Before you start your own business, there’s a few things you’ll need:
- An idea. Whether it’s something the world has never seen or an updated version of a product that’s already out there, you won’t get far without one of these.
- A business plan. Even if you’re not seeking funding or loans, it’s still a good idea to have one of these – what are you trying to achieve with your business? What are some of the problems you might run into? How do your profit margins look? How will you expand?
- A business. Yes, it might seem obvious, but before you can get to work you have to let HMRC know you’re setting up your own business. More on that here!
Of course, there are myriad other decisions to make – will you rent office space or work from home? Will you be selling online or offline (or both)? How will you market your product/services?
Setting up your own business at home
If you’re not renting office space, it’s a good idea to create somewhere in your home that is your ‘work space’. It might be tempting to spread your papers all over the kitchen table, but when the kids come in and get jam all over them it stops seeming like such a good idea…
Just as your personal life might seep into your work life, the opposite is also possible; while working from bed in your pajamas might be tempting (especially if you’ve spent years working in a cubicle), you might find it difficult to get out of a more relaxed mode unless you sit up straight, pop some proper clothes on and get your head down! Read more on setting up a business here.
Want to hear a cliché? Thanks to inventions like social media and Google AdWords, it’s easier to get to grips with marketing than ever. Sure, there’s some trial and error involved; you’re never going to be top of every search for, say, ‘scented candles’ but it’s worth experimenting with things yourself before hiring someone else to do them.
And the rest…
Yup, there’s much more starting your own business than what we’ve mentioned above – sleepless nights, paying a lot more attention to your finances than usual and a bit of luck are all essential ingredients in setting up a successful business. But, if you’re tired of working for someone else and taking part in the rat race, it’s worth a shot!