Fresh out of college? What if you want to start your own business or work for yourself?

Careers advice tends to be geared towards finding the ideal role with the right company. But what if you want to start your own business or work for yourself?

Full disclosure: I’ve never had a permanent, pensionable job, so self-employment is all I know – and some of the advice here comes directly from me. But although I’ve been working as a freelance journalist for more than two decades, being a sole trader is quite different from running a business with staff.

Sinéad Brady is a career psychologist who has supported people in moving jobs, setting up their own business or going it alone. She is also self-employed.

“For some people, self-employment may feel like the only option,” she says.

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“We do sometimes have a twisted logic that it’s easy to become self-employed and you’ll be living it up on a boat somewhere, working three hours a day, but for the most part it is hard graft and tough work.

“There are a lot of things to think about and you need to take them into account. Your hourly rate has to also cover your holidays, sick leave, pension and maternity or paternity leave. You need to know the tax system and how VAT works, as well as how to do returns.”

Given some of the complexities, Brady advises budding entrepreneurs to get involved with an entrepreneurial community in which members can offer each other support and advice on the practicalities, benefits and pitfalls of self-employment.

“A good idea does not always make for a good business,” she says. “It can be precarious and lonely when you are the CEO of everything. There is a belief that self-employment is the key to ultimate freedom. There is an element of truth in that, but research also tells us that you lose your social security if you become sick or need time out. Unless you are diligent and clear that you are putting money aside it can be tricky to take leave. You don’t have the same access to the social safety net.”

Brady says it is important for a self-employed person to be disciplined, good with money, able to budget and to put money aside to cover tax, VAT, bills and payment to suppliers.

Speaking from bitter experience, one good way to ensure you’re not caught short when the tax bill comes is to put money aside every month into an account that you cannot easily access, so you’re not tempted to dip in when you have a lean month.

For all of this, Brady says there are many benefits to self-employment.

“You have work flexibility where you can choose your own pattern and tempo. You have more creative freedom and you’re thinking of products or services all the time. You don’t have to worry as much about office politics and you make new connections all the time to help build your business.”

There can be a temptation to think that growth is essential, but Brady says scaling up is not always essential to success.

“You can be one person doing your job well. You don’t have to have lots of employees: it’s okay to be okay with your version of success when starting a business. In this season of my life, where I have young children and a self-employed husband, we can choose the tempo that works for us.”

Jenny Headen, co-owner of Sheepwalk House

Self-catering holidays in Ireland have always been popular, but many of us tend to head west. Jenny Headen and her brother Matt saw an opportunity to provide an easily accessible countryside holiday experience within an hour of Dublin.

Sheepwalk House and Cottages is a rustic, self-catering retreat in Co Wicklow, sleeping 36 people across four cottages and one main house that sleeps 18 people. The views stretch out over the valley and to the sea, and it’s near lots of amenities, walking spots and beaches. It’s a delightful and very affordable place to visit all year round, with stoves making it extra cosy in winter.

It’s also a working farm, with beehives, a polytunnel, an orchard and chickens providing honey, fruit and vegetables and free-range eggs.

Headen had worked for 25 years in hospitality and entertainment PR before she moved into hospitality.

“I learned a huge amount from people in hospitality, and I think this experience helped me to avoid some of the pitfalls,” she says.

“I learned what to expect when setting up your own business, how to consider staffing, pricing the services you offer and how to promote the business. If you’re going it alone you need to be a multitasker. Being self-employed means being responsible for all the areas of the business.”

So is self-employment more viable when you have employment experience under your belt?

“In an ideal world, it is,” says Headen. “But, having said that, I think that for someone starting fresh out of college, if you’re interested and want to do it, go for it. There are tonnes of forums of people working for themselves, in a variety of industries, and you can reach out online. I’d also advise to get involved in panels and online discussions; for me, I learned so much through forums for self-catering providers.”

Headen warns that there are drawbacks.

“I do miss bouncing ideas off colleagues, and even though you set your own hours, you will work more hours.” But I love getting a sense of achievement, being able to come up with new ideas and being ultimately responsible for the decisions I make.”

