More on self employment

Statistically, 4 out of 5 new businesses in the US close in the first 5 years. Not all will have failed financially – some will close because the owners decided it wasn’t for them. So when starting out, you need to be as sure as you possibly can that you choose wisely. Whatever business you set up, it will take a lot of your time

So what options are open to you? This depends on quite a few factors - money, time, skills, experience, responsibilities and personality. It is important to remember that not all business start-ups need a lot of capital. If you want to buy a high street shop or franchise, yes, you’ll need a lot of cash, but virtual stores are much cheaper to maintain and there are plenty of other opportunities which won’t necessarily mean you need an office other than your spare room. Thanks to outsourcing, many former employees find that they are able to continue their careers as self-employed contractors, sometimes working for the very company which previously had them on the payroll. So, the first place to look when considering what you could do, is your existing or previous job. Computer programmers, accountants and book-keepers can easily set up on their own. Other areas commonly outsourced are catering and office cleaning. Setting up a company in either is a possibility if you have experience and some cash. If you target small businesses, you’ll need less staff. Secretaries, for example, can set up alone by offering to work for sole traders who need help with paperwork, but perhaps only for a few hours every week. More tomorrow.