Task4

When starting up your own business you need to think of the benefits and risks of you starting up your business. One benefit of you starting up your own business is that you can manage your work time better to suit your personal life because when you work for someone you normally work 9-5 and you would have to plan your personal life after 5 but if you have your own business you would be working for yourself so no one can tell you when to work, you choose when to want to work this also means that you can choose when you take time off work and you have more freedom around your work and personal life.

Once you are a self employed person with your own business you are eligible to claim back expenses so if you have to buy a travel card or travel by car you can claim back mileage from the car and for your travel card you can claim back the money you used to buy the travel card. You can create your own working environment as a self employed work because you could be working at a different place everyday especially if you are a personal fitness trainer then you would be working at different customers houses as in a normal job you stay in the same place every day.

Another benefit of you starting up your own business is that you have no limit as a self employed person; you are not limited to how much you earn. As it’s your business no one can give you a fixed hourly wage rate you can earn how much you want to earn in an hour because you are the boss so the profit that you make goes straight to you but if your business does not make money then there is no point of keeping the business running because if you’re making no money how are you going to be paying for tax or if you rent out a space for your business how you going to pay for rent and all your