If you have a unique business idea which you feel will generate income, or maybe you have a skill or trade that you feel you could use professionally, then self-employment may be an option for you.

Did you know that 4.25 million (15.3%) of the UK population are currently classified as being self-employed?

What is self-employment?

Self-employment is when you work for yourself and are your own boss. It is solely your responsibility to make sure that the business is successful and generates an income.

Running your own business means that you’ll have to deal with the legal side of the business, including paying taxes. The Gov.uk website can provide more information on this.

Self-employment and being your own boss can be an attractive proposition for many but won’t be right for everyone. Like most things, self-employment does come with its drawbacks:

• Income is not guaranteed, so when paying regular household bills this can be problematic
• A self-employed person will not be entitled to the same terms and conditions as when working for a organisation. For example, they won't be paid holiday leave or sick pay in the event of being ill
• If the business does not succeed in generating an income, then the business owner doesn't make an income.

Different types of business

Sole trader

The simplest option with one person solely responsible for the business.

Partnership

When you go into business with one or more other individuals and have a shared responsibility for the business.

Limited company

Its own legal entity and completely separate from the people who own and run it.

Different types of jobs

While there are a huge variety of roles and ideas which could work for self-employment, here is a selection of popular options:

• Construction trades (e.g. electrician, plumber or joiner)  
• Counsellor
• Fashion designer
• Financial adviser/accountant
• Hair and beauty therapist
• Illustrator
• Influencer 
• Personal trainer
• Tutor
• Web designer
• Writer

Skills that are required

• Confident, strong and believe in yourself and your business
• Inventive and have original drive and ambition to progress your business ideas forward
• You would need to be self-sufficient
• Very organised and be able to work to targets and deadlines
• Customer service skills are important as the customers are the ones who help your business to grow
• Awareness of other companies that are similar to you.

For additional transferable skills which would be useful when being self-employed, visit our transferable skills page.

Useful links

Explore self-employment further by visiting these websites below: 

Princes Trust - business advice

Gov.uk - setting up a business

Prospects.uk - self-employment advice

Federation of Small Businesses - advice for small businesses

A Graduate’s Guide to Becoming a Contractor. Contracting is a great way to get work straight out of university and will help you gain experience. Umbrella Contracting takes a look at how contracting works.

eCLIPS Careers Resource - visit the working for yourself page for more information and links.

Portal News Article

Entrepreneurial Podcast: Big Fish

Click here to listen to people talking about their career journey, including self-employment, in our career chat podcasts!