Whether you’re unhappy with your current work situation, you’ve got a great idea for a business venture or you’re simply tired of ‘working for the man’, working for yourself is an exciting endeavour.
It is also an undertaking that takes plenty of planning and patience to ensure every angle has been considered and initiated in the correct manner. There is also the rather large matter of how your new business is going to be set up in the first place.
There are two main options, as well as a third that is reserved for very specific new businesses. The most common choices are working for yourself as a sole trader or as a limited company. Others may benefit more setting up as a limited liability partnership.
Setting up as a sole trader
Under this title you are running your own business as an individual, otherwise known as being ‘self-employed’, and people who usually fall under this title are the likes of plumbers, electricians or consultants. Don’t think, however, that being a sole trader means that you have to work alone, you can hire staff at will, but the responsibility of the business all rests on you.
As owner of the business, you collect all the post-tax profits, but you also pick up and sort out any debt incurred to the company. As well as this, you are also responsible for picking up any bills, keeping record of sales and expenses and returning in your Self-Assessment if you live in the UK.
Setting up as a Limited Company
As a limited company, it is within your right to own property, generate income and incur expenses just like an individual. However, unlike a sole trader, the business is owned by its shareholders and run by the company directors.
In the UK, a limited company runs on rules set by its creator, rules laid out in a document usually entitled the Memorandum and Articles of Association. However, there are companies out there who can help you make such big decisions, as well as sort out any financial issues you have when doing a Ltd company set up; this is perfect for those with the vision and ambition to set up the company, but without the experience of going through the initial legal process.
Somebody such as ClearSkyaccounting.co.uk Ltd Company set up can help at this stage of creating your new business.
Setting up a Limited Liability Partnership
A limited liability partnership is a business entity that has limited liability for its members and is different to a limited company in that it has an organisational flexibility of a partnership and is taxed as a partnership. For example, an LLP doesn’t have to pay corporation tax.
Two or more persons can set up as a LLP and profits made are shared among the members of the company, whilst all involved register as self-employed and each member is responsible for organising their own contributions.
About the author: Sam writes for ClearSky Tax accountants who aid contractors and small businesses alike with their financial set-up and other issues.
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Job security and continual growth have been attracting college students and career-changers to the healthcare field for decades. Due to cultural and technological, it’s crucial that job-seekers in the medical industry develop the skills needed to remain competitive. Dr. William Riley of Arizona State University’s School for the Science of Healthcare Delivery answered some questions about recent trends and job opportunities in healthcare.
1. What are some emerging trends in the healthcare industry?
We are seeing several emerging trends in the health care industry. Since our population is now living longer and living more fulfilling lives, we are seeing a significant and rising demand for alternative health care attention as an emerging trend that shows no sign of slowing down. The reason being that baby boomers are expressing a strong interest in-home health care or alternatives to traditional nursing homes as compared to generations before. Another main trend is emerging as a result of new health care policies and industry reform. We are seeing a growth in the demand for the health care workforce to participate in the ”science” behind health care delivery, which includes policy, technology and preventative care, among others.
2. Which healthcare jobs are growing the fastest?
The U.S. Department of Labor’s job growth statistics project that 3.2 million health care positions will be created prior to 2018. This figure includes health care jobs outside of traditional hospitals and government agencies. For example, home health services is one of the fastest-growing careers of 2013 and will continue to see growth in the next few years. Also, the number of private companies and non-profits focused on health care is increasing.
3. Can you recommend some healthcare careers students may not have considered?
I would encourage health care students to explore career opportunities outside the traditional model. I would suggest that they take a close look at careers that place a premium on a cost-effective health system architecture and focus on career opportunities that are patient centered and results driven. Students should be mindful of fields such as health care delivery, administration and health policy, as a start.
4. What skills are important for today’s healthcare professionals?
Today’s health care professionals should hone the skills necessary to look critically and holistically at the changing scope of the health care industry, and create new ways, systems and processes to improve health outcomes and lower costs.
