Self Employment

Self employment is a very challenging but also rewarding option for many people. It may often seem like a very attractive route for people to take especially if they are struggling to find traditional employment.

For many disabled people it would have many advantages:

• It could enable you to create your own working environment which of course could mean accessibility;
• You could choose your own working hours and methods;
• You would be in control of your working life;
• You would possibly get a lot of job satisfaction;

But of course with all the good points come bad points some of these could be:

• Working long hours e.g. working for yourself is hard work and you often have to work more hours than working for someone else as you are in charge of everything. This is particularly true in the early stages of a new business;
• Creating a realistic business idea and plan - To find funding to start up a business you need to have a clear plan of how your business will trade, what you are selling, how much you will need and how you are going to make a profit. An important part of this is knowing who your competition is.
• Finding funding e.g. Try to find financial backing is hard as there are lots of people setting up businesses. Bank really need to be sure that it is worth the risk borrowing you money;
• Having to arrange your own sick pay and tax e.g. when you are ill and work for someone else you get paid for a while you have time off ill;
• Not being sure of a regular money coming in everything e.g. there is the personal risk of the business failing and you loosing everything The aim of this section is to give people brief ideas to think about when thinking about starting a business. However the main part of this section will be focused on signposting people to organisations that can help.

What business do I want to start?

If you are seriously thinking about self employment you could think about going into a business area that you already have experience of or that you could effectively use your skills. This could be something you have done as a hobby.

Think in terms of the market; is there an opportunity to offer something new or different approach?

Learning new skills

You may need to learn new skills if you thinking of staring your own business these could management skills or financial skills like book keeping. There is various training available such as college course, evening classes and organisations that can help such as Connexions or Princes Trust but there will be more on this later on.

How will you operate?

You have to think about the form the business will take.

Business can take one of three forms by law:

• A sole trader - This mean you operate alone and this is the simplest way to start a business
• A Partnership - This means more than one person runs the business
• A limited company - This means the business is more complicated to set up because the business has a separate identity than the people who run it. Contact one of the organisations in the later section to find out more!

Trading practises

As well as the legal form of the business self employment can offer other trading practise:

• A co-operative - This is a business which is collectively owned and controlled by the people who work in it. At least two people must be involved;
• A franchise - A franchise is an agreement which allows the person buying the franchise the right to run a branch of a business that someone else has set up.

Finance

Anyone who wants to start a business will need money to keep it going. You will also need money to live on. There are common places people go to get funding:

• Loans from banks or building societies;
• Grants from charities or trusts;
• Family or friends.

There are a lot other things that you need to seriously think about when thinking about starting a business the above information were just some of the issues. There are various organisations you can contact to give you more support and advice.

Contacts

Banks

Contact any of major high street banks for information on how they can help you set up in business. Most of them have information pack in branch or on the internet or you could make an appointment with a business advisor.

Chambers of Commerce

Chambers of Commerce are local organisations which give information, advice and training to businesses in their town or area. You can become a member.

Coventry & Warwickshire Chamber Of Commerce
Oak Tree Court
Binley Business Park
Harry Weston Road
Coventry
CV3 2UN

tel: 024 7665 4321
fax: 024 7645 0242
web: www.cw-chamber.co.uk/chamber/c
e-mail: info@cw-chamber.co.uk

The Prince's Trust

They help people who have a good idea for a business but cannot get funding. They provide low interest loans, grants and business mentors as well as self-help kits, seminars and free advice lines. If you are between the ages of 18-30, unemployed or employed in a part-time or inadequate job and feel ready to work for yourself, you may be eligible.

The Prince's Trust West Midland Regional Office
Lye Business Centre
Enterprise Drive
Hayes Lane
Lye
Stourbridge
West Midlands
DY9 8QH

tel: 01384 892100
fax; 01384 989745
e-mail: webinfowm@princes-trust.org.uk
web: www.princes-trust.org.uk

Disabled Entrepreneurs Network (DEN)

The DEN provides opportunities for self employed disabled people to meet. It also offers business advice and training. As well as signposting people to other organisations.

tel: 01204 431638
fax: 01204 431638
web: www.disabled-entrepreneurs.net

Disabled Workers Co-operative

the DWC run a database of self employed disabled people so that local customers can be matched with a disabled person who can offer them a service

18 Stone Street
Llandovery
Carmarthenshire
SA20 0JP

web: www.disabledworkers.org.uk
e-mail: admin@disabledworkers.org.uk