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Running your own business, freelance work and franchising are all ways of being self-employed. Self-employment can offer independence, the freedom to make your own decisions and to work in your own way. The negatives can be the risk of failure, often have to work long hours, and possibly having little financial reward at first.
If you are determined, motivated, take the initiative, have entrepreneurial skills, resilience, good time management, are organised, persuasive, and good at negotiating and decision-making, then self-employment could be for you!
See how you can get involved in Student enterprise here at Kent. The Enterprise Hub at Kent offers free business advice sessions to students, see their website for more information.
Further information about self employment can be obtained from the Kent Invicta Chamber of Commerce
Routes into self-employment
Often the best way to start your own business is to try to set it up in your spare time while still working in another job. This will allow you to test the water and establish networks of suppliers and customers while still having money coming in to support yourself. If you can work from home initially, this will avoid the costs of leasing premises until you have something established.
Sometimes, a group of graduates will get together to form a partnership upon leaving university. This allows you to draw upon the skills of the individual members. Many people will go into business for themselves after gaining initial experience and/or professional training with a larger employer: this is common in fields such as accounting and professional services.
Risks of starting a new business
Often the best way to start your own business is to try to set it up in your spare time while still working in another job. This will allow you to test the water and establish networks of suppliers and customers while still having money coming in to support yourself. If you can work from home initially, this will avoid the costs of leasing premises until you have something established.
Sometimes, a group of graduates will get together to form a partnership upon leaving university. This allows you to draw upon the skills of the individual members. Many people will go into business for themselves after gaining initial experience and/or professional training with a larger employer: this is common in fields such as accounting and professional services.
Franchising
Franchising is a way of setting up in business for yourself but with the support of another company (the franchiser) that has already developed a business brand. You run the business, but under an established trade name and under the overall control of the franchiser.
There is a huge variety of franchise organisations, from retail to fitness clubs, from plumbing services to catering and from legal services to language schools. The initial costs of the franchise can be substantial.
You are more limited than in normal self-employment: you have a contractual relationship with your franchisor covering elements such as quality and operating procedures. A good franchisor will also give you a lot of support as well.
Some organisations who may be of interest:
- British Franchise Association: impartial information and many case studies
- Which Franchise?
- The Franchise Magazine
Find out more
Self-employment links
- Kent Enterprise Hub free business advice and support for Kent students and graduates
- The start- up business journey a 12 week co-curricular business programme for kbs, economics, and computing students from Kent that’s available on both Canterbury and Medway campus.
- Prospects Web Pages on SELF-EMPLOYMENT
- The National Council for Entrepreneurship in Education aims to raise the profile of self-employment and the option of starting your own business as a career choice for graduates. The NCGE runs the “Flying Start” programme to help students and graduates put their business ideas into practice
- Business Link government online resource to help you start up, improve and grow your business.
- Kent Foundation for Young Entrepreneurs supports Kent's entrepreneurs aged 18-30 who have come up with an idea for self employment and need help to move forward.
- The Prince's Trust offers free business advice and low-interest loans to help unemployed young people (aged up to 30) set up their own business
- Company Bug new site aimed at aspiring entrepreneurs.
- Bytestart advice site for the self-employed and limited company owners.
- Portobello Business Centre free, industry-informed advice and courses for budding entrepreneurs and SMEs
- Fruitworks
- Local Chambers of Commerce may also be able to help
- NESTA the National Endowment for Science, Technology & the Arts runs a number of award programmes, which support innovators from inventors and engineers to filmmakers and musicians