Going down the self employment route
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Going down the self employment routeHas anyone successfully managed to go down the self employment route, please? I think this is my option right now.
How difficult is it? I know little about accounts and the legal side of things. I have an idea (well, one of two) of what I want to do. -
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Re: Going down the self employment routeGo speak to an employment advisor about it (maybe the Job Centre) and ask them if they would be willing to let you speak to someone who has done it so you can get some first hand experience and some professional advice?(Original post by OU Student)
Has anyone successfully managed to go down the self employment route, please? I think this is my option right now.
How difficult is it? I know little about accounts and the legal side of things. I have an idea (well, one of two) of what I want to do.
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Re: Going down the self employment routeI suppose doing OU and self-employment at the same time is a pretty flexible way of life. I would think that you'll need to read up on all the business side of things, as you need to know everything before starting, to avoid getting yourself into trouble.
Out of interest, what industry are you looking to venture into? -
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Re: Going down the self employment routeIt depends entirely on what you are going to do as a self-employed person.(Original post by OU Student)
Has anyone successfully managed to go down the self employment route, please? I think this is my option right now.
How difficult is it? I know little about accounts and the legal side of things. I have an idea (well, one of two) of what I want to do.
As a sub-contractor, aside from arranging your own tax affairs and looking around for work, you may not find a huge difference from employment.
If you are opening your own shop or restaurant, that would be very different. -
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Re: Going down the self employment routeIt's to do with assistive technology. It's do with being able to advise employers, colleges, universities, etc. on what solutions are available. This may end up into a needs assessor for DSA, as well as solutions for businesses.(Original post by addylad)
Out of interest, what industry are you looking to venture into?
I have been advised to contact the manager of the DART centre at the local uni and see what training / qualifications are required.
I think there are also courses and voluntary work at the Hearing and Sight centre. Will ask them about this.Last edited by OU Student; 29-01-2012 at 14:17. -
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Re: Going down the self employment routeI went self-employed about 12 years ago. At first there was an incredible feeling of liberation and freedom, as well as excitement. This was tempered by a lot of fear and uncertainty - there were no holidays or anything, and you had to constantly be on the lookout for work.
Every penny had to be looked after as there was no-one else to fall back on for anything - suddenly, things like insurance and legal matters were a concern.
However, years later, all that's gone, and I barely feel like I'm my own boss. Realistically, you don't make the decisions - your customers do. You're still at the whims of other people - maybe not a direct boss or manager - but you are generally working when your customers want you to.
I would caution that when asking for other people's opinions on self-employment, you will very rarely hear negative anecdotes, or if you do they will invariably be because of the fault of someone else. You will generally hear what a great idea self-employment was, and how much money they are earning - but never the downsides. For every successful shop or cafe there must be three that didn't make it. For every web designer bumming around at home slapping some code together when he feels like it, there will be five just bumming around at home with no clients. -
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Re: Going down the self employment routeRead quite a bit of your post, do you think you're entrepreneur material? Sorry for being harsh.... just reality.(Original post by OU Student)
Has anyone successfully managed to go down the self employment route, please? I think this is my option right now.
How difficult is it? I know little about accounts and the legal side of things. I have an idea (well, one of two) of what I want to do.
Anyway, down to business...... have you got a business plan? If no, then why not?
Been on my own one way or another since 2005, though I've always held a full time job as I've always been doing businesses for the purpose of capital appreciation and interest rather than as an income. Currently while still working fulltime for another company I do have several businesses but none of it are big or huge, just smallish ones.
It's not the easiest thing in the world and you do need a fairly good eye for attention to detail as well as a general careful attitude with regard to your money and time.
Finally... do you have any capital? If not do you have any plans to raise it?
