So if you are skilled but your permanent job looks unsafe, becoming self employed or contracting out your services could be a wise move. If you are unskilled, take the opportunity now to develop skills, by for example, enrolling on an electrical training course. There are some big differences between being an employee and working for yourself.

When You Are Self-Employed…

1. You determine what work you do and when you do it.

2. You advertise to and accept work from more than one client.

3. You may operate your business under a specific business name.

4. You do not get employee benefits from your clients (i.e. a pension plan, insurance, holiday pay, etc.).

5. You are responsible for paying your own income taxes.

6. Your clients typically do not provide training or extensive instruction on how to do your job.

7. You normally supply and maintain all of the equipment necessary to do the job.

8. You alone control the opportunity for profit or loss from your work.

9. You have a contract that outlines the terms of your working relationships.

10. Your contracts tend to be for a specific project or time period.

11. You invoice your clients for work completed.

Independent Contractor Services can offer advice to anyone considering becoming self employed or a contractor. They can take you through what’s involved in running your own business, as a sole trader or limited company, or working through their umbrella service. Call 0800 195 3750 for full details of the benefits.

Laurie South, Chief Executive of PRIME, a UK charity that helps people over 50 set up in business said,“The over 50s are an increasingly important part of our economy. Yet in many cases their energy, creativity, experience and sheer ingenuity is being unfairly discarded. At least 3.5 million 50 to 65-year-olds have no work. Over 50s who are out of work for six months after being made redundant only stand a one in ten chance of ever having the chance to be an employee again.”

Over 50’s have a wealth of experience and there are opportunities for them within the freelance and contracting sectors. With unemployment figures rising and also the stage pension age rising, it is imperative people plan ahead and consider moving into self-employment.

A freelance or contracting role could be a way to ensure a healthy income as they move nearer to the retirement age. Independent Contractor Services can offer advice to anyone considering contracting. They can take you through what’s involved in running your own business, as a sole trader or limited company, or working through their umbrella service.

This week, PRIME also announced they are launching a National Olderpreneurs Roadshow, which starts in Bristol on 23rd September, 2009. PRIME’s Olderpreneur Roadshow is part of a practical package of support the charity offers over 50s including a Business Club, Olderpreneur Loans Scheme and Mentoring. At the roadshow anyone over 50 who wants to find out whether self-employment or setting up their own business might be for them, can go along.

PRIME’s founder Prince Charles says. “The experience and skills which people build up over a lifetime are an invaluable resource,” he says. “It is madness for society not to make use of this.”