Time To Start A New Business No 12.
April 4, 2021 Published by Thomas Cullen
RECORD numbers of new businesses have been launched during the pandemic as people are revaluating their work life or have lost or about to lose their jobs.
Being your own boss can bring greater freedom and flexibility in your work life balance, but it also comes with new financial and legal responsibilities. You need to be fully aware of these before you take the plunge into self-employment.
Things you need to know before going solo and start your own business, you will experience more freedom to do what you love doing and make money doing it.
Starting your own business can be daunting you will face many challenges and obstacles. You need to be aware of regulations, taxes, finances, and other business costs that you are suddenly responsible for.
Do you have a big idea for a small business?
Here are some things you need to know before starting your own business.
Make a business plan.
A good idea is not always a great business idea that is why you need a business plan to test the viability of your idea.
Basic questions to be answered:
- Why will your business exist?
- What will you be doing?
- How will you do what you will do?
- How will you do what you plan to do?
- When will people be able to buy form you?
- Where will your customers buy from you?
To or not to be a limited company v sole trader.
A limited company is a registered business that is legally separate to you as an individual.
This means if your business gets into legal or financial trouble, your personal assets may not be at risk.
A sole trader only has to complete a self-assessment tax return each year.
There are tax differences between what you have to pay as a limited company or as self-employed well.
An accountant can help decide which structure is best for you based on your expected income and business plan.
You are in charge of your own finances when you are you start your own business.
This means no wages until you have earned enough income after expenses.
Budget your pre start, startup and working capital required +20% and how will these be funded?
Always keep money aside for your tax bills and always pay them on time.
In the UK there may be government schemes that can help such as Start Up Loans or you can search for grants and funding in your local area at Gov.uk.
Solo or staffed?
Starting off everything falls into your lap, somethings you may not be skilled at then outsource to PeoplePerHour or Fiverr one-off help for projects such as graphic design or administrative tasks.
Your online presence is critical.
It is not about what potential customers / clients see (Your shop window) on your site but the backend structure is more important (Your Storeroom)
Be sensible about social media as you can wates an awful lot of time and or money can be wasted.
Set up a profile on Google My Business it’s free but watch out how Google limit your geographical reach. Social media networks such as Facebook, Instagram, Twitter, and LinkedIn etc. are great places to interact and attract customers.
Pick the social media platforms that best support your marketing goals. Pick the which are most popular amongst your target market and which best fit your product, brand or service.”
Make use of our mentoring tools and advice
A business coach or mentor can give you ideas on how to grow.
Some business tools to consider.
There are free website builders on GoDaddy and WordPress plus you can organise projects on Trello and compile and store work for no charge using Google Docs.
Marketing emails and newsletters can be sent for free using such as Mailchimp
The legal side
Make your terms and conditions clear when it comes to contracts and customer service.
Just because you work for yourself, that doesn’t mean you have to work by yourself.
Joining trade bodies and lobby groups such as your local chamber of commerce or the Federation of Small Businesses can help build contacts.
There are also events run by organizations such as The Met Club and Business Network International which usually involve meeting other entrepreneurs over breakfast or lunch events.
Thomas Cullen Founder and C.E.O, Ireland, and U.K.
Looking forward to hearing from you, book a free introductory online mentoring session
Copyright March 2021
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