Self-employment after Redundancy

Self-employment after redundancy can be one of the most liberating experiences of your life.

Becoming self-employed can feel a little scary, especially if you have just been made redundant, but it can also be one of the most rewarding challenges you will ever give yourself.

Depending on what type of business you decide to start up, self-employment could give you:

  • A career
  • More time to spend with your family, friends and loved ones
  • Increased flexibility over hours worked
  • A greater sense of achievement
  • Self-fulfillment
  • A sense of purpose
  • Increased self-belief
  • Success
  • Happiness and pleasure
  • Financial freedom
  • The lifestyle that you crave
  • Your dream job
  • New opportunities
  • Partnerships

Self-employment can also have its difficulties, that include, but are not limited to:

  • Instability, if your income is not regular
  • A lack of resources
  • A need to update or improve current skills
  • Building a website
  • Getting to grips with Social Media
  • You could lose money if the business is not successful
  • The initial set-up costs can be quite high
  • You will need a business plan if you want to apply for a bank loan
  • You may need to outsource some tasks
  • You may need to take on extra staff if you become busier
  • You need to either do book-keeping or pay someone to do it
  • Usually you need to pay two lots of National Insurance
  • You will need to fill in a tax return

The government is encouraging more business startups through their National Enterprise Allowance scheme, read more about it via this link:

https://www.gov.uk/moving-from-benefits-to-work/starting-your-own-business If you are interested in the scheme, you would usually complete a free Enterprise Club course at your local job centre. The course should take you through the basics of running a business, including market research and finance. Ask your local job centre for more details.

 

Some useful sources of help:

http://www.hmrc.gov.uk/selfemployed

https://www.gov.uk

http://www.startinbusiness.co.uk

http://www.smallbusiness.co.uk

http://www.startups.co.uk

http://www.mybusiness.co.uk

http://www.growingbusiness.co.uk

http://businessinyou.bis.gov.uk

 

Trade Association Forum http://taforum.org

British Chamber of Commerce http://www.britishchambers.org.uk

 

Other Options:

Buy a UK Business http://www.daltonsbusiness.com

Franchise opportunities http://www.thebfa.org  https://www.franchiseinfo.co.uk

 

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