It is almost inevitable that as a result of Covid-19, and its effect on the economy, that some people will find themselves unemployed in the not too distant future.

Equally inevitable is the fact that a significant proportion of these people will decide to try their hand at becoming self-employed. Some may have been thinking about it for a while and the pandemic has forced their decision.

Having made the decision myself many years ago, albeit for different reasons, I feel well placed to offer guidance based on my own experience.

What tends to be the expectations of people who choose to become self-employed?

• Bringing peace of mind – after all they would never have made themselves redundant.
• Being in charge of their own destiny, and being empowered to make all of their own decisions.
• Having the freedom to work when they want and to take time off whenever they want.
• Earning more money – after all their current employer pays them well and then makes good profit after that.

These are the expectations but what is the reality for most self-employed people?

• Having less money.
• Being unable to take as much time off work, because you only get paid when you work.
• Finding that you still have a boss but it has changed because now it’s the business running you rather than you running the business.

If that’s the case, is it worth it?

• Without a doubt – for many people, once tried they never want to go back to employment. I would not change a thing about my own decision.
• There are no days when I am not enthused by what I do and the challenges it brings.
• And, whilst statistically the self-employed earn less money, they are far happier than the employed, and for those who get it right, the money, time and peace of mind can be achieved.

What can you do to make the transition as easy as possible?

• Ensure you get the outcome you want by spending time on the business, and not just working in it.
• Engage with a business mentor, and preferably someone’s who’s been there and effectively walked in your shoes.
• Learn from other’s mistakes, talk to people who understand what you’re going through.

What was the road to my self-employment and why am I well placed to offer guidance and advice?

• I began life in medical sciences and then spent 20 years in the medical sales field.
• I felt I had achieved as much as I could in that career and craved a new challenge.
• So, 19 years ago I took what seemed like the most brave or stupid (depends what day I asked myself) decision to give it all up to become self-employed.
• Was I frightened? Definitely.
• Was I excited? – Absolutely.
• At a mature age I retrained in accountancy and set up my own business, initially working by myself in my back bedroom. I soon outgrew this, or the truth is my wife told me to get out and stop cluttering the house up!
• Mistakes happened along the way I cannot lie, but each time I learned from these and used them to my advantage to build a much stronger business.
• The business and the team grew year on year and I moved premises regularly to keep up with the growth.
• Five years ago, we opened newly refurbished offices in the town centre and that triggered a business plan to expand and grow the business further.
• We now have a team of 16, with plans to grow further and add additional services.

What are the first steps to self-employment?

• Consider what you will do.
• Research the market place.
• Accept it won’t be easy, and it is unlikely to be quick, but you are in charge of your own destiny.
• Appreciate you can’t do everything yourself and some things will be done better by others (e.g. bookkeeping), whilst you use that time doing whatever you do best.
• You may be outstanding at what you do but if you have no customers, your business won’t get off the ground. Think about how you are going to market the business.

What’s the best piece of advice?

Engage a business mentor. Don’t try and do it all yourself without any support. I have been working with my coach for the last 6 of my 19 years in business and I know that had I done it much earlier my journey to where I am now would have been much quicker and smoother. I suspect some of the mistakes I made would not have been made.

We sit down regularly and discuss the business and where I want to go with it and then construct the plan for how I am going to get there. Whilst I find it easy to look at other people’s businesses and impartially assess what needs to be done, this is very difficult to do for yourself as you are so emotionally involved in it.

I know how much I have valued my mentoring sessions and the response I get from my clients when I mentor them shows me just how valuable they find it.

In conclusion, if you are thinking of going self-employed:

• Don’t be afraid.
• Embrace the new working environment and challenges.
• Learn from others.
• Good luck.