It has been a challenging time
recently for anyone trying to find employment but as hopefully life begins to
become more normal job seekers are beginning to question whether they actually
want to work for an employer or whether they would like to be their own boss
instead. For some people looking for work the idea of working a nine to five
job in an office or factory may fill them with dread and so they may look at
alternatives to this way of earning a living and realise that there are other
options out there.
Becoming self-employed is an
option for many people if they have the suitable skills and experience that
will be required for their chosen career path, but specific training may be all
that is needed to pursue this ambition. If you have been unemployed for a while
or made redundant from a job there is help available to retrain in a new trade
or for the initial costs of setting up your own business.
Once you have decided what your
strengths are and what your business is going to be you will need to register
as a sole trader with HMRC so that they know that you will be completing a
self-assessment tax form and paying class 2 and class 4 national insurance
contributions. You will of course need a name for your business. It is
important to give some thought to this and to try to make the business name
easy to remember for clients. If the name reflects your business then that will
be beneficial for example if you run a hair salon there are countless names
that play on words related to cutting or colouring of hair. Checking online to
make sure that there is not another business with exactly the same name is
essential to avoid being challenged by other business owners.
The financial aspect of starting
up your own business can be daunting for some self-employed business owners and
a visit to the bank is essential so that you can set up a business bank
account. Do not be afraid to look at other banks rather than simply going to
your usual bank as some offer special rates for the newly self-employed.
Legally you will need to arrange public
liability and professional indemnity insurance to ensure that you are covered
against any injury or damage you may inadvertently cause in the course of your
work. Quotes for these insurances can be found online and are quite reasonably
priced but make sure that you read the small print to ensure it covers aspects
of your particular business.