Setting up your own business has never been so popular
More and more people are leaving a comfortable, secure job to run their own business, attracted by the thought of leaving behind office politics, enjoying flexible hours and the challenge of going it alone. Many people test the waters by staying in full time employment while running their own business part-time, working evenings and weekends.
Vital equipment
The first thing you need is something to sell. Whether this is a product or a service, you need to know that there is a market for what you are offering, so some market research is essential. If you need funding for your business, you will need to have a business plan ready to present to a bank. It is a given that you will need a computer, a telephone, preferably a landline, internet access and emails. Without these, modern businesses cannot function efficiently.
Key factors
You need to determine what sort of business you are going to run. This could be as a sole trader or by forming a limited company. Once you have decided, you will need to register with HMRC for tax purposes. It is vital that you keep accurate records of your business’s financial transactions.
If you are planning to work full-time in your own enterprise, you will need to ensure you have sufficient money in reserve to tide you over. Clients will not be falling at your feet, at least not at first, and there will be times when you have no work and no money coming in. This is when you will need to fall back on savings.
You will need to devote a considerable amount of time on marketing your business. This means creating websites, getting your company listed in business directories, advertising and networking. Without marketing, no one will know you are in business.
Outside help
It is tempting to believe that you can do everything in the business yourself. Whilst this is an admirable ambition, it could leave you vulnerable to making mistakes or taking up too much of your time that could be more profitably spent. You might find it beneficial to outsource some of your business administration to an umbrella company. These are companies that can handle your routine administrative tasks, such as payroll and invoicing, perhaps reducing your need for multiple staff and leaving you free to pursue more business leads.
Easy start
To tell the truth, it is almost ridiculously easy starting your own business – making it successful is the hard part. Being your own boss means you have to do all the hard work. Your business will most likely get off to a slow start, and you are going to have to be disciplined if you are going to generate sales. If you work from home, you must not get distracted. It can be all too tempting to turn on the television, pop out for lunch or go shopping, when you haven’t got a boss looking over your shoulder all the time. Being your own boss means being a tyrant to yourself.
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