If you are in the process of deciding whether or not to start your own business then you could be weighing up the pros and cons. There will probably be more positives than negatives you will find, it is just a case of whether you want to manage the negatives. Owning and running a business is not for everyone, that is why a high percentage of new businesses won’t make it through five years of trading. If you don’t want this to be you then take a look at the complete guide to setting up a business below.
First we will look at how easy it is to set up your business and what you need to do to achieve this.
How To Set It Up
Know What You Want To Do
When you decide you want to be your own boss then you need to know what you want to do. Your business idea might come from something you think is missing from the market or you could be improving an existing idea. Remember, write down and elaborate on every idea you have. You never know if that one will be the winning idea.
Market Research
Once you have your ideas then you need to figure out if they will work in society. For this, you need to carry out market research. This can be done via online polls asking if people will buy your products or services and how much they think you should be charging. Market research will give you an idea of whether or not your business will survive. You should also check out your competition to see how they are doing with their business and customers. This is perfectly legal and you can find out how well they do each year and what their take home is.
Funding
Next, where is the money for your business going to come from? You may have heard that you can start a business with no money. While this is true, it tends to be online based businesses and ones that have been handed down to other people. For your start up, you will need to work out how much money you need to get things off the ground. Write down everything you think you will need and then give yourself some wiggle room. Adding extra onto the final figure will give you some extra cash if you have forgotten anything or if there is an emergency you need to pay out for. If you don’t have the money on hand, you may need to successfully apply for a business loan through Advance Funds Network. The bank needs to know you are a safe lending option so ensure you have a good credit score.
Employees
If you have decided that you need employees to help you out with your new venture then set out to hire some. You will need to create a strong job advertisement that makes people want to apply for the position. Spread the word about your advert using online job platforms as well as social media. You will then need to look through all the CVs you receive and find the people you would like to interview. Remember, give everyone a fair chance as you never know they could be the best team member you ever had.
If you don’t get this step right from the start then you could end up with a high employee churn rate. This happens when employees come and go in quick succession. It can be detrimental for businesses as you need to then take time away to hire new people and time equals money in the big world of business.
Website
Creating a strong website that is easy to navigate can be super easy, especially if you have done it before. Everyone will be using your website, it won’t just be tech savvy individuals. If people struggle to use your website or find what they are looking for then they may take their business elsewhere. Try adding a search bar onto your website design so things can be easily found. You might also want to add a chatbot so your customers and clients can get answers to their questions and queries right away. Having a customer service team on hand to manage this will ensure your customers aren’t waiting 24 hours for replies.
Marketing – keyword
Marketing is one area that will take the biggest chunk of your budget, and rightly so. Getting your business out into the world and known about is a huge task. If you don’t spend enough on marketing or use the wrong techniques then you won’t be making as much money as you had hoped for. There are so many marketing strategies just waiting to be explored, it is all about finding the one that works for you and your company.
You could use flyer printing or even social media to build awareness of your business. Video marketing is a huge hit with customers and clients as it provides a more personal approach. If you don’t want to manage the marketing yourself then you could always sign up to a marketing agency who will do all the leg work for you.
Now we will look at the perks of being your own boss and running your own business.
Perks
You Make The Rules
One thing that many people like about being their own boss is that they don’t have to answer to anyone or follow other business rules and regulations. As your own boss, you will set your own rules that your business should follow. They could be anything from staying productive or meeting specific targets. Remember how much you dislike the rules of a workplace when setting your own rules. You don’t want your employees to feel the same way you did.
Helping Communities
When you run a business you are helping a community to thrive. Take a look at the local high street, everything is closing down. If more people owned businesses and opened them in high streets then this would be thriving and come alive once more. If you are running your business in the local area then you will be giving something back to the community. You might also want to hire people from the area to help combat unemployment.
Following Your Dreams
You may have always dreamed about being your own boss and having your own business. If it has never happened before then waiting patiently has paid off. Everyone has a dream and when it becomes a reality it can be the most amazing thing in the world. Make sure you know how to run your business and take as many courses as you need to to make it happen. Slow and steady wins the race, if you try to rush you may lose control and then end up losing your business.
Setting Your Own Hours
Another great thing about setting up your own business is that you get to choose your own hours. This can be a huge downfall when working for someone else as you need to often work the usual nine to five. If you have other commitments, such as family then they will be waiting around to spend time with you. You might decide to work in the morning then have the afternoon off, it all depends if you have help with your company. Someone else can hold down the fort while you take your well deserved family time.
Working From Home
Were you often fed up working in the office? A lot of people were very grateful when COVID-19 hit as it meant they got to work from home. This has proven that a lot of businesses and companies can actually work from home. This not only saves the planet as the carbon footprint is reduced, it also gives people the chance not to have to travel to work. Give your employees the chance to work a hybrid or fully remote schedule and you can do the same.
Making More Money
Running your own business could mean you end up making more money as you can set your own salary. Be aware, you need to be reasonable otherwise customers and clients may not use your services. For instance, if your competition is cheaper then they may end up choosing them over you. You will also be in charge of paying business tax for your company so ensure you don’t fall behind with this.
Better Mental Health
As your own boss, you may be a lot happier. Working for someone else could have had a huge impact on your mental health. Working for yourself might be a huge weight lifted from your shoulders and your mental health is back on track. This is something to remember when your employees come to you with problems. You don’t want them to have their own mental health struggles so be as understanding as you can.
We hope you found this article helpful and that it gave you some ideas and reassurance that setting up your own business is exactly what you want to do. There will be some bumps and hurdles along the way, there is no doubt. It is how you handle these that shows how strong you are as a business owner. Remember, Rome wasn’t built in a day so you can’t expect your business to take off overnight.
Amanda Lancaster is a PR manager who works with 1resumewritingservice. She is also known as a content creator. Amanda has been providing resume writing services since 2014.
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