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Starting a business in Worcester.

To Become Self Employed.

Starting a business could possibly be a life changing experience. To become a self employed entrepreneur, you must be enthusiastic and dedicated, in what you do, and not want to be ordered about by an uncaring boss forever.
You should be prepared to take chances, and to be able to take the bad times with the good.

Experience and expertise.
The first requirement are you experienced enough in your job to take the plunge into self-employment?
Do your homework to find out if there is a demand for your expertise in your area. Make enquires locally to potential customers; they may be interested in what you have to offer.
Find out if there are others operating in a similar field, how busy they are and what they charge, how good a service they provide, are their customers happy?

Finance.
The next requirement, have you enough money to start on your own.
Calculate how much you need for necessary tools and equipment. Find out if there is a small business start up scheme at your bank if you need funds, although banks can be reluctant to lend money for a unestablished business without security. Remortaging your home could be an option at the risk of losing your residence if the business fails.
A small business will not have to employ an auditor, before reaching an annual turnover of �300,000, although an accountant should be consulted at the onset to deal with your annual accounts.
Registering for VAT. will not be compulsory until a turnover of �58,000, although it may be to your advantage to register.
It is important to inform the Inland revenue and register for National Insurance within three months when you become self employed. You can be fined if you do not do this.
The self-employed pay income tax annually in arrears.
The tax inspector will require you to keep accurate records of all income and expenditure.

Advertising in Worcester.
A good idea is to print a flyer on your computer, describing what services or products you can offer. For a start, distribute a thousand copies in your locality. You also may want to place an advert in your local newspaper, or even a card in a shop window. These usually bring results to get your business started. Once up and running word of mouth will be the only advert you will need.

Taking the plunge.
Having done your homework and consider there is a demand for what you have in mind, you could begin by working part time, at evenings and weekends to see if things work out.
If you decide to give it a go, remember you will be leaving paid employment, your employer will have taken care of tax and insurance holiday,sick pay and even contributed to your pension.

Costing.
When starting your new venture the cost of running your business should be carefully calculated, in order to charge a fair price for what you do.
It is a good idea to obtain the services of an accountant, to put your affairs in order; he will also give some good advice.

Job satisfaction.
Being self employed can be a very satisfying way to earn a living, you will be your own boss and be free to work at your own pace, take holidays when you want them, and possibly make a better standard of living for you and your family.
The downside of working for yourself will be taking complete responsibility for your own actions and sometimes may mean working long hours to get your business established.
There will be times when things will not go to plan also work may become scarce.
If you become ill, paying someone else to carry out your obligations will be necessary.
A sole trader is responsible for all debts incurred. 75% of all small business’s fail during the first four years.
Remember it is sometimes better to make an attempt to improve yourself, even if you fail, you can always go back to working for a boss.