Choosing Your Working Options

When you start taking the first steps along the road to self-employment, there are some vital questions to ask about the different ways of running your business, and some fundamental issues to consider about which option is best for your circumstances and your ambitions. 

Your self-employment options

Whether you opt to work as a sole trader, to set up a limited company, or to join an umbrella company, you will face some important decisions and take on real responsibilities. Each option has its own benefits and its own drawbacks. It is up to you to decide which one best fits your needs.

And remember, there are no right and wrong answers. Everyone’s circumstances are different. Everyone has their own strengths and their own preferences for running their business. What works for someone else might not work for you.

Carolyn Arber
New Business Advisor

What you need to consider

Some of the key questions to consider are:

• The norms of the industry you will be working in – is it usual to adopt a specific business structure for your particular industry?
• The level of administrative support you will have, if any – the different working options entail different levels of administration. If you’re planning to keep on top of all the paperwork yourself, you might want to choose the least bureaucratic option.
• Your ambitions for the growth of your business - if you have a specific aim for the growth of your business, it makes sense to opt for a structure that can best accommodate your growth ambitions, so you don’t have to change it again a few years down the line.
• Your expected turnover and profit - the expected turnover of your business – and profit – will have tax implications that may be best addressed by a particular business model.
• The perceptions of your customers and clients – it may be that your clients prefer to deal with a specific type of business. You don’t want to unnerve them by choosing a way of working that doesn’t match their expectations. 
• How much of the accounts and bookkeeping you want to manage yourself – like the admin, different ways of working involve different levels of bookkeeping and accounting.
• The level of risk and responsibility your are comfortable with – in some business structures you are protected if things go wrong. Others are simpler to run, but offer less protection.

Help when you need it

These issues might seem daunting at first, but they don’t need to be. We’ve been advising self-employed professionals and freelancers for over 15 years, helping them make the right choices to achieve their business ambitions.

With Brookson by your side to explain the different options and to help you understand your choices, it will be much easier for you to make sure that the decisions you take are the best ones for you and for your business. 

A good place to start is by downloading our FREE Guide to Working Options. It is full of useful insights into running your own business, the different ways of working, and how Brookson can help you get ahead with your finances and maximise your freedom to earn.

To find out more about the working options available to you, call our New Business Team on 0800 230 0213 or email newbusinessadvisors@brookson.co.uk.