Self-employment
       About this factsheet
       This factsheet is for anyone who is interested in starting their own 
       business, or who is already in business, and whose visual impairment is 
       having a negative impact on their business. The factsheet contains some
       basic information on self-employment as an option and writing a 
       business plan. It also gives an overview of the potential sources of 
       funding that are available to you.
       If you think that you would like to become self-employed then you should
       get some expert advice and guidance. In section 6 of the factsheet there
       is a list of contacts for your convenience. 
       This factsheet is part of a series of factsheets on employment issues. At 
       the end you will find the full list, and details of where to find them.
       Contents
       1. Is self-employment right for you? 
       2. Preparing a business plan
       3. Legal structure of a business
       4. Potential sources of funding
       5. Case studies
       6. Further information
       7. Other factsheets in this series
       For further information
       RNIB Helpline can refer you to a specialist for further advice and 
       guidance relating to your employment situation. RNIB Helpline can also 
             help you by providing information and advice on a range of topics, such 
             as eye health, the latest products, leisure opportunities, benefits advice 
             and emotional support.
             Call the Helpline team on 0303 123 9999 or email 
             helpline@rnib.org.uk.
             1. Is self-employment right for you?
             Although setting up and running your own business can be a very 
             exciting prospect, it is also time consuming and challenging. Before you 
             decide to set up your own business you will need to carefully consider 
             whether becoming self-employed will suit your personality and abilities 
             and fit in with your lifestyle. Talking to other self-employed people such 
             as local shopkeepers will help you to gauge an idea of exactly what will 
             be involved in running your own business. 
             1.1 Reasons for going into business
             There are many reasons why you might wish to set up your own 
             business. One of the primary factors could be that you want to have 
             more control over the way you work, your working environment and your 
             hours. 
             Other major reasons for going into business could be that you have 
             identified a particular gap in the market or you may wish to supplement 
             your existing income by setting up your own part-time business. 
             1.2 What do you need to run your own business? 
             Some of the characteristics associated with small business owners are 
             listed below to help you identify your own abilities and training needs:
               A product or service to sell
               Entrepreneurial skills
               Self-motivated, self-disciplined and hardworking
               Committed to achieving results
               Highly organised
               Able to communicate effectively - ability to sell products and services
               Responsible, able to take calculated risks and cope with failure
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               Creative, innovative and imaginative in coming up with new ideas
               Leadership skills if considering employing other people
               Knowledgeable and passionate about the products or services being 
                sold or provided.
             1.3 Developing your business ideas
             There are some common steps that need to be taken whatever the 
             reasons behind setting up your own business. It is vital that you conduct 
             an assessment and carry out research to judge how viable your idea is, 
             considering the following areas:
               Conduct market research to discover whether your idea fills a gap in 
                the market.
               Do your products or services meet customer requirements? Consider 
                pricing and quality issues.
               Do you know how to forecast your cashflow? What assistance will 
                you need in bookkeeping and tax affairs?
               Consider the implications for your social and domestic life.
             2. Preparing a business plan 
             It is vital that you produce a realistic working business plan. It can help 
             you spot potential pitfalls before they happen, structure the financial side
             of your business efficiently, focus your development efforts and also 
             work as a measure of your success. In addition, if you do not have a 
             working business plan you will not be able to secure any funding. A 
             business plan might include:
               Executive summary - this is an overview of the business you want to 
                start.
               Business opportunity - who you are, your skills, experience and 
                relevant training, what you plan to sell or offer, why and to whom.
               Marketing and sales strategy - why you think people will buy what you
                want to sell and how you plan to sell to them, who your key 
                competitors are and how you plan to beat the competition.
               Management team and personnel - your credentials and the people 
                you plan to recruit to work with you.
               Operations - your premises, production facilities, your management 
                information systems and IT.
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               Financial forecasts - this section translates everything you have said 
                in the previous sections into numbers.
             You should also try to think about how your sight loss might impact on 
             your business. Organisations like RNIB can help you assess this.
             3. Legal structure of the business
             Once you have a clear idea of what products you will be selling, or 
             services you will be providing, you need to decide on the type of 
             business you wish to set up. Before you can start trading, you will need 
             to decide on the legal structure of your business, legal implications of the
             name of your business, and register your business with official bodies.
             3.1 Types of business structure
             Sole-trader
             This is the most common form of business structure. As a sole-trader, 
             you have overall control of your business and you are solely responsible 
             for the day-to-day running of the business. Also, you have unlimited 
             liability for any business debts.
             Partnership
             This type of business is set up by 2 -20 people. All partners share the 
             responsibility for the running of the business and the profits the business
             earns, as well as the liability for any business debts incurred.
             Limited company
             Unlike sole-trader and partnership businesses, you are not personally 
             responsible for the business debts of a limited company. However, 
             setting up a limited company is more complex, costly and involves a 
             greater level of paperwork. This option is often chosen by those who are 
             starting a high risk business and need a large amount of capital for the 
             initial start-up.
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