After years spent commuting and every day feeling the same, it may be time to take the plunge and start up your own business instead. If you are fed up with the 9 to 5, the train delays, roadworks, and all too common underground closures, then why not take steps to becoming your own boss.
Running your own business will not mean an end to the 9 to 5, far from it, but what it will mean is that you can begin to take control of your own destiny instead of answering to others.
It takes a lot of courage and motivation to start a business from scratch, so make sure you have plenty of it!
These days, people regularly choose to leave their day jobs opting to work from home on a freelance basis. This provides freedom and flexibility, but ultimately freelancers are still working for someone else. So, if you want to be your own boss and in control of your own income then starting out on your own is the only way. So, deep breath and take a look at some tips and advice to help you on your way.
Do your research
By now you will have come up with the idea for your new business and hopefully put together an impressive business plan. If it is something completely new, then you need to thoroughly research the current market to make certain that your idea is viable and likely to succeed. With so much information at our fingertips these days it is easy to get carried away with limiting our research to online sources. Don’t forget that it will be your clients and/or customers that will make or break your business in those early years so do some field research and get out there and speak to them directly.
You will also need to consider buying computer equipment, software, fixtures and fittings and will probably want to select your favorite work schedule app to help ease the pressure of scheduling and organising potential employees.
Structuring your company
Presumably, you already have your finances in place in line with your business plan. Company structure is the next big hurdle to overcome.You will need some expert legal advice for this one, but be sure not to overlook the importance of choosing the correct legal structure from the outset. This decision will affect your tax obligations and earning potential etc. so be sure to get it right from the start.
Having spent years as an employee, it is now time to turn the tables and become the employer. In reality, being the boss is not always as easy as it may seem, so choosing the right employees is vital as they can make your life easier. Don’t rush into anything. If you are not sure about a candidate why not suggest that they come in for a day on a trial basis to see how they fit into the workplace.
If you are looking to operate from premises outside of your home, you will need to consider several factors before signing on the dotted line. Be realistic about how much space you actually need. If it is going to be just the two of you initially, then don’t commit to a plush office space with a reception area and meeting rooms. Choose the location carefully; you are trying to avoid a commute, so make sure it is within easy reach or you and your employees’ homes.
Now comes the fun part! When choosing a name and logo for your business always remember that these visual elements will be what the customer sees first. You may have the best ideas in the world, but if your competitors have more kerb appeal, it is they who are more likely to secure the business.
The company name will be the first port of call for potential clients so it should set and represent the right tone for your business. Take your time making any decisions, canvass opinion from friends and family and practice saying and hearing the name over and over. Once you decide on a name for your company, it will be difficult to change.
In the same way, logos and company branding should be carefully thought through too. Colours and images should again be business appropriate and appeal to the sort of clients you are hoping to attract.
By now you should be all set to start your very own business. Good luck!