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SELF EMPLOYMENT – STARTING OVER AGAIN

Self-Starting Again

According to Barclays Bank 81% of entrepreneurs said they are happier now in self employment than when they were employed.  The same survey reveals that 71% were more optimistic, 63% were busier, 54% were more relaxed but that only 30% were better off than when employed.  The remaining 70% were obviously feeling the effects of losing their corporate packages or their businesses are still getting established and maybe in the process of building a business base.

When asked why they wanted to start their own businesses 44% said they wanted to build a big successful business, while 47% wanted to continue earning a living.  The final 9% wanted to either supplement their existing income or wanted to create a secondary income. The source for these figures is from the Barclays Bank website dated of 25 September 2014. 100% chose to start again.  They chose self employment to take control of their own career and life, be in the driving seat and put themselves and their families first. Look again at that impressive 81% who said they are happier now.  Could that be because they have re-modelled their work/life balance themselves?

Become a Free Agent

Maybe you are reading this because you have had enough of the corporate world, working for a large institution, working for other people’s visions and dreams or you might be facing or recently experienced redundancy? Either way, you have decided to take a long hard look at your working life and are keen to make changes. If so, you could become a free agent! With self employment you can be your own boss, take control, and have choice and the final say in what you do for a living, when you do it and how you do it.

Not everyone is an entrepreneur in the Dragons Den sense of the word. Not everyone wants to invent the next generation of vacuum cleaner or start their own airline.  However, self employment allows you to direct your talents to fulfil your life plans.  In the 21st century digital age, many skilled professionals opt for the simplest and most cost effective option of self employment i.e. to sell their expertise to individuals and / or organisations online or develop a service based business from home with a desk, computer and mobile technology. Having minimal overheads and maximum flexibility, rather than expensive office premises when you are starting out, is an attractive proposition. This means you keep the majority of the income you make, so it becomes much easier to start making a profit and a reasonable living.

Self Employment – Success Before You Start Up

Success Before You Start Up Book Cover

Despite all the positive statistics from Barclays, most businesses fail in their first two years of trading. Why is this? Because the business owner hasn’t done their homework. ‘Self employment seemed like a good idea at the time’ doesn’t wash if you haven’t thought things through properly, does it?  It is remarkable how often we come across people who haven’t done the basics such as:

  • Considered why you want to start a business i.e. what is the purpose and what are your goals?
  • Researched the market and the competition
  • Established whether there is a need or demand for your product, service or business idea
  • Developed any sort of business plan
  • Thought about how best to get your product or message across to make sales or earn income
  • Evaluated whether the business can make money

Passion is great but don’t overlook the essentials

It is great to have passion for what you do, as people buy people and your passion can become infectious. However, all too often, new business owners get carried away by the excitement of setting up their business and the passion for their products or services and overlook the reality that passion alone is not enough to create a successful business. Self employment means there is much hard graft to be done to ‘get out there’, network and sell and market yourself and your business like crazy both online and offline! There are many other considerations e.g.

  • Do you want to work alone?
  • In collaboration with others?
  • Employ a small team? If so where will you be based and how much can you afford in salaries, rent, rates and other overheads
  • Have you worked through how much you need to sell or income you need to generate to achieve your desired business and life goals?
  • Who will do the key administration and financial tasks?
  • Should you be vat registered?

Depending on what you do in your business and who you work with, you also have different options for setting up your business as a Sole Trader, Limited Company or Partnership. The first steps in any of these approaches are the same and it is very easy, once you know how to go about this but it makes sense to get good advice before you start trading.

Self Employment – Making it happen

Self-employment or starting up your own company can be hugely rewarding as the Barclays statistics highlight. It has never been easier than now to set up and start a business. If you would like practical help to set you on the right path to becoming self-employed then please contact us as wouldn’t it be great to start off on the right footing, so you really can enjoy the fruits of your labour and become one of the 81% who are happier now than when they were employed?

www.smp-solutions.co.uk

Photo – Everest at dawn courtesy of David Smith

Portfolio Career – It’s your CHOICE!

