What should you consider when starting a business?
More people are now looking at self-employment as an option after finishing school. There are many benefits to being self employed including being your own boss, working on your own schedule and it also means you’re more likely to be doing something you’re really passionate about.
You should consider things like:
- Have you considered what demand is like for your product or service?
- Have you registered with the Tax Office?
- Do you have the skills needed to offer your product/service?
- Have you created a sound business plan that takes into account risks, costs and most of all, how will you make money?
- Have you looked into any government support available?
Are you under 18?
Remember, all young people under 18 must continue in learning or training that leads to an accreditation until their 18th birthday; this is a part of the Raising of Participation Age laws implemented in 2016.
The training can be part of your job or can be completed at college, but it must be at least 280 tutor led hours or 1 day a week over a year (this can be evening or distance learning).