A self-employed individual works for themselves instead of an employer. The person earns their own income directly through the operations of their business/employment. Self-employment is NOT for everyone, you need to have a focused idea, the drive to succeed and the financial backing.

Is self-employment right for you?

Taking the step from being an employee to becoming self-employed is a huge transition. The first and most important element you need to ask yourself is what is your idea/vision for your business, is it realistic, achievable and feasible? Where can you see yourself and your business in 5 years time? Can you see your business expanding and progressing? Being self-employed consists of a variety of factors and responsibilities; however being your own boss does have its pro’s and con’s.

Section breakdown…

  1. Is self-employment right for you?

  2. Self-employment reasons

  3. Business advice

  4. tSpace tips

  5. Useful links

Pros

  • You’re your own boss; you decide when you work & how many hours you work

  • You decide when you have holiday leave

  • High job satisfaction

  • Your business, your rules and your ideas

Cons

  • You have to take on legal responsibilities including paying your own national insurance and income tax

  • You will learn that being self-employed affects your free time, family life, sick pay entitlement and holiday plans

  • Company benefits will be non-existent

  • You will most likely be working from home in an unprofessional environment with various distractions

  • Going into the unknown and joining a new unfamiliar market place

You must have clear reasons for taking the decision to become self-employed.

You need to be hard working, confident in what you do, self motivated and independent as you will not have anyone managing you, supporting you or guiding you. If you think that self-employment is right for you then answer these questions…

YES?

If you have answered YES to the majority of these questions then tSpace is here to offer you help and advice through our self-employment section and the TDA business services.

  1. Are you focused, determined and committed?

  2. Do you cope well with pressure and stress?

  3. Have you got the correct personal qualities and business skills to be successful?

  4. Are you comfortable networking and negotiating with people you have never met before?

  5. Do you have the ability  to manage your time?

  6. Are you able to manage your own money successfully to utilise your investment skills?

  7. Do you have experience in sales and marketing?

  8. Have you got the correct IT skill set to manage and run a business?

NO?

If you have answered NO then look at our routes into employment section for guidance on different ways you can successfully enter the work place.

Business Advice

When starting a business it is important to gain knowledge and advice from someone who knows business inside out.  You will need to know what elements are necessary to start, run and expand a successful business.

Torbay Development Agency understands potential in business.

Our very own accredited business advisors, support and advice services are available to you. For everything business visit TDA Business services for information and advice on starting a business, growing a business, available work spaces in Torbay and financial business support  CLICK HERE

tSpace’s Top 5 Tips:

When starting a business make sure you have enough financial backing and funding.
Be patient, it takes time and determination to start a business.
Know what your business offers, your market, your competitors and your customers.
Network, create connections and engage with local businesses.
Utilise business support and advice, you will need it.

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You’re your own boss; you decide when you work, how many hours you work and when you have holiday.

what next?

Is self-employment RIGHT for you...

TDA Business Services 

If self-employment is the right route for you, contact TDA Business Services for support, funding, guidance and advice on your start-up venture.

Use the links opposite for more information on what self-employment consists of and how you can gain support.

what next?

Self-employment NOT right for you...

Routes into Employment

If self-employment is not the right option for you, don’t worry! Click the link to view our Routes into Employment section to see alternative options.

Useful Links

Here are a few useful national and local links...