10 steps to self-employment seminar:

This seminar is aimed at those considering self-employment.  It is to get you thinking about all the aspects which you should consider prior to making the final decision of starting your own business.  It will save you time and money. All elements of what it takes to start and run your own business are discussed and considered.

Oftentimes, people start their own business and it is only after starting that they realise their their business is not viable. At that stage they may have spent a lot of time and resources on the new business. By partaking in this seminar, if you have a business idea, you will avoid the pitfalls when starting your own business.

What is covered during the seminar:

1. Assess the promoter- undertake a personal audit to identify your strengths & weaknesses. Work to your strengths and address your weaknesses. Recognise your reasons for working in the self-employed sector and be very clear of your objectives and goals.
2. Surround yourself with a good team - while it is recognised that when you become self-employed you become the Designer; Producer; Salesperson; Customer Care Operative; Banker; Bad-debt Collector; Book-Keeper etc. It is not essential that you undertake all of these tasks unaided. It may be more cost effective to outsource some of these taks within your business to experienced professionals.
3. Assess your product/service- are you confident that your product/service is of a high quality in design and production? Are you confident that there is a market for it? Are you confident that you potential customer will pay the price you calculate necessary to meet your needs?
4. Know your Competitors / Market - It is essential that you know your market as without this knowledge you cannot plan your route to market or the means of promotion which you will use. It is also essential that you have a comprehensive knowledge of your competitors as such knowledge will allow you to distinguish what the market will stand plus identify the gaps in the market.
5. The ability to recognise opportunities - Are you a Businessperson or an Entrepreneur? An Entrepreneur will be studying the Market; Trends etc. at all times and may go out on a limb (armed with Good Information) to seize an opportunity. All decisions should be taken based on Information.
6. Costing and Pricing  - This is one of the most difficult tasks which needs to be addressed. It is imperative that you know your Break Even Figure ie the figure which will cover the costs of your Raw Materials; your Overheads and your Production Time. Only when you know this figure (plus that of your Competitors) will you be comfortable in the knowledge of how high or low your Price may go.
7. Good terms of trading & paperwork  - Everything leaving your “studio” should be of a quality to promote you in a very positive manner. Your product should have good Packaging ; Branding and Promotional Aids. Your invoices etc. should be clear and accurate and show concisely your terms of trading.
8. Keep effective records  - There is no mystery to book-keeping. It is nothing more than a filing system of the day-to-day transactions of the business. It represents the life of your business and if you do not record and understand the transactions this business will control you rather than you controlling it.
9. Be tax compliant  - It is a legal obligation to register for Tax with the Revenue when you commence in the Self-employment sector. Registering for Tax does not necessarily mean paying Tax in the early stages of your business. It may actually result in a repayment – should a number of circumstances be in play - you may be paying PAYE on your employment while making a loss due to the investment in your business. Claiming Artists Exemption on certain products may also be a consideration to registration.
10. Planning the key to a successful business is planning your project from day one. Planning is about making choices which should only be made on the basis of Good Information.

 Trainer: Marian McDonald