Self employment - what next?

Having decided that you want to be self-employed, you may want to consider the options:

Setting up from scratch - be sure there is a market for your product or service.
Buying an existing business - this is often a good option as it comes with an existing customer base. Be careful that payment for "goodwill" is not set too high. Check out local adverts for business opportunities and the small-business pages of publications like Exchange & Mart, The Times and The Financial Times.
Franchising – (you buy in to a business with a known name and product or service e.g. Alldays, Domino’s Pizzas, Post Office). Buying a franchise usually allows you to have access to a tried and tested method for running the business. However, there are no guarantees of success. It may also be expensive. Initial costs may range from £50,000 to £500,000 together with ongoing management fees - usually based on a percentage of annual turnover or mark-ups on supplies.

Useful websites