How to set up your own business



Have you ever thought about becoming your own boss and running your own business? Maybe you have recently been laid off and have some redundancy money that could set you up in a new career? Or maybe unemployment  has awoken your inner entrepreneur?

There are many advantages to working for yourself:

  • You can work the hours you choose
  • You can fit in around family commitments (if your business allows it)
  • You are your own boss
  • You can set up a business in an industry/service you have a passion for

Where to start?

Firstly, you need to think about the type of business you are planning to set up. Experience will always be a bonus but start locally with your research. Is there a gap in the market for a particular product/business or service? Do as much research as you can into competitors, cost of premises, overheads etc.

Perhaps you can set up an online business? Again, check out the competition and don’t order more stock in than you think you can realistically sell!

Write a business plan. This will help you think through your idea and can be presented to a bank if you need to ask for a loan.

Things to be aware of:

  • Setting up your own business can require a lot of initial financial investment and it may take a year or two of long hours and hard work to build your business up profitably.
  • With any business that you set up there are invariably risks you have to take.
  • You will need to take matters such as tax and national insurance into your own hands and ensure that all your paperwork is accurate and up to date.  Of course there are always tax advisers/book keepers and accountants that you can employ to help you out with that.

Useful websites:

Business Link is an excellent Government run website that gives advice on all aspects of setting up and marketing your own business. They also run free local training courses that will teach you all you need to know about setting up by yourself.

For tax matters then see HM Revenue and Customs website which explains what you need to do to get started. It’s not as complicated as you may think!



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