Your future: become an entrepreneur
What do you think when you hear the word ‘entrepreneur’? Older, wealthy and a certain look can spring to mind. Did you know that the face of entrepreneurship is changing? There are many entrepreneurs founding businesses at the University of Sussex and in the wider Sussex community, from all walks of life.
Why run your own business?
If you start running your own business you can decide how and when you work. You’ll also be responsible for the success and the failure of the business.
Your tasks will be very varied including marketing your products or services, managing your calendar to ensure that you can deliver to your customers and agreeing a price for your work. Plus, you’ll need to register your business and pay tax, as appropriate.
Let’s look at a few different types of entrepreneur.
Founding a company
Usually someone starts a limited company with the intention of growing their business and possibly employing others. If this entrepreneur has registered a business in the U.K. that would be with Companies House, and they will be trading under a company name. One example of a business founded by a Sussex graduate is TRIM-IT.
Freelance / Sole trader / Self-employment
Usually a freelancer or sole trader expects to permanently work as a one-person business. This entrepreneur is registered as self-employed. In the U.K. that means that they’ve registered with HM Revenue and Customs (HMRC) and usually they will be trading in their own name. The freelancer has a degree of flexibility in terms of the hours they work and the jobs that they choose to take.
Examples of freelance roles include graphic design, writing and copywriting, web development and design, search engine optimisation, translation and photography.
Side hustle
This is something that an entrepreneur does alongside a main job, study or caring responsibilities. The time commitment is flexible and it’s a good way to try out a business idea and earn some extra money.
Examples include dog walking, being a YouTuber/influencer and home tutoring. If you want to start a side hustle, it’s important that you talk to HMRC to ensure that you’re paying any tax owed.
Social enterprise
This is all about doing business for good. You might see a problem in your local community or wider society and create a solution that helps and brings in an income. RideDash is an example of a social enterprise founded by Sussex students.
So, to be an entrepreneur you just need an idea, hard work and the right support to develop it. Many entrepreneurs enjoy the freedom and autonomy that running their own business brings, being able to set their own strategy and goals.
Supporting you
The Entrepreneurship team is a new part of the Careers and Employability Centre. Starting this term we’ll be running a new range of workshops, networking opportunities and events. Check CareerHub for listings.
You can also join our online community of current student and graduate entrepreneurs. First, join the Sussex Connect platform, then join our entrepreneurship group.
Image via Unsplash.