There are different ways of being self-employed:
- as a sole trader, working alone
- in a partnership with two or more people
- as a limited company where the business has a separate identity
- own a franchise of a business that is already set up
Starting a new business can be exciting and rewarding, but it is also full of challenges. With commitment, drive, perseverance and support from family and friends you can transform your business idea into reality. Think about what being self-employed will mean to you and consider some possible advantages and disadvantages:
Advantages of being self-employed include:
- you are your own boss
- being able to make your own decisions
- flexibility around your working days and hours
- self-fulfilment, making full use of your experience, talents and abilities
- financial independence
Disadvantages of running your own business include:
- no guaranteed, regular income
- needing funding for start-up costs
- working long hours to suit your business needs
- no holiday or sick pay and no pension
- sorting out payment of your own tax accounts
First steps to self-employment
You will have to research and develop your business idea. You will need to think about:
- what services or products you will sell
- whether people will want your product or service
- how you will fund your business
- laws and regulations you will have to follow
Then you must prepare a business plan that reflects what you need to do to set up and run the business.
There are a number of programmes and initiatives available that offer financial help and advice.
Regional Start Initiative
The Regional Start Initiative is a tailored business start-up package that offers advice and support designed to help you start your own business. It's free and available throughout Northern Ireland. Follow the link below to see what support is available and get details of where you can get help locally.
The Enterprise Programme
The Enterprise programme, run by the Prince’s Trust, helps young people interested in self employment to explore and test their ideas, write plans and start their own businesses, or achieve alternative outcomes in education, training, volunteering or work.
Advantage NI works with clients in the public, private and not-for-profit sectors to promote starting a business as a realistic and viable career option to young people aged 16-30. It offers individual, tailored information, advice and guidance on starting, running and growing a business.
Enterprise Northern Ireland
If you are thinking of starting a business, Enterprise Northern Ireland will provide training, business loans and premises for start up businesses.
Invest NI's role is to grow the local economy. They will support new and existing businesses that can make the greatest contribution to this growth by helping them to compete internationally. They offer high-quality services, programmes, support and expert advice.
This organisation helps 16 to 30 year olds to start and develop their own business and hosts a national competition for new business start-ups.
Working after State Pension age
If you are still in paid work when you receive your State Pension, you will have to pay tax on it. For more information, contact your local pension office.