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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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Quiz: Got what it takes to be your own boss?

Starting your own business sounds like fun but do you know how to make it happen? 

Question 1

The first thing you should do when starting up your own business is work out your business plan

True

WRONG... The answer is True

Before you do ANYTHING, you need to work out if your business idea is a good one. Just because you think it’s great, doesn’t mean people will agree.

Make sure you know exactly what your business is and what success looks like to you. It's just the beginning!

Gov.uk has information about writing up a business plan as well as detailed information about how to get a business started.


False

Question 2

If you start your own business you get to choose your own working hours

True

WRONG... The answer is True

Freeeeeeeeeedom. You’re the boss which means … NO BOSS. You don’t have to answer to anyone (apart from, occasionally, the bank manager and your clients).

False

Question 3

There is security to being your own boss?

True
False

WRONG... The answer is False

There’s no job security. If your business doesn’t make it, there goes your job.
It’s a big financial risk. Sad though it is, most businesses fail in their very first year.

Question 4

You don't need to have a website and social media accounts to promote yourself, you can survive from word of mouth alone

True
False

WRONG... The answer is False

We live in a digital world and your business needs to be seen and well promoted. At the very least, you’ll need a well-designed website explaining what you do and social media profiles to reach your customer base.

Well done!
Check out more articles about working and benefits here.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.