Many people aspire to start their own business, either because it feeds into their interests and skill set, to have control of their own work/life balance, or to Depending on the kind of business you’re looking to set up, you may find it’s easier to get started than you think. Here’s what you need to know before taking the leap.
Dream Big, Start Small
There’s nothing wrong with having lofty aspirations, but make sure you are sensible about it. Expenses can quickly add up and there’s nothing wrong with starting small. Side hustles such as Etsy shops are a popular way for people who sell physical products to build their business without expenses such as renting a shop. If you are wanting to start a business providing a service, such as cleaning or decorating, you might initially do it alongside a day job. Hedging your bets might not feel as adventurous as jumping in feet first, but it is a safer option if you need to bring in a regular income to live off. Regularly reassess as you upscale your small business.
Stay The Right Side of The Law
Compliance isn’t exciting, but it is necessary. Before starting your business, be sure you know what being self-employed entails. As well as taking responsibility for your own taxes, depending on your business you may need insurance, policies, or training before you start. Don’t be tempted to cut corners even if there are costs this incurs – if you’re going to do this, you want to do it right.
Have The Right Equipment
Whatever your business, there are some pieces of equipment you will need. In almost all cases, being contactable is vital so a reliable cell phone with good coverage is a must. If you have an Etsy business or a website, a quality camera (whether a phone camera or specialist camera) is a worthwhile piece of kit – if you are photographing products to sell, you need them to look good. This might also involve buying staging props or a light ring.
Another key piece of equipment for most businesses is a reliable laptop such as a small business Lenovo ThinkPad. Every small business will bring paperwork with it, whether it’s accounting records, invoicing, stock taking, or compliance. It is worth investing in a laptop you can rely on.
Marketing and Promotion
If people don’t know about your business, they won’t be able to support it. This isn’t a time to be shy – when your new venture is up and running, shout it from the rooftops! If your budget is small or non-existent, use social media to tell your friends about your business. Consider targeted marketing such as Facebook ads to reach a wider audience. Don’t dismiss the old-school methods of posting fliers through doors or pinning them on community notice boards.
Starting your own small business is exciting and invigorating. Enjoy the ride and work hard and it could also be lucrative. Good luck!