For some people, it’s a lifelong dream to work for themselves. After college and getting some experience in the working world, there can often come a time where your mind thinks of nothing else but starting that business. If that sounds like your current thought processes, it may finally be time to get into business for yourself. But it isn’t as simple as quitting your job and setting up shop. Alongside having a viable business plan that could actually work in the long run, you’re going to need to decide on an initial business set up. So let’s take a look at some of the options.
Being self-employed is one of your first options. A lot of the time, you may be able to carry on doing the job that you’re already doing, for the same company. But instead of being an employee, you are now self-employed. Although you may no longer get some of the benefits that come with working for a company, you are now in control of your own income and a lot of other aspects of your career too, like working hours and taxation.
2. Independent Contractor
A step up from that is the idea of being an independent contractor. You will technically be self-employed still. However, you’re likely to have a lot more freedom over the kind of work you do. You can contract your services out to different people and businesses, decide upon the fees that you will charge, and of course, set your working hours too. There are lots of benefits to working in this way, due to the flexibility that comes with being a contractor.
3. Sole Trader
Another option you will have is to go into business as a sole trader. Again, you will be a person that is self-employed, but you may have a business operation instead of contracting your services out to other companies. This will be an ideal business set up if you want to sell a product or even own a store. The main feature here is that you have your own business and you run it on your own, as the sole owner.
4. Limited Company
If you want to start a bigger style of business, you should look into creating a limited company. There are lots of different ways to purchase your own business as Business Partnership tells us, but if you have big growth plans, a limited company is often a good idea. You will operate as a full business from the start, and gain the tax benefits of doing so too.
Finally, you may also want to think about being a shareholder in a business. If you have the capital to invest, rather than starting a business from scratch, you could invest in one. There are lots of different perks of being a shareholder. Not only will you get to have some say in how the business is run, but you will also gain a return on your investment in the company too.