When deciding to start up your own business it can be quite daunting to know where to start…
- How do I become a certified business owner?
- What steps do I need to take?
- Can anyone help me?
- Is there any demand for my product/service?
But don’t worry, I’m here to answer your agonising worries into how to start up your own business, but the rest is up to you!
Before starting a business you need to come up with a business plan:
Come up with a business plan
What is your business going to be? E.g a freelance plumber? Blogger, beautician etc
Is it going to work? in other words is there enough demand for it in your area for you to make a living out of it? Do your research and find out if you can actually survive financially on what you want to do…
Things to think about in your business plan:
- What does 1 year look like realistically?
You may aim to just make ends meet until you have enough clients to be comfortable in what you do or you may aim to earn 50k in your first year. Depending on what you do, identify what could go wrong and what you could do if the worst should happen.
- What happens in your second year of business if you are successful?
Do you hire someone?
Are you going to work from home or are you going to rent out somewhere to work from?
- What equipment will you need?
For example, if you are a beautician you will need a good laptop to take online bookings and answer emails, a dressing table, mirror, lighting and of course, make-up.
Make sure you are planning and preparing for everything you will need to start your business, take everything into consideration.
Register your business online
After deciding on your company name the first thing you need to do is, in fact, register your business online. There is the official website which you can do this and it costs £12 to register and will take up to 24 hours to register your business online.
Then, think about setting up a business account with your bank. This way you can record your financial transactions, meaning you won’t be taxed if you have bought any items through your business account. Win-win.
Things to think about:
Are you going to be a sole trader, limited company or a partnership?
Will you need insurance?
Will you need a license to sell your products?
Get insurance for your small business
If you have a new business, having business insurance will be the much-needed lifeline you need for you further down the line and the best thing you could do for your business. It provides much needed financial and legal support for when the worst should happen.
Whether an employee has had an accident at work or you are found liable for a client’s financial loss, having the right insurance in place will help you battle through the blow and remain open as a business.
We provide insurance for freelancers:
- Professional indemnity insurance – This protects your business against any claims for damages or legal costs in which your services have negatively affected a client.
- Public liability insurance – This protects businesses against loses suffered by people or customers that have had an accident and suffered an injury in your workspace.
- Employers liability insurance – This protects a business that employs staff from financial loses obtained when a staff member experiences a job-related illness or injury
Find an accountant
When starting any small business it is advisable to seek out professional help and hire an accountant because you will be responsible for some accounts, business taxes and paperwork.
Seek help, even if you think you can do it by yourself…
If you are concerned with handling accounts and taxes, accountants can help you with this and even help set up your company.
There’s no shame in finding an accountant that best suits what you need help with. Having one will make your life much simpler for you to focus on other elements of starting up your business.
Winning Business
This is the most crucial element for any start-up business because if you don’t have the clients and business to help get your business off its feet and pay the bills then you might want to hold off leaving your full-time job for know…
Usually, when starting your own business, you are already employed before you decide to leave and pursue your dreams of making your passion into a business. So, before you take this leap of faith make sure you already have a few clients in place in order for it to work in the beginning because let’s face it, we all have bills to pay and you cant make money with no business, can you?
The best thing to do is to find potential clients before you begin your business so that when you do begin you already have clients ready to purchase your product or services.
How do you do this exactly?
Marketing
The best way to build awareness and attract your target audience is through marketing yourself online. Understand your potential customers and have a marketing plan in place, the more thorough you are with your research and planning the better outcome you will receive when trying to reach and target your audience.
The first thing to do is to register your business on ‘Google Places’. Next, set up a social media account on numerous platforms and define and analyse your target market. Interact and engage with your target audience through posts, sharing and commenting, you could even host a giveaway?
After all, if you’re going to be successful they need to know your there! Look at our guide to being found online.
Ensure you have set up contracts with clients
When starting up your own business for the first time it can be quite daunting into knowing what you are meant to be doing when handling your first clients because let’s face it, we want all the business we can get in the first year!
But by having contracts in place you are protecting yourself in the long run by ensuring that any client work is covered within a contract.
Contracts are set up for not only evidence that you have in fact done work for them but so that you can set boundaries and even set up a minimum time you work for them for example, a 12-month contract.
If this sounds too scary right now then don’t worry, there are in fact HR companies that can help with this, which should put your mind at ease knowing everything will be taken care of.
Good luck in your journey to success, starting up a business can be tricky but by following these steps you should have everything you need!
