.inbiz.co.uk
Supports people who wish to become self-employed. Has various business start-up programmes including those specifically for unemployed people and people with disabilities.
Disabled Entrepreneurs' Network
www.disabled-entrepreneurs.net
www.sel.org.uk
www.mentorsme.co.uk Connects business start-up organisations to business mentors.
www.business-survival-toolkit.co.uk A business start-up toolkit for the creative industries.
Finance
www.lotteryfunding.org.uk/england.htm Lottery funding database.
Directory of Grant Making Trusts (available as reference from public libraries)
The Institute of Chartered Accountants
www.icaew.co.uk
The Association of Chartered Certified Accountants
www.accaglobal.com
j4b
www.j4b.co.uk
A grants information website for businesses.
The National Endowment for Science, Technology and the Arts
www.nesta.org.uk
Offers business support to creative people at the beginning stages of their careers.
Legal
The Law Society
www.lawsociety.org.uk/choosingandusing/helpyourbusiness/foryourbusiness.law
The Law Society’s 'Lawyers for your business' website offers free business consultation and guides that are downloadable from the site.
www.advicecentre.law.qmul.ac.uk/arts/index.html Provides legal advice for creative people
Employment Law / Equal Opportunities
If you are considering employing staff then it's important to keep up-to-date with employment and equality issues. Here are a couple of websites to help you:
The Advisory, Conciliation and Arbitration Service
www.acas.org.uk
Offers advice and information on employment issues.
Directgov
www.direct.gov.uk/en/Employment/Employees/index.htm
This website includes information on the national minimum wage, maternity and paternity rights as well as health and safety.
The Department for Business, Innovation and Skills
www.berr.gov.uk/employment/index.html
Information on employment matters including the national minimum wage and employment legislation.
www.dwp.gov.uk/age-positive/ A range of Age Positive publications including employer case studies and research on age and employment.
The Equality and Human Rights Commission A series of guides about the Equality Act specifically for employers, workers, service providers, service users and education providers. A guide for students to follow.
www.equalityhumanrights.com/advice-and-guidance/new-equality-act-guidance/equality-act-starter-kit
Nacro
www.nacro.org.uk
Offers advice and support to ex-offenders, including returning to work.
The Apex Trust
www.apextrust.com
Works with both ex-offenders and employers regarding employment matters.
It involves a lot of planning. Here are some factors to consider:
- Do you want to work as a sole trader or in partnership with someone else?
- Is there a need for your product / service in the area / locality?
- Who will be your customers?
- Are you familiar with the financial aspects of self- employment? For example, national insurance contributions, tax, pensions and book- keeping.
- Do you have enough money saved, apart from the funds needed to set up? Remember you will need to have surplus savings to insure against any sickness and / or annual leave.
- Do you need to employ staff?
You may also want to see the National Enterprise Network. They are a membership organisation for local enterprise agencies.
HM Revenue and Customs have created a tax guide which includes a selection of helpful free guides in both video and written formats. Topics range from setting up in business, keeping records and tax-the basics.
It is best to start off with a smaller idea at first.
Your idea must have a 50% chance of succeeding for it to be realistic.
You may wish to 'test the waters' before you become fully fledged into self-employment.
You could be self-employed part-time to build up your customer base.
The Prince's Trust offers grants to people who wish to test their business idea first before turning it into reality.
If you are unemployed and claiming job seeker's allowance and considering self employment Job Centre Plus can give you advice on how your benefits may be affected.
If you are an unemployed musician and are claiming job seeker's allowance you may also be able to get some help regarding self employment under New Deal for Musicians.
You may find the HM Revenue and Custom's booklet Are you thinking of working for yourself useful if you are considering self employment.
See:
Finance
Your business plan should indicate how viable your business is, ie has it got strength to succeed?
The main indicator here will be the amount of money you put into your business initially.
Contributing some of your own money into the business will look attractive to a lender / sponsor. It will also make you more determined to make the business a success.
If you have limited savings, you may wish to ask your family / charitable trusts for help.
Book keeping is a legal requirement.
HM Revenue & Customs requires every business to keep records for tax purposes. You will need to produce annual records.
If you have a limited company you will also need to send financial records to Companies House.
Banks will also ask for evidence to assess whether they can still help you.
An accountant will be able to advise you on an appropriate book keeping system. If you cannot afford to hire an accountant then you may wish to enrol on a book keeping class.
You may wish to look at the following websites for short courses:
Marketing
Work out the cost of marketing your product / service.
It makes it easier if you know who your customers will be.
A course on marketing may help, or ask organisations such as Business Link, The Prince's Trust, Shell Live Wire or your local enterprise agency for help.
You may wish to have a competitor analysis of similar businesses.
Be creative. Receive the help of friends and relatives, ie in setting up a website, designing posters etc to cut costs.
Advertise in the trade press, local newspapers, radio stations, libraries etc to round up business.
Location
Linked with marketing and advertising is location.
Will you be working from home or do you need to rent premises?
To decide, consider accessibility, the environment and how easy it will be for you to network with external agencies.
The Health and Safety Executive site has details on protecting yourself and staff within the workplace.
Are there any renovations needed on the property?
Are there any building works to be done?
Do you need planning permission from your local council?
It's a good idea to seek advice from a solicitor/business adviser before you sign any contract.
Check the Yellow Pages or the Law Society for solicitors.
Family and friends may know of property to let or be willing for you to use some of their business space.
