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Going self employed - how hard is it?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
in Work & Study
I think this is my only option.
I am really struggling to find a job whereby the hours are suitable (I rely on public transport) and that I can fit around college and uni.
It seems as though my only option is self employment. I either don't have the experience, the hours are too long (disability means I can't work full-time - whether I was studying or not) or it's in a really crappy location for which there is little or no transport.
My question is, how hard is it to set up a small business and get started? I'm not sure what I'm going to do yet. I do have a few ideas in mind.
I am really struggling to find a job whereby the hours are suitable (I rely on public transport) and that I can fit around college and uni.
It seems as though my only option is self employment. I either don't have the experience, the hours are too long (disability means I can't work full-time - whether I was studying or not) or it's in a really crappy location for which there is little or no transport.
My question is, how hard is it to set up a small business and get started? I'm not sure what I'm going to do yet. I do have a few ideas in mind.
0
Comments
Yeah, I'm not expecting a regular salary for a while.
Self employment is a cool way of doing things and the experience of doing it is something that sticks with you for a while!
Practical Stuff:
The first thing you should always do is completely read up on all aspects of tax and teach yourself how to do your own tax, keep a ledger, and then get an accountant to consult with you rather than paying them to do everything (it is not half as complicated as people say, I learned in 3 hours)
Avoid working with banks wherever possible, buy a safe and all those nasty bank charges will disappear and you will save yourself >£500 a year in pointless charges. Be sure you actually *need* a business account before you open one.
If you can avoid officially employing someone, avoid it! The costs, paperwork, hassle is beyond annoying.
Be ready to worry about work at all times of the day and night, you don't finish when you shut up shop.
Lastly know everything there is to know about everything in whatever you are doing, for example if you rely on a freezer to work in an ice cream store, know how to take the motor to pieces and put it back together to make it work. Or if you are an Ebay trader know every single clause in the terms and conditions and exactly what your rights are when you sell something. A little knowledge saves lot of money!
Just thought I would drop in and see if you've seen the self employment section on TheSite? It might help you think things through and could answer any questions you have.
Before making the decision it's worth finding out whether you can get some financial support or advice as there are several organisations and programmes who help young people get into business, including the Prince's Trust's Enterprise Programme.
Check out our article 'Starting your own business' and on the right hand side under 'Next Steps' there are the contact details for organisations who maybe able to support you.
Hope that helps, and good luck with your adventure :thumb:
LauraO