We’ve spoken before about how young people could turn to business ventures as a viable career choice, and indeed many UK graduates have begun to consider such pathways in recent times, but the decision to go it alone as an entrepreneur is still gathering in popularity, and with good reason.
Post-Graduation…a Good Time for a Business Venture?
Despite the overall reduction in UK unemployment, there are still a notable amount of young people who are out of work at present, so the temptation for them to create their own employment is very strong. Previously, starting up a business straight after graduation would have been seen as a rather reckless thing to do, but now there seems to be sound logic behind such a decision.
The Guardian relates two cases of graduate businesses that have arisen instantly after university, and both are doing extremely well. The two founders of the first venture – a dairy-alternative milk company – both rigorously claim that the post-graduation situation is a fantastic time to start a business, as the possibility of living at home can reduce expenses to the extent that the undertaking is almost risk-free. The burdens of a mortgage and a family also aren’t yet evident, so the argument is actually rather compelling.
Getting Support for an Entrepreneurship
The founder of the second business elected to surrender a graduate position at Sky in favour of ultimately setting up on his own, and he has never regretted his (rather brave) decision. He has been especially complementary of the support structures that are in place for young entrepreneurs. In fact, the aforementioned article claims that more and more students would start their careers with a business set-up if they could be assured of the proper support, so obviously there is some work to be done with regards to raising the profile of the help measures that are on offer.
Many young people are attracted to the possibility of starting a business, and setting up as a contractor is one related career move that you can make. Of course, sometimes the thought of going self-employed can be daunting, but if you’re in need of some advice then the team here at ICS is ready and willing to help. Our Guide to Contracting is an essential resource for young freelancers, and once you’re established our accountancy services can really help you to run your business effectively and in total compliance.