L3 YR1 Unit 301 Session 6 How to become self-Employed

What is the first aspect to consider before transitioning to self-employment?

• Buying a van

• Demand for your business idea

• Setting up a bank account

• Purchasing insurance

What might extend your working hours when self-employed?

• Writing up quotations

• Increased earnings

• Flexible holidays

• Less administrative work

Which is a major benefit of being self-employed?

• Guaranteed higher income

• Less responsibility

• Being your own boss

• Fixed working hours

What is a significant con of self-employment related to finance?

• Unlimited earnings

• Finding your own work

• More holidays

• Less paperwork

What is the first major purchase discussed for new self-employed individuals?

• Insurance

• A small van

• Office space

• A computer

Which type of insurance is essential when visiting clients' homes?

• Health insurance

• Employer's liability insurance

• Public liability insurance

• Vehicle insurance

What is crucial when setting up your business banking?

• Meeting with a business manager

• Avoiding loans

• Having a personal account

• Using a mobile banking app

What should you calculate to understand your financial needs in self-employment?

• Break-even point

• Total sales

• Marketing costs

• Number of clients