Self-employment

Establishing and running a business takes time, dedication and self-sacrifice. To succeed, you will need to be well organised and able to structure your time. Starting your own business can be very rewarding, however, you must be sure you have the capabilities required and can cope with going it alone.

In the early stages, a sound business plan is a must! Writing down ideas in a structured format, returning to them later and seeking the opinion of others (especially those with business experience) is a great way of evolving your plan. A good plan allows you to focus on the business and develop priorities and goals; it can also help you to obtain finance.

Will it fit into the sole trader, limited company or partnership categories? You will need to find out what obligations and responsibilities you, as a new business owner, will have. Certain types of business require you to have a licence to trade or operate. For example, licences are needed to sell alcohol or tobacco, or a beautician would need a licence if offering a massage service. The licence will usually be issued by your local District or County Council.

Identify your capabilities; but don’t forget your weaknesses. Be candid and ask people who know you for their honest opinion of your ability and suitability to run a business. If there are areas where you need help – don’t worry, just ensure you seek professional advice when required.

It is vital that you employ the services of an accountant and a solicitor, both when setting up your business and when it is up and running. It is also highly recommended to seek the help of a professional business adviser. All three could make the difference between success and failure. Before taking on any of these specialists, shop around – cheap is not necessarily good. Other small business owners may be able to help by recommending trusted professionals.

However good and attractive your initial idea, you cannot expect to make a profit straight away. Don’t be too ambitious at first and don’t over-estimate profits. Try and save money to keep you going through the early stages. If that is not possible, make sure you present a clear and thorough business plan to your bank manager and ask for sufficient funds to get your business well underway.

There will inevitably be strong competition with other businesses. Before starting, make sure you do sound research into similar companies in your area. See if you can spot weaknesses in their service or product and aim to offer something of a higher quality or a unique selling point.

As your business grows, you will almost certainly need to take people on. You will have to check they are suitably qualified and have the right skill sets but, most importantly, they need to be people you can work with every day! Be sure to check you are clear on the whole range of regulations that govern employing staff.

Over ambition can be fatal when setting up a new business, along with failing to conduct thorough market research. Don’t start a business if there is no likely demand for your product or service. Make sure the market is strong in your area and that you are not duplicating other similar businesses too close to your own. Ensure that you factor in enough funds for contingencies and leaner times. Finally, seek professional advice and produce a detailed business plan. If you follow these simple rules and are dedicated, setting up a business could prove to be a life-changing and highly rewarding enterprise.

gov.uk/set-up-business-uk – a useful guide to setting up a business in the UK.

Forces Families Jobs business start-ups page has a host of useful courses, support and information for starting your own business as a military spouse or partner.

X-Forces is an innovative social enterprise, which supports Service leavers, veterans and Forces families with entrepreneurial ambition, helping them to become successful business owners with fulfilling careers. They help Armed Forces families to create businesses across the UK with start-up loans, mentoring and support.

Their process takes raw ideas and helps turn them into a successful business reality through business advice and planning, access to start-up loans and mentoring for up to five years post-launch.

Service leavers, military spouses and partners, Reservists, cadets and children of Armed Forces personnel can all apply, including those on overseas postings provided they are assigned a BFPO address.

X-Forces offer workshops specifically for military family members, enabling you to meet like-minded people while gaining practical advice and essential business tools to start a successful business.

Heropreneurs provides assistance to the military community, offering support with the practical aspects of starting up a new business venture. This includes support from a dedicated mentoring team, with expert advice on maximising impact and building a sustainable business model.

It works to support the UK military family, recognising and celebrating the energy, dedication and talent of our British Armed Forces community as they look to take on a new challenge.

Mothers of Enterprise has been set up by business coach, military spouse and mother, Suzy Olivier. It supports women in creating a successful business and lifestyle while raising a family, offering one-to-one business coaching and online resources to provide you with the tools to succeed.

Supporting the Unsung Hero developed a business start-up programme specifically for Forces families, offering support to start and maintain a business. They currently offer a free monthly webinar providing you with an introduction to self-employment.

Whether you want to go it alone, or start a business with a couple of friends, this webinar is a good place to start to make your idea a reality.