Starting up your own business can be a very exciting time. Carrying out your passion, working with your own customer base, getting to make all the decisions and working to your own schedule. But, before your jump into this world, there’s a lot to consider..
The Good Side
Being your own boss, means you make the rules. You don’t want to work Fridays? That’s your business choice.You can change and adapt your business to suit how you think it should be run. Whether you choose to have flexible hours for creativity/productivity purposes, or choose a completely different environment to work in, you are still in the driving seat. You take the lead role and can come up with all the ideas you want to go for.
You can go out there and try new stuff – if you want to look at a specific skill, you can explore that area without worrying about telling your boss or anyone not wanting to do this. You are in charge and can take on whatever kind of challenge you want.
Starting up your own business gives you an extra drive to succeed. You aren’t just waiting on someone else to come along who has an idea of what they are doing, but instead taking it into your own hands and making that jump will be so much more rewarding. Making the opportunity for yourself will open the door to so many more, and could potentially lead to a whole different way of running the business that you think “hey, i might try that”.
The Not So Fun Side
Finance. Taking control of personal finance is sometimes difficult enough, but your business finance will become a major role you need to take on. This can be anything from setting up Grants and Loans from local bodies, to dealing with the money you are making and the expenses you really have to remember and pay.
Income Tax, National Insurance, Payroll Tax, the list goes on. You need to keep on top of your self assessment tax returns, and any taxes you must pay for any staff you have taken on.
Where will your businesses home be? Your home? or an office space? or perhaps a warehouse? This will need to be taken into consideration at all points. Factors to contribute into the decision making will include stock holding, Staff numbers, are you producing at the location, what necessities are there for your business to run?
The marketing side of your business, slightly more fun, but still not as fun as Fridays off. You will need to find your customers, where the shop, what they look for, and why they look for it. You will be responsible for the success of the business, so finding your clients will be a big part of making it happen.
Are you taking on staff? If so, Who are you looking for? What skills do you want? Choosing staff will be important, you want people who can help you and be a part of your business growing. To find these people, you will need to find our criteria and where you are going to look for them.
The negatives may look like the outweigh the positives, as its all down to money and your time, but it will be time well spent. These are the foundations of your business which build up to the good sides and enjoying the luxuries that you know you have worked for.
Starting your business won’t be all plain sailing, you will need a lot of resilience, followed by a lot of coffee, to keep you quick thinking when opportunities arise.
The main part is to enjoy it, take it at your own pace and don’t out-do yourself.