Running your own business can be one of the most satisfying ways of working. You will be independent and have control of your own work, but it’s not an easy option! It can be very challenging and stressful and needs a lot of commitment and hard work. Remember that the first few years could be a struggle and money may be tight!
Before you start
- Find out what it’s like to be self-employed by talking to someone who’s taken the plunge or what about work-shadowing someone who owns a business.
- You need to have some idea of a service or product and then research the market thoroughly.
Areas for Self Employment Retail – selling either goods or a service – you will need capital for financial investment in stock and equipment.
Farming and Market Gardening – you will need capital and the capacity for hard physical work. Land, equipment and buildings are expensive. It is also important to have experience, training and know-how.
Hotel and Catering – one of the largest employing industries in the UK covering a wide range of establishments from large hotels to small guest houses and a vast number of pubs and clubs.Hours can be long and irregular and great energy and commitment are needed. It is possible to enter the industry on a small or part-time basis eg. providing a service for private functions, baking, takeaway lunches, private waiter service.
Entertainment – most people go into the entertainment business on a part-time basis.Talent, self-confidence, perseverance and dedication are necessary qualities. Expect to work unsociable hours.
Media and Communications – people who have training, experience or talent in writing, broadcasting, design, research, editing etc can work on a freelance basis. Success depends on enterprise, flair and making contacts.
Arts and Crafts – people can work from home either on a full or part-time basis. Considerable skill and talent are required.
Construction, Building, Maintenance and Repairs – Plumbers, joiners, bricklayers and electricians are in constant demand. So also are those who can do small jobs in the house repair area. Established firms often charge high rates so there are opportunities for those who are prepared to work for a lower rate, especially if they offer prompt, efficient service.
Once you decide
Once you have decided what you want to do you will need to write a business plan in order to get financial support. There are a number of organisations that can help you with this:
Invest NI – have offices located throughout NI providing information on the wide range of assistance on offer. They give valuable advice, practical business experience and provide access to a network of contacts to point you in the right direction. Click
here for more information.
Advantage NI (Formerly Shell Livewire) – specialises in supporting young people aged 16 – 30 to start or grow a business. Make use of the wide range of tools and information available: free business start up profiles, a suite of learning modules, chat to other young entrepreneurs on the forum and much more. Click
here for help and advice.
The Prince’s Trust – provides disadvantaged 18 – 30 year olds with finance and support to set up their own business in NI. If this is you click
here for more details.
Business Institute – encourages enterprise and the growth and development of businesses of all sizes. It provides management training and development activities for local, national and international markets. For their range of programmes click
here.
Further Help
If you intend to buy an existing business or start a business from scratch you will need to seek professional advice from the following:–
Solicitor will advise on the drawing up of contracts and company law and will also advise on the advantages as well as the disadvantages of the different types of business unit – sole trader/proprietor, partnership, private limited company.
Accountant will provide advice on day-to-day book-keeping, basic records you should set up and on National Insurance Contributions, VAT and Income Tax.
Bank Manager will advise on business finance and on raising capital such as an overdraft or bank loan. Never be tempted to invest money in any project or scheme until you have carefully thought the whole thing out and discussed it or enter into any business agreement without taking expert advice.
Useful Links
Self Employment For some real life experiences click on the relevant links below:
Self Employment after RedundancyReturning to work through Self Employment and Training Change of Career with Self EmploymentRossa Dumigan -Wooden Play EquipmentBarry O Donnell - Consultancy ServiceTim Martin - Flower ShopDoreen Laird - Franchise OperationMandy Collie - Cornerstone RecruitmentMalachy Devlin - Computer Software BusinessKatrina Devlin - Beauty BusinessSarah Gilipin Beauty BusinessJohn Lenehen - Multi Media Business