Alternatively look in the property pages of your local newspaper and classified pages in Loot.
Remember, all types of people become self-employed, however what these people have in common is the ability to believe in their idea and its success.
Common qualities are:
- determination
- resilience
- motivation
- creativity
- personality
Useful websites
See:
General
Prospects
www.prospects.ac.uk
Health and Safety Executive
www.hse.gov.uk
Companies House
www.companies-house.gov.uk
British Chambers of Commerce
www.britishchambers.org.uk
Provides support to local businesses
HM Revenue and Customs
www.hmrc.gov.uk
HMRC’s help line for the newly self-employed: 08459 15 45 15 or alternatively contact the Self Employment Contact Centre on 08459 15 46 55
HM Revenue and Customs Business start-up website
www.hmrc.gov.uk/startingup
Federation of Small Businesses
www.fsb.org.uk
Department for Business, Innovation and Skills
www.berr.gov.uk
Yellow Pages
www.yell.com
You can search for local solicitors, accountants, banks etc
City Business Library Provides business information for job seekers, sole traders, enterpreneurs and small medium sized enterprises.
020 7332 1812
www.freelanceadvisor.co.uk/workline-uk Employment advice
Business support
HM Revenue & Customs' free starting your own business e-learning package. The e-learning package guides you through the practicalities of setting up a business including registering your business online, record keeping, VAT registration, becoming an employer, planning for retirement and more....
www.hmrc.gov.uk/courses/syob/syob/index.html
www.venturenavigator.co.uk/ A free online business support service which includes assessments such as the business viability assessment which tests the viability of your business idea.
www.smarta.com Business support for entrepreneurs. Includes video interviews, business start-up guides on various topics including business planning, finance, sales and marketing and more....
Business Link
www.businesslink.gov.uk
Help line: 0845 600 9006
Institute of Directors
www.iod.com
Confederation of British Industry
www.cbi.org.uk
WestFocus
www.westfocus.org.uk
Help with setting up your own business either before or after graduating
Shell Live Wire
www.shell-livewire.org
Business start- up support for 18-30 year olds.
National Enterprise Network
www.nationalenterprisenetwork.org/
The Prince's Trust
www.princes-trust.org.uk
Business start up advice for people aged between 18-30 years old. Runs The Prince's Trust Enterprise Programme which includes useful free guides ranging from preparing a business plan to sales and marketing.
http://www.princes-trust.org.uk/need_help/enterprise_programme/business_guides.aspx
Artquest
www.artquest.org.uk/articles/view/what-is-self-employment
A website for visual artists which has a section on self employment including registering your business, national insurance contribution, invoicing etc
PRIME Initiative
www.primeinitiative.org.uk
Helps people over 50 to become self-employed
Directgov
www.direct.gov.uk/en/Employment/Jobseekers/LookingForWork/DG_173931
Self employment advice for jobseekers including information about the New Enterprise Allowance and Enterprise Clubs.
www.hmrc.gov.uk/bst/index.htm
HM Revenue and Customs Business Support Team offers one-to-one advice as well as workshops about self-employment including tax and national insurance issues.
InBiz
www.inbiz.co.uk
Supports people who wish to become self-employed. Has various business start-up programmes including those specifically for unemployed people and people with disabilities.
Disabled Entrepreneurs' Network
www.disabled-entrepreneurs.net
www.sel.org.uk
www.mentorsme.co.uk Connects business start-up organisations to business mentors.
www.business-survival-toolkit.co.uk A business start-up toolkit for the creative industries.
Finance
www.lotteryfunding.org.uk/england.htm Lottery funding database.
Directory of Grant Making Trusts (available as reference from public libraries)
The Institute of Chartered Accountants
www.icaew.co.uk
The Association of Chartered Certified Accountants
www.accaglobal.com
j4b
www.j4b.co.uk
A grants information website for businesses.
The National Endowment for Science, Technology and the Arts
www.nesta.org.uk
Offers business support to creative people at the beginning stages of their careers.
Legal
The Law Society
www.lawsociety.org.uk/choosingandusing/helpyourbusiness/foryourbusiness.law
The Law Society’s 'Lawyers for your business' website offers free business consultation and guides that are downloadable from the site.
www.advicecentre.law.qmul.ac.uk/arts/index.html Provides legal advice for creative people
Employment Law / Equal Opportunities
If you are considering employing staff then it's important to keep up-to-date with employment and equality issues. Here are a couple of websites to help you:
The Advisory, Conciliation and Arbitration Service
www.acas.org.uk
Offers advice and information on employment issues.
Directgov
www.direct.gov.uk/en/Employment/Employees/index.htm
This website includes information on the national minimum wage, maternity and paternity rights as well as health and safety.
The Department for Business, Innovation and Skills
www.berr.gov.uk/employment/index.html
Information on employment matters including the national minimum wage and employment legislation.
www.dwp.gov.uk/age-positive/ A range of Age Positive publications including employer case studies and research on age and employment.
The Equality and Human Rights Commission A series of guides about the Equality Act specifically for employers, workers, service providers, service users and education providers. A guide for students to follow.
www.equalityhumanrights.com/advice-and-guidance/new-equality-act-guidance/equality-act-starter-kit
Nacro
www.nacro.org.uk
Offers advice and support to ex-offenders, including returning to work.
The Apex Trust
www.apextrust.com
Works with both ex-offenders and employers regarding employment matters.
