Self-Employment

Thinking about becoming your own boss? Cornwall is a great place to start a business or become self-employed. 18.4% of the Cornish workforce are classed as self-employed, compared to a UK average of 12.4%. There is a wealth of support and advice available to guide you every step of the way.

Why Go Self-Employed?

Self-employment offers freedom, flexibility, and the opportunity to turn your passion into a profession. It allows you to work on your terms, choose your projects, and set your own hours. Many people opt for self-employment to pursue their creative talents, achieve a better work-life balance, and have control over their financial future.

What is Self-Employment?

Self-employed means you work for yourself, not for an employer. You manage your business independently, take care of the finances, and are responsible for finding clients or customers for your services. Self-employed individuals can work in various fields, from freelancers and consultants to artists and tradespeople.

Difference Between Self-Employment and Running a Business

While self-employment often involves a solo venture, running a business can include managing employees, larger-scale operations, and more complex financial structures. Both paths offer independence, but the scope and scale of your work define whether you are self-employed or running a business.

The Gig Economy

In today’s digital age, the gig economy is thriving. It refers to short-term, flexible ‘gig’ or jobs rather than permanent positions, where you are paid for every ‘gig’ rather than receiving a regular income. Self-employed individuals often thrive in the gig economy, taking on multiple ‘gigs’ or projects simultaneously, allowing for diverse income streams.

Getting Started in Self-Employment

Getting started involves defining your services, setting prices, and building a client base. There is support, resources, workshops, training, and guidance to help you create a solid business plan, navigate legal requirements, and establish your online presence. Networking with local entrepreneurs can also provide valuable insights.

Pros and Cons of Self-Employment

Pros Flexibility, creative freedom, potential for higher earnings, control over your work, and varied job experiences.

Cons Irregular income, lack of job benefits, including sick and maternity pay, managing your own taxes, and the responsibility of running all aspects of your business.

Tips for Successful Self-Employment

Stay Organised. Keep track of your expenses, income, and deadlines.
Continuous Learning. Stay updated with industry trends and keep refining your skills.
Networking. Build a strong professional network for support, collaborations, and referrals.
Self-Care. Balance work and personal life to avoid burnout and maintain well-being.

Support

From finding out about financing your self-employment, to financial grants, to free advice and training sessions, then contact the Cornwall & Isles of Scilly Growth Hub.

Have a look at the step by step guide on Gov.UK.

If you need a license, or information on business trading or rates in Cornwall, then look at the information from Cornwall Council.

Advice on help to move from benefits into starting up in business is available from Gov.uk.

For information on paying tax and self-assessment visit HMRC (HM Revenue and Customs).

If you are aged 18-30, the Prince’s Trust offer support for starting in business.

Membership of the Federation of Small Businesses can help you with networking and accessing valuable business support, information, and guides.