Self Employment Advice Barnsley
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Self Employment Advice
Self Employment Advice & Information
Have you always had a burning desire to be your own boss but never had the courage or the opportunity? When you lose your job you may suddenly have a chance you never had before - the motivation, freedom and time to establish your own business and be your own boss. There is help available for those who choose to become self employed but there are pitfalls to consider before you stick the MD sign over your door.
- There are 101 things to think about when you start a business – you have to be everything from cleaner to accountant to managing director. Don't see it as an easy ride - you will probably work longer hours and harder than you ever have done in your life. It can take a long time before you will be able to draw a regular income and you have to have some means of paying the bills in the interim period.
- The first step in setting up a business is deciding what you want to do and then making a plan. Many business fail because the owner didn’t do basic planning and research - is there a need for the business? How are you going to fund it? How will you find business? Your local Chamber of Commerce or Business Link can give you information on devising a business plan and start up strategy.
- You need to decide how you are going to trade - as a sole trader, limited company, partnership etc. This will affect everything from banking to paperwork and tax. Sole trader is the simplest way to set up a business.
- Consider whether you have the personality to work on your own. Setting up your own business can be a lonely experience especially if you do not have the financial capacity to employ staff at the beginning or if you are planning to work from home.
- If you are tempted to start a business with a partner carefully consider who that partner might be. Many partnerships with friends and family members end in tears when financial pressures and stress take their toll.
- You need a business bank account - shop around for the best deal. Many banks offer up to 18 months free banking and free advice from a specialist small business adviser. They can also help with start up finance but will certainly need to see a well thought out and detailed business plan.
- Paperwork. Keep the Inland Revenue informed as self employed people are taxed in different ways to employed people. You may need to think about VAT , but you don't have to register until your annual turnover reaches 60,000. You also need to keep all your paperwork in order and detailed financial records. Consider employing the services of a bookkeeper and/or accountant to keep you on track.
- Other things to consider at start up include: choosing a trading name, domain name and identity; premises and associated costs; arrangements for employing people; advertising and marketing. Business Link has lots of useful information on starting your own business and further informatio...
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