Connor Martin, founder of JAQ Group

“Being self-employed offers incredible flexibility, independence, and the opportunity to transform your vision into reality,” says Connor Martin, founder of JAQ Group, a company specialising in fragrances through its Thomson Carter brand and skincare products through Zena Skin.

From his hometown in Ballymena, Co Antrim, Martin is aiming to expand but, he says, running a business is not without challenges.

“Being self-employed offers incredible flexibility, independence and the opportunity to transform your vision into reality. There can be financial unpredictability. You need to manage every aspect of your business. And there is a struggle to maintain a work-life balance.” In setting up JAQ Group, Martin received support from his family and the local council.

“Their guidance was key in helping me navigate the initial hurdles. While I didn’t utilise specific financial aid like local enterprise loans, such resources could benefit other aspiring entrepreneurs.”

He believes it can be useful to gain experience by working for others before establishing your own business.

“It can offer invaluable insights, practical skills and an understanding of the business landscape. However, everyone’s journey is unique and starting a business fresh out of college, though risky, can be rewarding if driven by passion and dedication,” Martin says.” My advice to anyone considering self-employment is to brace yourself for hard work, stay flexible and remain unwaveringly committed to your vision.”

Dee Reddy, founder and managing director at Poddle Audio

Dee Reddy, an experienced radio and podcast producer, had been working as head of content development at Bauer Media when a minor infection turned to potentially life-threatening meningitis.

“It changed my perspective on work-life balance,” she says. “It was now or never to go out on my own. I knew I had enough experience and credibility to launch my own venture.”

With podcasts exploding in popularity, and Ireland having one of the highest listenership rates in the world, Reddy founded Poddle Audio (named after an underground river in Dublin, combined with the pun on ‘pod’).

“We’re a production, development and consultancy company aiming to make podcasts accessible for Irish content creators, big or small, offering guidance on format, script and tech stack within a range of budgets,” she says.

“Podcasting is at a real crossroads and I want to support the professionalisation of the industry but without gatekeeping. Going out on my own has been scary for someone like me, who is so used to being a PAYE worker. I have had to educate myself on the business side of things.

“I have an established network of contacts, and people have been so willing to help, give guidance and share their challenges. If you’re fresh out of college and have a brilliant idea, I wouldn’t hold back, but if you will require that network and contacts, it may be better to work with someone else for a few years before going out alone. And it could be an idea to partner with someone who has business development or client management experience.

Self-employed checklist

• Nobody loves paying tax, but we recognise it is the price we pay to have a functioning society, health service, education system, roads, gardaí and so on. But whereas anyone in employment has their tax conveniently deducted at source, self-employed people have to file their own taxes. Preliminary tax – an estimate of what you expect to pay in the coming tax year – is due on October 31st.

This means you need to keep your receipts: some or all of the cost of broadband, phone bill, light and heat, insurance, stationery, rent, travel, repairs, wages, certain subscriptions and legitimate work expenses can all be deducted from your tax bill. It is vital to hire a reliable accountant who can advise you on what is and is not a legitimate business expense. For instance, you may be able to claim against the cost of protective workwear, but you can’t claim for lunches unless you are staying away from home as part of a business trip.

• If your income goes above a certain threshold (€37,500 for services and €75,000 for goods within 12 months), you also have to charge clients VAT and pay this to Revenue on a regular basis.
• Money can be tight in the first few years, and successful businesses can suddenly experience a catastrophic drop in income. People who lose their self-employment may be entitled to jobseeker’s benefit if they cease all self-employment and have paid the relevant tax contributions.
• There are sources of grants and support. Join any professional forums for self-employed people in your industry, perhaps through LinkedIn or Facebook. Contact your local enterprise office or Enterprise Ireland. If you’re launching a start-up related to your undergraduate degree or postgraduate research, your third-level institution may have an incubation centre to help you.
• Self-employed people quickly get used to all the insurance they have to pay. As well as motor insurance, there’s home and content, professional indemnity and income protection insurance to help you if you become sick and unable to work.