Going self employed can be very exciting but also a very worrying time.

Many people dream of setting up their own business and the advantages that come with it such as being your own boss, being able to pick your work hours and set your own pricing structures. Although this may all sound great there are down sides to being self employed or running your own business. If you are self employed then you will not get holiday pay, you will have to apply for stator sick and maternity pay. You will also have to ensure that you manage not only your time effectively but also your accounts unless you are planning on paying someone to do that for you.  

If you are planning on setting up your own company and employing people then you need to get to grips quickly with all employment laws and ensure you are adhering to them you don’t then you could find yourself in big trouble.

It can be hard to set up a new business and also it may be risky if you are having to buy stock and obtain credit from suppliers. You really need to do your research to establish if there is a gap in the market for the products or services that you are going to be offering. Once you know that there is a need for the products or services you can offer you can start to work on your pricing. You need to be able to compete with other businesses whilst still making a profit.