Self Employment Checklist

Business

• State your reasons for becoming self-employed.
• Check how feasible is your idea.
• State the unique selling point of your business.
• Learn about the knowledge, skills and qualifications that are needed in the sector that you have chosen.
• Check how you will keep your knowledge, skills and qualifications up to date.
• Think about how do you intend to 'grow' the business.

Research

• Decide which areas of research you will need to tackle first.
• Check where you will find the information.
• Desk research only goes so far: decide who you should talk to.
• Check who you will need to help you - inside and outside the business.
• Check with which professional organisations and associations you should register.

Funding

• Analyse how much money you will need to start the business.
• Check if you will need the help of an accountant.
• Check what resources and equipment will be necessary.
• Check what IT facilities will be required.
• Decide where you will be based and what this will cost.
• Decide which sources of funding you will approach first.
• Decide how you will support yourself while starting up the business.

Marketing

• Perform competitors analysis.
• Check where you can network.
• List five outlets for your products or services.
• Check what is a competitive price for your product(s)/service(s).
• Decide what advertising methods will best suit your business.

Practicalities

• Decide what type of business will you run (a sole trader, a partnership, a limited company, a co-operative, a franchise).
• Find out how to pay income tax.
• Find out what can you set against tax.
• Check what mandatory regulations you must follow.
• Check what necessary licensing you must obtain.
• Decide what pension arrangements you will make.