  • Lots of ideas and options but unsure how to choose?
  • Do you love variety and differing challenges?

If so, a portfolio career could be for you!

What is a Portfolio Career?

Employment specialists have predicted for many years that work will become less structured and secure in the future and that we will face constant change in our working lives. This is definitely proving to be true and the portfolio career is now becoming an accepted alternative working lifestyle.

To be in control of your own career now means looking at alternative ways of working. To stay employable in the future you will need to adapt to new roles, acquire new skills and master new ways of building a career.

  • A portfolio career is one where you have an income from a number of sources
  • Perhaps a number of jobs
  • A job and a business
  • Any combination of activities and skills
  • A portfolio career may consist of different working arrangements at different times
  • Rather than working for one company you take on various projects and cultivate several clients
  • A successful Portfolio Career fits together bits of work in our life to form a balanced whole
  • It could typically include periods of employment through short term contracts e.g. project work, temporary or interim work, part-time work perhaps combined with self employment, working from home and even voluntary work
  • Basically anything and everything you want it to be to achieve your desired work-life balance and income requirements!

In order to pursue a Portfolio Career, you must be willing to risk personal change.

Some of the PROS and CONS of Having a Portfolio Career:

The PROS:

  • Flexibility
  • Creativity
  • Change
  • Autonomy (being in control)
  • Excitement
  • Achievement
  • Development of expertise and many skills
  • Personal Freedom & Personal Growth
  • Pleasure doing what you like
  • Risk Taking
  • Variety
  • Fast Pace
  • Leisure Time
  • Money
  • Emotional Health
  • Meaning
  • Continual Learning

If these appeal then maybe a portfolio career is a possibility

The CONS:

  • Risk
  • Change
  • Lack of Stability
  • Overwhelming when deadlines overlap
  • Fast pace
  • Lack of leisure time
  • Lack of money (or financial stability)
  • Pressure
  • Other people’s opinions
  • Lack of company benefits
  • Lack of a regular routine

If these are considered negative, you may need to reframe some of your thinking before considering a Portfolio Career

Starting a small business doesn’t have to be an all or nothing enterprise. You can develop into a number of areas and stretch yourself and really maximise your skill set. Most businesses naturally evolve and having a portfolio career arguably makes this easier.

Benefits of a Portfolio Career

  • Having a range of items in your portfolio gives you security
  • If one of them goes there are always others to fall back on
  • Great if you want to achieve more money, more freedom, more variety and more flexibility in your life
  • Extends your contact network and gives you the opportunity to develop new skills
  • Each piece of work you do adds to your portfolio of skills and experience which you can use to attract more work
  • Above all else – CHOICE!!!!!!!

To become a portfolio person, it means not thinking in terms of having or not having a job. Instead, taking control of your life, making flexibility the key and developing a portfolio of skills and activities either for sale or for voluntary work.

How Do I get a Portfolio Career?

Firstly, identify skills and traits that you could sell to form a potential portfolio career that could work for you. Things to consider:

  1. What motivates you?
  2. Work you enjoy e.g. – driving, painting, communicating, making things:
  3. What career(s) would you like to try, if you knew that you wouldn’t have to do it forever or on a full-time basis?
  4. Any ideas that you have for a home-based or small business, but have not felt would support you full time?
  5. Your skills and talents/ what do you have that others might pay for?
  6. Your major accomplishments

Balancing your portfolio:

  • The balance of your portfolio is likely to change at different periods in your life
  • A portfolio career may consist of different working arrangements at different times
  • If your career strands fail to provide you with everything you need you may decide to broaden your range of activities
  • However, at certain times, one strand may become all consuming
  • Caution – don’t try to take on too many different/new career strands at the same time!!.

If you have had enough of the corporate world or public sector bureaucracy or generally being an employee then maybe this could be the right career move for you. The good news is that self employment or developing a new career does not have to be about doing just one thing!

Can you imagine what it would be like to be in control of your career and working lifestyle? You are just one step away from developing your portfolio career of CHOICE and how good would that feel??