Answer these and if you've any questions, you can ask me. -
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Re: Going down the self employment routeSounds like an interesting idea and a valuable service. Don't be put off by people saying it's hard being self-employed - it is hard, but it's also very satisfying. I did it ten years ago and now have several employees. Here are some things to bear in mind:(Original post by OU Student)
It's to do with assistive technology. It's do with being able to advise employers, colleges, universities, etc. on what solutions are available. This may end up into a needs assessor for DSA, as well as solutions for businesses.
I have been advised to contact the manager of the DART centre at the local uni and see what training / qualifications are required.
I think there are also courses and voluntary work at the Hearing and Sight centre. Will ask them about this.
You don't necessarily need capital to get started, but the banks will try to lend you some anyway - don't borrow what you don't need!
You will probably work very long hours - much longer than most employees - and there is no sick pay, no holiday pay, no safety net at all.
You probably won't get very rich either, but as long as you manage the finances carefully - i.e. don't spend what you haven't earned yet, it's not as hard as it sounds.
Take as much free advice as you can get, and pay for experts when you need them - it saves time and hassle in the long run.
Enjoy it - there's nothing quite like taking a day off when you want one without having to get someone else's permission! -
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Re: Going down the self employment routeDo it-although bear in mind the risks.
-Take a calculated risk-do people want what you're going to sell (don't just ask friends).
-Spend as little as possible to validate your idea.
-Understand your *reasons* for doing it.
-Just go for it-so many people talk about it but never take the plunge, and then always wonder what might have been.
If it's right for you, don't be one of them. -
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Re: Going down the self employment routeIt depends what you want to do.
Alongside other employment, I'm a freelance copywriter. As someone has said above, with this kind of thing - where you have no overheads, really - it's pretty simple. You just do the work for people, send invoices, log it somewhere (I use Google Docs spreadsheets) and then pay your tax at the end of the year. You'll need to register for Class 2 NI contributions within around 3 months of starting, which will also mean registering yourself as self-employed, but that's about it. -
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Re: Going down the self employment routeThey've changed that now- you have to register as soon as you start trading.(Original post by Kater Murr)
It depends what you want to do.
Alongside other employment, I'm a freelance copywriter. As someone has said above, with this kind of thing - where you have no overheads, really - it's pretty simple. You just do the work for people, send invoices, log it somewhere (I use Google Docs spreadsheets) and then pay your tax at the end of the year. You'll need to register for Class 2 NI contributions within around 3 months of starting, which will also mean registering yourself as self-employed, but that's about it. -
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Re: Going down the self employment routeIm a graduate and recently started my own business -www.careers4students.co.uk
i have added some questions to ask yourself from my experiences so far:
- Have you got the skill set to run the core aspects of the business? (if not go and spend 6 months getting experience ... this is what i did)
- Are you will do work HARD?
- Are you will to push yourslef outside your comfort zone everyday as beeing as you will be required to solve problems in every area of the business every day! (no one else is going to solve them for you)
good luck with your venture
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Re: Going down the self employment routeCasual self promotion there. You might want to get rid of that URL or you'll get a little slap on the hand from TSR(Original post by brc4s)
Im a graduate and recently started my own business -www.careers4students.co.uk
i have added some questions to ask yourself from my experiences so far:
- Have you got the skill set to run the core aspects of the business? (if not go and spend 6 months getting experience ... this is what i did)
- Are you will do work HARD?
- Are you will to push yourslef outside your comfort zone everyday as beeing as you will be required to solve problems in every area of the business every day! (no one else is going to solve them for you)
good luck with your venture
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Re: Going down the self employment routejust wondering how did you build the website for your business and get companies to advertise jobs on it and get students on the website looking for jobs?(Original post by brc4s)
Im a graduate and recently started my own business -www.careers4students.co.uk
i have added some questions to ask yourself from my experiences so far:
- Have you got the skill set to run the core aspects of the business? (if not go and spend 6 months getting experience ... this is what i did)
- Are you will do work HARD?
- Are you will to push yourslef outside your comfort zone everyday as beeing as you will be required to solve problems in every area of the business every day! (no one else is going to solve them for you)
good luck with your venture
