The benefits of setting up your own business

Sue Foxley

By Sue Foxley

10 Dec 2015

The number of people using our outplacement service and wanting to set up their own business or be a consultant is growing. Perhaps somewhat unsurprisingly the numbers of people we are supporting as part of our outplacement service, looking to set up their own business is on the rise. So what makes going solo and being the boss such an attractive proposition?

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You're in control

If you start up your own business you are only answerable to yourself, putting you in charge of your own destiny. Nobody should be more motivated in looking after your own interests than you. Of course this can be quite scary as you will ultimately succeed or fail by your own decisions but that is what attracts people to setting up their own business in the first place.

We find an increasing number of people are getting to a stage in their career where they are fed up with circumstances beyond their control such as acquisitions or a new boss causing a major upheaval.

Autonomy and freedom

One of the key attractions of setting up a business is that you have the freedom to do what interests you – so no more completing complex spreadsheets that no one will ever read. Within reason you can decide what you do, where you do it and who you do it with.

Lifestyle

Perhaps the most common reason of all for setting up in business is to obtain a better balance or work and free time. However, people have a slightly utopian view of what running a business actually entails. One of the key skills we have at Connor is finding your reasons for setting up in business and dispelling some on the myths around what’s entailed and how this impacts on their lifestyle. It’s true that your commute is likely to be shorter and this in itself can be attractive – particularly the millions of people who spend two hours or more commuting each day.

It can be very profitable

Although the hours can be long – if you run your business well and keep your fixed costs low – the rewards can be huge and you get to keep the fruits of your labours yourself.

Tax considerations

Being your own boss gives you the flexibility to structure and run your business in any way you see fit (within the parameters of the law) which can mean that more of the money you earn ends up in your pocket, rather than to the tax man.

It is less complicated and expensive than you might think

There are a number of accounting firms who will help you set up your business and you can register a new business relatively cheaply. At Connor we can help you with the legal aspects of establishing your own business and the questions you need to ask your accountant.

Get in touch

You can also call us on this number +44 (0)1491 414 010 or use one of the social channels below.