Aiming for Self Employment

Aiming for Employment

Aiming For University

Aiming for self-employment

Want to be your own boss?

Running your own business may be an option for you. The skills your gain from your time at college are skills that are in demand in the economy e.g. hairdressing, beauty therapy, catering, accounting, web design, photography, etc.

Some advantages of being self-employed

You get to be your own boss
You choose your own working hours
You make your own business decisions e.g. set prices, decide on marketing/promotions, hire staff etc
There is no limit on your earning potential

Some disadvantages of being self-employed

You need to finance the business yourself plus you risk losing all your money if the business doesn’t work, you could end up with significant debts
You may have to work long hours, especially to start with until you can afford to pay for help
Staffing problems - you will have to deal with a range of issues when you employ staff e.g. training, staff disagreements etc which can be time consuming and stressful
You need to keep careful records e.g. income/expenditure for tax purposes

There are lots of help available to help you set-up your own business, the organisations below can help you; have a look at their websites and start planning your future!

Business Gateway

Business Gateway can help you make a success of your new business. They offer practical help, advice and support available for new and growing businesses in Scotland. Help available includes:

Expert support to help you set-up your own business including business planning, finance and sales
Grants & support directory
Business events in your area

You can get more information on www.bgateway.com

The Prince’s Scottish Youth Business Trust (PSYBT)

The Prince’s Scottish Youth Business Trust supports the ambitions of would-be entrepreneurs in Scotland. If you are 18 – 25 and thinking of starting up a business in Scotland, the PSYBT can provide basic finance and professional support to help you get going.

PSYBT can give you:

Free and confidential advice on business start-up
Help with your business plan and application for money
A loan of up to £5,000 and in some cases a grant of up to £1,000
Assistance with book keeping and accounts
A minimum of 2 years advice and support from an experienced Business Adviser
Networking opportunities with other young businesses
PR opportunities

Find out more on their website www.psybt.org.uk

Shell Livewire

The UK’s biggest online community for young entrepreneurs (aged 16-30) who are starting or running their own business.

Apply for business funding including monthly £1,000 Shell LiveWIRE Grand Ideas Awards
Discussion forum to ask other members for free business help and advice
Social network to promote your business and connect with other young entrepreneurs
Business library with articles and guides on starting your own business
Video lounge with video interviews and webcasts

See www.shell-livewire.org for full details.