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Starting your own business

starting your own business borrowing
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Starting your own business might be a dream you want to turn into reality. Some of us are lucky enough to enjoy the full support of our employers when it comes to child care, and some of us have a wide ranging support network who can help us out – making a regular paid position an enjoyable and productive proposition. Often though, the strains of holding down a job and bringing up children don’t work with a typical nine to five-style role: Being barked at by ungrateful bosses with no experience of what it takes to raise a family is no fun – and it only gets worse when you get home and your kids are squabbling for every second of your attention.

It’s possible

Whilst it can be hard to see another option when your diary’s full of meetings, projects, school runs, domestic chores and more, those of us with the ability to prioritise, organise and plan may find that being self-employed is a very real alternative.starting your own business

Plenty of people are now finding that they can run a small business which fits around their needs and enables them to draw a satisfactory income or more. There are plenty of options: If you have writing skills or artistic talent then online work may be your calling, or for the more culinary minded there are a growing number of homemade sweets and cupcake makers that earn good cash by providing quality products that can’t be found through more mainstream outlets.

Flexible working

There are numerous non-pecuniary advantages to being your own MD as well: Flexible working hours and choosing your colleagues are just a couple,  but for most the biggest draw is the satisfaction of seeing a return that’s directly related to your inspired ideas and hard work. In many cases the increased level of personal satisfaction that this brings filters down to the family as well, giving parents more time to dedicate to their children, making for a much happier home life for the whole family.

Tax benefits

Another exciting reward can be the tax benefits of being your own boss, in that by being self-employed you can claim business expenses on a wide range of outgoings: Travel expenses, education and cars are eligible, as are work space, phones and internet connections.starting your own business

There are, of course, downsides to being self-employed: The fear of constant financial instability – particularly  coping with cash flow when bearing start-up costs – can be too much for some to cope with, and if you aren’t great at basic accountancy then doing the books may be a struggle. Support is often a big worry too, with job security invariably far greater when you work for a big business – and you’ll miss the sick pay if you become ill.

No more job hunting

However, no employee has full immunity from unemployment in this day and age – a reality which has become all the more apparent in the last few years with many big businesses going into administration,  and by being self-employed you can save yourself the misery of having to go through the job hunting process and lose out to people less talented but better at the recruitment game than you. Best of all, you’ll never get that dreaded phone call from HR inviting you to a redundancy meeting and the immediate confiscation of your security card.

Take the first step

So, what’s the next step? First off, be wary of the endless ‘work from home’ options you’ll see on the web – most of them are not financially viable options, and that’s putting it politely. In the first instance, decide what it is you want to do, and then you take advice from an expert if you can find one. Banks often give solid, unbiased  advice as they tend to have business start-up programs. Another unlikely source of useful information is HM Revenue and Customs. You’ve got nothing to lose by checking out the options, and if you decide to take the plunge you won’t end up at retirement wondering what might have been…

 

 

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About Rebecca Robinson

About Rebecca Robinson

After spending the last 8 years juggling life as a mum of two, wife and working full time as a Project Manager for a global telecommunications company, Rebecca Robinson made the decision to follow her love of writing and took the plunge; turning her passion into a full time career. Since becoming a full time writer, Rebecca has worked with various media and copy-writing companies and with the ability to make any topic relevant and interesting to the reader, now contributes to The Working Parent on articles ranging from credit cards to teenage relationships. Ever the optimist, Rebecca's dreams for the future include a house in the country filled with children, dogs and horses in the field!

Website: Rebecca Robinson

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