The BN Village - View Single Post - Self employed

SoulRebel · (#4 (**permalink**))

Quote:

Originally Posted by LadyDay

oK SO BNV can see where i am goin gathering info etc. i am looking into doing a business studies course while off work but will decide after i seek professional advice

Unless you're going into a specialised area where the likelihood of getting business/employment is very high, am not convinced that a business studies course will add anything you don't already have. Unis and colleges are full of black students being business and management degrees, a good proportion of whom can't use what they got. Not saying don't do it - just be clear why you are if you're going to.

anywhoo

if you are self employed please let us know what you do
and
how you made the change from working for the man to working for yourself.
why did you go self emp

Most of what I do is project management - will go into a company and 'fix' a specific problem for them as an interim. Also do other stuff - tutor on a couple of courses, occasional writing, coaching. Have had a couple of spells of self-employment before now

what are the pros and cons

Pros: variety of work; no long-term attachment to an institution; pays well if the right gig; I enjoy it

Cons: insecure - no work, no pay; got to plan for holidays/pension/sickness/tax; may have periods when not working; harder to get a mortgage if you want one

how much investment did you put in or was it all bank loans

Just needed to register the company, set up a bank account, insurance, sort out stationery - spent a few hundred quid. Don't yet need an office and all that stuff; am in the process of sorting out a website, which will be the most significant investment I make for a while

any qualifications or courses worth doing

Experience counts for me far more than qualifications - all depends on the field of work you're into

and anything else

You can be self-employed without having a business - depends on what you want to do. If you need regular money coming in every month self-employment is riskier than having a job, and it's best not to go into self-employment or a business just because you don't fancy paid employment or you don't like your boss. Questions you have to ask are these - what do I have to offer that people will want to buy, and why should they buy it from me rather than someone down the road?

If you want your business to be successful/profitable its hard work, especially if its your only or main income. It will take time, energy, and self-reliance, but they will pay off in the long run if you apply yourself in the right way. Get known in your trade, and amongst the customers you want. Need to balance your business interest with what else you have going on in your life, and your ambitions longer term..

Final point: only employ people if you absolutely have to, and you know that you can afford to pay them, or they can be flexible about when you do. There are few things worse than hiring people and not paying them - doing that will get you a reputation that will be hard to lose.

Good luck with whatever you decide.