Running a Business

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Thinking about starting a business

Being self-employed is a tough option; before starting a business you need to ensure you have considered everything you need, such as:

do you have a good business idea and is there a market for your product or service?
do you have the relevant qualifications and experience?
will it be worth it to you (viable)?
do you have the money (capital) needed to start your own business?

If starting a business is a long-held aspiration, get all the information and tools you'll need to make this a reality. It won't be the easiest thing you've ever done, but it may be the most exciting thing you've undertaken recently.

Starting a business

If you want to run your own business, it's never too early to find out more about it. Starting your own business is a big step and you'll need to do a lot of research before you start. Things you will need to think about include:

Start-up costs.
Financing and grants.
Employing people.
Sales and marketing.
Health and safety.
IT and e-commerce.
Payroll.
Premises.
Taxes.

Benefits to running your own business

Being your own boss is terrific for some and terrible for others. Here are a few of the positive aspects of being in business for yourself:

Builds self-esteem - If you succeed, you did it because of your decisions and your efforts.
Commute - You can choose to work from home or set-up your premises near to your home.
Control - You decide which jobs you will pursue and no-one will assign you tasks or deadlines etc.
Flexible hours - You set your own hours.
Flexibility - Exercise greater flexibility with your free time.
Freedom - You're the boss; what do you want to do today?
Limitless income opportunity - Creativity and hard work can reap large rewards.
Lower overheads - You need to run your computer or make phone calls but part of it is now a legitimate business expense.
Satisfaction - It is a deeply satisfying feeling to hold the reins to your own enterprise.

The disadvantages to running your own business

If working for yourself had no down side, everyone would be doing it. Here are some of the less attractive things about running your own business:

Long hours - You have to work to suit the hours of your customers.
No regular salary - Could be feast or famine. But much of this will depend on you.
No paid sick leave - You'll probably want to take out sickness/health insurance.
No paid holidays - Take off for as long as you like. Go anywhere you want. Do anything you like. As long as you can afford to do so.
Paperwork - Not everyone likes paperwork, but as the owner of a small business, the responsibility for getting it done rests with you.
Responsibility - You'll be held responsible for every failure or shortcoming in your business. Customer complaints almost always end at your doorstep.
Uncertainty - Successful entrepreneurs are always focused on keeping the money coming in. Fortunately, this is more a matter of smart thinking and hard work than it is a matter of luck.

Help lines

HM Revenue & Customs - Newly self-employed helpline: 0845 915 4515

Useful Websites

Young Enterprise
Young Enterprise is a national education charity with a mission: to inspire and equip young people to learn and succeed through enterprise,

The Prince's Trust
The Prince's Trust is for 18-30 year olds who want to start a business.

Enterprise UK
Enterprise UK aims to give people in the UK the confidence, skills and ambition to be enterprising.

Shell liveWIRE
An online support service and awards programme for young entrepreneurs in the UK.

Business Link
Provides practical advice for business.

HM Revenue & Customs: Starting in business
Support withthings you need to think about when you're running a business, especially the main tax and National Insurance (NI) issues.

Last updated: 09/02/11

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