Are you considering setting up your own business? Maybe you’re fed up of being stuck in the rat race, or perhaps you want something more flexible that you can do around your kids. You might have skills, a hobby or a passion that you want to take to the next level and start monetising. Either way, here are some things to consider when you’re setting up a business.
Think about your skills
Some businesses don’t require specific skills, for example buying and selling items for a profit. However if you want to start a business based on a skill then you will need to consider what you’re good at. Maybe you could start a bakery, craft items from wood, hand make clothes or jewellery or start your own florist. You might already have the skills and experience you need from hobbies and previous jobs. Or you might need to take a course first to brush up on everything and get yourself to a stage where you can monetise.
The legal bit
First things first, if you’re setting up a business with the intention of selling and making a profit then you’ll need to register so you can pay the correct taxes and ensure everything is legal. Chances are you’ll have nothing to pay at first if you’re just starting out and your profits are small. But you’ll still need to complete a tax return and register as self employed or as a limited company so be sure to look into this.
Set up a work area
Do you plan on working from home? If so, you’ll need space to run your business. Ideally, a spare room where you can put a desk and filing systems to keep everything you need running smoothly. If you don’t have space, you could consider making renovations to your home. Something like a loft or basement conversion, a garden room, a garage conversion or an outbuilding conversion would all work well. If you’re short on space, you could keep things like stock or business equipment that’s not used on a daily basis in self storage, companies like StorageArea.com offer this.
Set up a website
A website is vital even if you don’t sell from it directly (for example, you might make all of your sales through Facebook). This is because it ensures that your business is accessible to customers 24/7, as they can access information about what you do, sell, where you’re located and more even outside of your business hours. You can also link to your social media platforms, online marketplaces where you sell such as eBay, Etsy and Amazon and include a gallery of your items or past work, testimonials and so much more. You could even write a blog and link this to your site too. It allows you to compile all of your businesses links and information in one place.
Have you considered setting up a business from home? What would you sell or do?