Tips on Self-Employment

If you are a student or graduate wanting to start your own business or embark on a freelance career there are many sources of help.

Research has shown that there certain qualities commonly found amongst successful buisness people.  These include a positive mental attitude, confidence and motivation, honesty, creativity and good judgement. To find out if you are cut out to be your own boss firstly try a quick self diagnosis click here.

Help with self employment

Business Link East is the gateway providing access to the most comprehensive range of independent, impartial advice to would-be entrepreneurs and businesses across the East of England. Contact them for Information and Advice on 08457 17 16 15 or via their website Business Link East. For Briefings and Workshops Information and Bookings call 0845 601 1000 or go to http://www.bookevents.org/.

Again, your University Careers Service is a good first port of call for advice on self-employment and starting your own business. Several of the region's universities have societies and organisations specifically aimed at helping budding entrepreneurs:

A number of local and national organisations can help you plan and set up your new business, and provide funding and other support:

Location, location, location

Commuting to London is a way of life for many people. Interestingly after some time working in London in the early years of their careers, many residents of the Eastern region choose to find work out of London and leave commuting to others. Recent surveys suggest that the East of England is a good place to live and start a business. For many years it has been the fastest growing region in the UK. A long coastline and large areas of countryside mean it is ideal for families and outdoor pursuits.. Plus, in areas such as Norfolk, affordable housing can still be found and crime is low. Self-employment is not for everyone. Getting a job with an existing company is the norm for most graduates. However new research suggests that most people will have at least six jobs in their career and one of those will be a period of self employment. Therefore, all young people should investigate all career avenues including self employment.

Common reasons why businesses fail

By understanding the issues, you can avoid the pitfalls and maximise your chances of success.

  • Not seeking advice or training
  • No business plan
  • Insufficient market research
  • No marketing and not enough customers
  • Lack of capital, cash flow problems and customers not paying on time
  • Poor time management
  • Not taking corrective action quickly when problems arise

 Five tips for starting your own business

  1. Start slowly - it's better to start slowly, learn and absorb and gradually get better at everything you're trying to do
  2. Look for customers, not success secrets - don't get hung up digging around for the magic formula
  3. Be obsessed with quality before you even get started - do you have the best quality products, resources, suppliers, people and advice?
  4. Avoid spending too much and sometimes too little - plan your first year's budget carefully and realistically with enough slack for that odd glitch that crops up along the way
  5. Admit what you don't know and get advice - be honest about where you're lacking in business acumen and know-how then seek specialist advice.