Ever seriously considered self-employment?

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.

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