What you will learn on this page:
Do you want to work for yourself or run your own business?
4.3 million people in the UK are self-employed.
This means that they run their own business, but do not employ anyone else. Many people start by working for themselves and then may expand the business over time and begin to employ other people.
What are the pros and cons of being self employed?
Pros
- Follow your passion - you can choose to set up a business based on your own passion, interest or skill which can be very motivating.
- Creative freedom - by being self-employed you'll be in charge of deciding what you do and how you do it.
- Flexibility and control - you'll also be able to set your own hours and fit your work around other commitments, which often leads to an improved quality of life.
- You can set your financial worth! - your earnings are not limited to a fixed salary.
- Skills development - you can gain experience in multiple areas of the business, from finance to new business development and project management.
Cons
- Income uncertainty and financial risk - no guaranteed pay check and if investing own money, failure could be costly.
- Lack of benefits - no paid holiday leave or sick pay.
- You will be responsible for managing your own tax and National Insurance payments (though you can pay an accountant to help you).
- You may have to work longer hours, including weekends and evenings, especially to build your business.
- Pressure of multi-tasking - especially if you have to spend time finding new work, whilst also working on existing contracts and chasing payment from previous jobs.
- Isolation - if lone working.
A selection of jobs
Tap any job below to see the full career profile on the National Careers Service website – including what the job involves, what it pays, and how to get into it.
See more jobs...
Check out more than 800 other job profiles. The above list is just a selection of jobs where working for yourself will be valued, there will be loads more!
These job sectors might be good places to start if you want to work for yourself but there are jobs in many other job sectors too, click through to the job profiles to find out the details.
Start-up businesses
Do you have a unique solution to a problem or have come up with a new product that will improve the way we do things? - then you could set up your own business.
Dyson is an example of a start up, that became a huge global business. Start up businesses often benefit from funding from external investors [like Dragon's Den] so they can develop their products and expand or take advantage of overseas markets. In the UK the fastest growing start-ups have often come out of a university research project.
Universities can help the students to find business support and seed investment to help their idea take off.
Successful start ups are often in the field of science and technology. Ultraleap and Open Bionics are examples of successful start ups in the West of England.
How to get started with running your own business?
What product or service could you offer that will make the most of your strengths and skills?
- For example are you a good communicator and like helping people to get fit, or are you good at making and fixing things, or are you creative and interested in nail art? Trying things out through work experience and talking to people who are self-employed could be useful.
- Find out what skills, qualifications you need to get into the field you want to work in. What are the routes into this role? Do you need to go to university, college or do an apprenticeship to develop the relevant skills? How can you develop business skills whilst you are school?- See if your school offers the Young Enterprise programme. This is a practical programme to help you learn business skills.
- Just because you have a business idea does not mean that it will necessarily get off the ground. The King's Trust run a free 4 day business course for young people 18 - 30 who are interested in starting their own business. It is very practical and they can help you write a business plan and will also match you with a business mentor to help support you with running your business. They have some inspiring films of people who have set up their businesses against the odds - like fashion designer Jazmin and advise on running your own business.. such as this one from Ben Towers.
- Launch it - also run free start up business training and mentoring programme.
