Gee Foottit, St. James’s Place Financial Adviser Academy
The dream
It’s the dream, right? Answering only to yourself. Commanding your own destiny. Getting out as much as you put in. All these things come with the territory of being your own boss. Putting it in very real terms, becoming your own boss is all about investing in yourself and your family. It gives you the autonomy, opportunity and freedom to achieve financial independence.
The lockdown rush to be your own boss
During the pandemic, there was a surge in new business launches. According to Hacker Young Chartered Accountants, there was a 14% increase in the number of UK start-ups during the first year of the pandemic. This outpaced the global average of a 6% increase in business start-ups. These are significant numbers.
The drive to be self-employed
It's clear the pandemic didn’t crush entrepreneurial spirit; in fact, it did the opposite. People were sitting at home, fed up with their full-time job, dreaming about how to be their own boss. The ‘Great Resignation’ is the biggest buzz topic around – the floodgates are open, and people are reconsidering their career choices.
Self-employment is suddenly an even more enticing prospect. Teuila Hanson is the Chief People Officer at LinkedIn, and amongst other reasons, cites a lack of flexibility and control as the key motivations for people handing in their resignations. People want the autonomy that comes with having your own business.
It’s almost a perfect storm. A new perspective and a yearning for a change in lifestyle have resulted in many people dreaming of becoming their own boss.
The reality
Making this dream a reality is often a lot harder than it seems. It requires planning, preparation, knowledge of the target market, a solid business idea and, critically, a comprehensive business plan to really make it a success.
To earn a sustainable income from your business, you need to have all these things and more.
When being your own boss goes wrong
Sadly, many new businesses fail early on in their journey. The latest figures from the Office for National Statistics also state only 42.4% of businesses that started in 2013 were still trading five years later in 2018. With 660,000 new businesses being registered annually in the UK, there is a small pool of successful businesses and a lot of disappointed business owners facing a cold reality. These figures highlight the need to be properly prepared for any new business venture with a clear, well-structured plan in place for lasting success. The start-up costs alone can be enough to put people off. Even if they are properly accounted for in a business plan, market forces can quickly undo careful planning and jeopardise a new business.
What you need for a successful business
Setting up a successful business does not have to mean going it alone. What can make the difference between success and failure, particularly for a first-time entrepreneur, is an effective support network. Having good people around you with complementary skillsets will give your business stability. You need that valuable advice in the early stages to set you up for long term success. Support is also needed when it comes to business financing. Start-up costs prove to be a barrier for many looking to set up their own businesses. The internet has helped make being your own boss more accessible but, for larger ventures, up-front capital is critical for any potential business owner.
The answer: become your own boss with St. James’s Place
One option is becoming a financial advisor and setting up your own advice business with St. James’s Place. By studying with the company’s Financial Adviser Academy, you get the mentoring and teaching to enable you to qualify as a financial adviser, with a ready-made playbook for starting your own business.
The St. James’s Place Financial Adviser Academy offers you a clear path to being your own boss and with the support you need to make it a success. You’ll have the autonomy, control and flexibility you are looking for but without the pressure of having to establish a new brand and value proposition. With SJP, it’s already there. The demand is there, the support system is there, the infrastructure is there, the financing is there, all it needs is someone with the drive and entrepreneurial spark to make it happen.
It’s a tried and tested pathway, with over 1,000 people having already completed the programme to either set up their own business or join one of the company’s established businesses, of which there are 2,500 operating under its umbrella. A financial background is not a prerequisite either. Our candidates come from a range of backgrounds, but what they have in common is the drive to be their own boss. It’s not without challenge, but the company’s success rate is high, with a 91% first-time pass rate on exams.
The benefits are clear, you can live the dream with the backing of a global, established brand. You’ll have uncapped earning potential along with all the other benefits to your lifestyle. There are also the additional benefits that may not have even crossed your mind. It’s the little things, like IT and admin support, that really make a big difference when you are starting a new venture. It’s these things that many budding business owners don’t have the luxury of and often end up having to do themselves, adding a huge amount of additional work. Be your own boss with SJP and these resources are there for you, enabling your success. They will also enable you to focus your time on helping and developing long-lasting relationships with clients.
In short, the St. James’s Place Financial Adviser Academy gives you the structure and support system that you need to become a new business owner. There is no limit to the financial and personal success you can have.
Find out how you can pursue a career change into financial advice here.