5. Do you have any tips for job-seekers in the healthcare field?
Job-seekers in the health care field should become well versed in the science of health care delivery. Education is key for preparing doctors and health care professionals of the future. Advanced degrees that take a deeper look into the many different facets of the health care system are on the rise. For example, Arizona State University has created a new school for the Science of Health Care Delivery that will begin offering classes this fall providing students with a Master of Science in the Science of Health Care Delivery upon completion of the one year program. Additionally, Dartmouth is offering an advanced degree in this subject matter as well, opting to target current C-level health care executives.
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Taking any job you can get may seem like the only option when the job market is bleak. But you shouldn’t resign yourself to suffering through a miserable work experience. The wrong job can have damaging effects on your quality of life and your career future, so it pays to be choosy.
Before You Apply
One way to avoid settling in your job search is to avoid blindly applying. First, identify the target companies where you’d most like to work. Then apply to the jobs that match your qualifications and career goals. You should have the basic qualifications for the position, and additional qualifications should be attainable. Setting up email alerts for jobs that match your criteria so you’ll be less tempted to apply to positions that aren’t the best fit.
The Application Process
Once you’re confident that a position meets your standards, it’s time to make your case. A resume represents not only your education and experience, but your communication and organizational skills. Therefore, it’s essential to know what to include on your resume and how to best organize that information. A cover letter should expound upon information on the resume, including career goals and more details about your past experiences.
If you can identify company contacts within your network, reach out to them. A good word from a trusted company insider may get your resume in the right hands or give you an advantage when it comes down to which applicants get an interview.
During the Interview(s)
A job interview is not meant to be one-sided. For inexperienced job-seekers, interviews can feel like an interrogation. But the interview provides the opportunity to get a clearer picture of a potential employer. Don’t let nerves stop you from asking important questions including what your responsibilities will be, how your performance will be measured, and what growth opportunities are available.
Making the Decision
The decision about which job to take can affect the trajectory of your career. Therefore, it’s important to weigh every factor (pay, benefits, work environment, employer reputation, etc). If necessary, ask additional questions of your potential employers to make weighing your decision easier. Getting the input of other people is fine, but you are the only one that has to live with the decision. What if you only have one offer? It’s still okay to take a day or two to think about it and to ask more questions for clarification.
The best way to avoid landing in the wrong job is to be careful before and throughout the application process. Don’t allow yourself to become desperate, because desperate job-seekers are easily manipulated by unscrupulous employers. For advice on finding a job in any market, read Guerrilla Marketing for Job Hunters 3.0: How to Stand Out from the Crowd and Tap Into the Hidden Job Market using Social Media and 999 other Tactics Today .
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Online degree programs offer plenty of benefits, particularly to working adults wishing to advance their careers. However, stigma is still attached to online programs and many employers will favor graduates from traditional universities. So when is an online degree most likely to pay off? A few points to keep in mind when deciding about an online degree:
Experience Level
One of the major hurdles college graduates face is gaining work experience. Even graduates from the best universities must contend with the experience catch-22. If you don’t have a college degree but have extensive work experience, you may actually be way ahead of many college-educated individuals. An online degree provides the opportunity to supplement your work experience with formal training without taking the risk of leaving the workforce.
Who’s Paying?
Tuition prices are soaring and college graduates spend years or even decades paying off their loans. If an employer agrees to pay tuition, it’s best to take advantage of such a rare opportunity. Even if the degree doesn’t pay off immediately, it could make you eligible for more lucrative opportunities in the future. No matter your past experience or career goals, having a degree will provide additional job security and peace of mind.
Self-Motivation
The ability to motivation yourself to study is essential if you expect to successfully complete an online degree program. Online students are expected to be more independent, which can be a positive for self-motivated students. However, not all students have developed good study skills. A structured environment provided by traditional colleges will be best for those that have trouble with motivation or time management.
What You’d Be Missing
A traditional college offers certain experiences and advantages not available from online programs. Therefore, a traditional degree is probably best for traditional students entering college with little work experience. Face-to-face interaction with students and instructors leads to the formation crucial connections. In addition, colleges generally more support in the form of career counseling, school organizations, and internship opportunities.
An online education provides an excellent opportunity to bolster your career while continuing to get valuable work experience, but it’s not right for everyone. The traditional college environment offers advantages that online classes cannot. It’s important to weigh your options carefully to determine which will provide the best career opportunities for your individual situation.
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