If you are reading this, you are probably a self-employed student about to graduate. But what happens after graduation? Don’t worry, we have you covered! In this article, we will go through the options after graduation and help you decide what your next steps could be. Let’s get started! 🎓
What is a self-employed student?
A self-employed student is a student who runs their own company. In Belgium, students can apply for self-employed student status, which allows them to enjoy special benefits such as reduced social security contributions. But what happens when you graduate? Let’s view that.
Unsure about your student statute?
Be sure to view our article on the difference between the statutes: self-employed student, student-entrepreneur and working student.
What happens if you stop studying?
If you finish your studies and do not stop your business, you can keep your self-employed student status up to and including the 3rd quarter (ending 30/9) of that calendar year. From the 4th quarter, you have next options after graduation as a self-employed student:
Options 1️⃣: Continue doing business in main occupation
If you decide to continue your business full-time, you will be considered self-employed in main occupation. This is a great option if you are passionate about your company and want to take it to the next level.
Options 2️⃣: Stay in business in secondary occupation
If you have a part-time or half-time job and want to keep running your business, you can choose the statute of self-employed in secondary occupation. This gives you the flexibility to combine your job and your company. Of course, you can also go into secondary occupation in combination with having a full time job, but be aware that your work-life balance will be affected.
Options 3️⃣: Quitting your business
If you decide to stop your business, you need to take the necessary steps to formally close your company. This can range from paying outstanding bills to informing customers and suppliers.
How do you choose the right options?
Choosing the right option depends on your personal situation and ambitions. Consider the next factors when making your decision:
- Your passion for your business: If you really love your company and believe in its potential, it may be worth pursuing it full-time.
- Your financial situation: Running a company can be financially challenging. Make sure you have sufficient resources to support your company.
- Your career ambitions: If you have career goals outside your business, it may make sense to continue running your company in secondary occupation or even stop.
What to do if you want to discontinue your business
Discontinuing your business is a formal procedure that requires an amount of steps. Here are some things you need to do:
- Inform your social insurance fund: They can help you with the necessary formalities and advise you on any obligations.
- Meet your financial obligations: Make sure you pay all outstanding bills, including taxes and social security contributions.
- Inform your customers and suppliers: Let them know you are closing down your company and ensure a smooth handover of any ongoing projects.
- Close your business bank accounts: After settling all financial matters, you can close your business bank accounts, but this is not required for sole proprietors. Certainly don’t do this if your private and business accounts are the same.
Are you going to stop doing business?
Then view the full roadmap to stop your sole proprietorship here.
What to do if you want to continue your business 🚀
If you decide to continue your business after graduation, here are some steps to take:
- Edit your statute: Inform your social insurance fund that you want to edit your status to self-employed in secondary occupation or main occupation.
- Review your business plan: Now that you can devote more time to your company, it may be time to revise your business plan and set new goals.
- Get financing: If you plan to expand your company, you may need additional financing. Consider different funding options, such as bank loans, government support or investors.
- Build your network: Make use of professional networking events and social media to expand your network and create new opportunities.
Conclusion
Graduating as a self-employed student is an exciting time full of opportunities. Whether you decide to pursue your business or not, the most important thing is to choose a path that matches your passion and ambitions. And remember, whatever you choose, you have gained valuable experience as a self-employed student that will help you in the future. Good luck! 🍀
Will you be self-employed in secondary occupation or main occupation?
Perfect! Then you can still continue to use your sole proprietors’ accounts via Dexxter.
Don’t forget to update your status in the summary of social security contributions in Dexxter!
