Self-employment : Checklist

The checklist below is designed to remind you of the key points to consider when becoming self-employed and to highlight action points that should be taken.

The business

• What are your reasons for becoming self-employed?
• How feasible is your idea and why?
• What’s the unique selling point of your business?
• What knowledge, skills and qualifications are needed in the sector that you have chosen?
• How will you keep your knowledge, skills and qualifications up to date?
• How do you intend to grow the business? 

Your research

• Which areas of research will you need to tackle first?
• Where, specifically, will you find the information?
• Desk research only goes so far: who should you talk to?
• Who will you need to help you - inside and outside the business?
• With which professional organisations and associations should you register?

Funding 

• How much money will you need to start the business?
• What resources and equipment will be required?
• What IT facilities will be necessary?
• Where will you be based and what will this cost?
• Which sources of funding will you target first?
• How will you support yourself while starting up the business?

Marketing 

• Look closely at two competitors: what can you learn from them?
• Where can you network?
• List five outlets for your products or services.
• What’s a competitive price for your product(s)?
• Which three promotional methods will best suit your business?

Practicalities 

• What type of business will you run, e.g. sole trader?
• What is your company name and how will you protect this and your idea?
• What mandatory regulations must you follow?
• Have you found out how to pay income tax?
• Have you found out about tax?
• What about IT and the potential of e-commerce?

Don’t forget to check university careers services to see what help is already available through your university.