As it’s fireworks night, we give you some handy tips to start your own business with a BANG!
Are you sick of working for other people? Looking for work that you can fit around your family life? Recently been made redundant? Have you ever thought about striking out on your own and being your own boss? As the UK job market struggles in the depression more and more people are turning to self-employment. But where to begin…theClassified is here to help with our Top Ten Tips!
1) What Business?
First you will need to think through what kind of business you want to start, is it your own idea? Are you buying a franchise? Selling an existing product? Full-time or part-time? Working from home?
It is very important to do the necessary research before setting up your business. Your research can be split into three areas; market research, finance and product/service.
Is there a demand for the product or service you are supplying? You will also need to research your competition, it is important to establish that the market which you are joining is not already over-saturated.
Pricing – you will need to research how much people will pay for your product or service – how much are companies with similar products or services pricing their product/service? If your product or service is unique maybe canvass your friends to see how much they would pay.
Costing/budgeting – do some sums to work out your selling price versus cost price, will you make a viable profit? Work out a budget for setting up – do you have the necessary capital to get the business off the ground?
Research your product or service, it is important to know all the facts before you start selling. Establish your USPs (Unique Selling Points) – what makes your product or service stand out from the crowd?
3) Business Plan
We can’t stress too much the importance of a good business plan – how are you going to sell your product or service? How much money do you hope to turnover? This is where you go through the finer details of your budget, including all marketing, supplier and other outgoing costs; it is important to be realistic about how much you will need to invest.
Remember: When starting a business it can take months before you start making a profit – what will you live on while you are getting the ball rolling?
4) Money, Money, Money
If you already have the money to start your business that is great! If not think about financing options – are you going to apply for a loan?
Two things you will need to sort out before you do anything:
A business bank account – take a look at a few business accounts before settling on one – what incentives are they offering?
Your accounting – you will need to hire an accountant. You can then decide if you want to do the books yourself or for them to do them aswell.
5) You need a name. Make it a good one.
What are you going to call your business? Take time to come up with a really good name, your name can be make or break. And once you have begun you are stick with it!
Do check that a website domain (URL) for your chosen name is available, if not it’s back to the drawing board! If you are looking for a host for your website go to http://hosting.illuceo.com/
6) Don’t forget to Register as self-employed
Unless you have decided to form a Limited Company (ask your accountant for advice on this) you will need to be registered as self-employed – to do this contact HMRC:
7) Location, Location, Location!
Where are you going to work? If you are going to work from home initially, set-up a ‘work area’, preferably a separate room. Make sure you have all the equipment you need i.e. computers, phones and stationery etc.
If you aren’t going to work from home you will need to find premises and sign a lease.
8) Get online
Every good business these days has a dedicated website, you will either need to design your own or pay someone to build it for you. Having social media accounts for your business is also important, we particularly recommend Facebook and Twitter.
9) A few practicalities!
Other areas you may need to think about: Business Insurance, legal advice, health and safety, and registering for VAT. If you are thinking of employing people, you will need to consider how you will run payroll.
10) Networking is key
Networking is a very important tool in making your business a success, especially if you are starting a local business. Attend business networking events in your area, especially those aimed at your sector and make sure to carry plenty of business cards!. Networking is important to build up both business contacts and potential buyers or suppliers.
We hope these tips have helped!
If you are thinking of being your own boss and would like to run a ready to go e-business with plenty of support while you are starting out and beyond why not consider theClassified. For more information visit our opportunity page – www.theclassified.biz/opportunity