There is a lot to consider when starting your own business. Whether deciding to take the plunge straight from a job or through unemployment or redundancy, there is a lot to do before you even think about servicing your first client.
First there is the concept. What will the business do? Do you already have the necessary skills and qualifications or will there be a training need? Is there a demand for the service or product, locally and further afield? This is probably the crux of starting your own business. The proposition must be good and in demand, otherwise it isn’t going to work. In essence you need something to sell, and customers to sell it to. Depending on the proposition this can be real life, face to face transactions or online, mail order, phone or all the above. The wider you can cast the net, the more chance you have of doing business.
Once the idea has been formed and nailed down, it’s time for the details. What is the business going to be called? What kind of company is it going to be? What equipment are you going to need? Premises? The list is endless. It pays to be organized here and make a list of all the things you can think of. Then talk to someone else who owns their own business and ask them what is missing, because there’s bound to be at least a few things.
Naming a company is pretty straightforward. Merely think of something meaningful and original, check its availability and then think about what kind of company you want to register. Is it going to be a sole proprietor, LLC or something else? This decision will be based entirely on what you plan to do and who with. If you’re a freelance designer then maybe a sole proprietor would be most suitable, if planning to offer plumbing or electrics with a brother or friend then a partnership or LLC may be the way to go. Once you have an idea of what you want then it’s time to make it formal. There are plenty of company formation services available online for not much money and it doesn’t take long to complete the form and register the company. Normally you’ll get the paperwork within a few days.
Now it’s time for practicalities. Do you need tools or premises? Time to start looking for those now. It may take a while to get just what you need so it’s much better to start that as early as possible. You will also need an accountant. Unless you are one yourself, married or related to one you should get one straight away. They may seem like an expense you don’t need, but they can offer a lot of help and advice about the administrative side of running a business. If you get a good accountant then they will save you a lot more in tax and liabilities than they cost anyway.
Next comes branding. Get yourself a website, a logo design, and all the marketing stuff ready to promote the business. This doesn’t have to cost a lot as you can print business cards online, and there are plenty of free website design templates you can use. Getting it all set up doesn’t have to cost the earth and can be done relatively cheaply. It doesn’t have to cost the earth to get started in business by yourself, it may just seem that way.
Filed under: Business Cards
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