Why is self-employment on the rise?

Open a newspaper, turn on the radio or surf the net and you will find a plethora of stories about the demise of the high street, the downfall of retailing and the struggle for businesses to keep going in the current economic climate; in the last 30 days we have seen another 2 high street businesses go into administration – Barratts Shoes and Blockbuster. Much of the doom and gloom focuses on the larger employers, those that will result in a greater number of job losses if they cease to exist.

But stop for just a moment and let us reflect on the positives; move from the multiples to the micros and see how British business is building with their help. Small business statistics issued by BIS/ONS in 2013 show that businesses with no employees have been the most rapidly growing business type since the start of the century.

So why has there been such a growth of businesses with no employees ?

• Lack of alternative vacancies
• A determination to become master of your own destiny
• Discovering that you can manage a better work life balance running your own business

The list could go on and on with many people having different reasons for starting their own business but one thing is for sure – micro businesses, those that employ between 0 & 9 are the largest growing business group in the UK.

Starting up a business is not just about starting up but it is about the ‘keep going’ stage after that and this can be tough both financially and personally.

A micro business will be driven by the 5 Ps:

• Passion – no one will ever have the passion for your business like you do. One of my own quotes that I share regularly is ‘If the passion’s in doubt, time to get out’.
• Product (for this read service as well) – without a product that brings value for money you will not have the next P.
• People – customers are people and without customers you have no….
• Pound notes – income, cashflow and a means to keep going.
• Personality – your personality, and that of your staff if you have any, will influence whether people return to your business or not.

Remember whether you are facing your customer face to face, talking to them on the phone or engaging with them through a website ‘You’re Never Fully Dressed Without A Smile’ . A smile can be seen across your face, heard in your voice or reflected in the way you write.

A smile can be hard to share when times are tough and considering whether you can keep up that smile is probably the first step to considering whether self-employment is right for you.

Want to find out more about self-employment and setting up on your own? Visit our knowledge centre and blog for more information.