27th June 2023

Fancy being self-employed one day? It’s never too early to learn how!

June 30th is National Employability Day, and we thought it would be useful to spend some time focusing on how you could develop your entrepreneurial skills, now and in the future. It’s worth bearing in mind that you don’t have to choose between self-employment and employment; many entrepreneurs combine both or do so until their own venture can support them financially. That takes away the risk, but you will need to be prepared to devote more time to your work during evenings and weekends unless you are employed part-time.

Did you know that you can actually study Enterprise help you on your way? Check out courses at Bath Spa, Oxford Brookes and Swansea universities.

To give you some insight into whether it's right for you, we have gathered some tips from successful entrepreneurs to help you on your way:

Identify your passion and skills: Determine what you love to do and what you're good at. This will provide a strong foundation for your self-employment journey. Assess your skills, interests, and hobbies to find a business idea that aligns with them.

Research your market: Before starting any business, it's essential to conduct thorough market research. Identify your target audience, competitors, and industry trends. Understand the demand for your product or service, and gather insights that will help you position yourself effectively.

Create a solid business plan: Develop a comprehensive business plan that outlines your goals, strategies, target market, pricing, and marketing approach. This plan will serve as your roadmap and help you stay focused and organised.

Build a professional network: Networking is crucial for self-employed individuals. Attend industry events, join professional organisations, and connect with like-minded individuals. Building a strong network can lead to valuable partnerships, collaborations, and business opportunities.

Establish your online presence: In today's digital age, having an online presence is essential for any business. Create a professional website and utilise social media platforms to showcase your products or services. Engage with your audience, share valuable content, and leverage online marketing techniques to reach potential customers.

Manage your finances wisely: As a self-employed individual, you'll be responsible for your finances. Create a separate business bank account, track your income and expenses, and maintain clear financial records. Consider consulting with an accountant or financial advisor to ensure you're managing your finances efficiently and legally.

Embrace continuous learning: The business landscape is constantly evolving, so it's crucial to stay updated with industry trends and sharpen your skills. Attend workshops, take online courses, read books, and seek mentorship from experienced entrepreneurs. Continuous learning will help you adapt to changes and grow your business.

Emphasise self-discipline and time management: Working for yourself requires discipline and effective time management. Set clear goals, create a schedule, and establish routines that keep you focused and productive. Avoid distractions and prioritise tasks based on their importance and deadlines.

Build a support system: Surround yourself with supportive individuals who believe in your vision. Seek guidance from mentors or join entrepreneurial communities where you can connect with fellow self-employed individuals facing similar challenges. Having a strong support system can provide motivation, accountability, and valuable insights.

Embrace resilience and persistence: Self-employment can come with its share of challenges and setbacks. It's essential to develop resilience and persistence to overcome obstacles and keep moving forward. Learn from failures, adapt to changes, and maintain a positive mindset throughout your journey.

Click here for some case studies of young entrepreneurs, and here for an online event held by RIFT Social Enterprise on June 30th.

A successful self-employed career takes time and effort. Stay committed to your goals, adapt to changing circumstances, and never stop learning. Good luck in your entrepreneurial endeavours!

 

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