Being able to work for yourself has a massive number of benefits. From being your own boss to setting the work hours that you want to do, to managing your finances and really being challenged. If you’re creative and entrepreneurial, then working for yourself can be the dream. Don’t get us wrong, it is a long process and does require hard work. Even though you can set your work hours, if the work doesn’t get done, then the business isn’t going to grow, expand, or flourish.
But if you know what business you want to start, and know how you’re going to do it, then there is no time like the present to get going with it, right? However, there are a few important steps that you need to plan and think about, to make sure that the business is set up for success.
Register a Business or Go Self-Employed
For starters, you need to decide whether you are going to work as a self-employed individual, or register to set up a company. You don’t need to have employees to set up as a company, but it will be more about what your business is in, the kind of liability you want, and the kind of earnings you will have. You can always register as a company later down the line, and start off as self-employed. Either way, you need to register one of the ways, so that you will be contacted about taxes and returns.
Seek Out Insurance
Even if you are the only employee of a company, you will need some form of insurance cover. It protects you against certain liabilities, as well as legal fees, accidents, and theft. What kind of cover you will need will depend on the kind of business that you run, and the potential damage that could be caused to others. There are plenty of places to get cover online, but it can be best to call them up to speak to someone. From being a blogger to being a self-employed accountant, it helps to be able to explain what you do so that they can get the right kind of cover for you.
Somethings will not need much money to help get you started. If you’re a blogger, you may just need money for a good camera and a new laptop, but the start up costs can be relatively low. That isn’t the case for all businesses, though, even if it is just a business from home. So planning your finances, and looking into bank loans or things like homeowner loans can be a good idea. Some businesses will need some equipment to get you started, or even a van or car for things like deliveries. If you need them to help you to get set up, then you’ll need them to help you to start the business. So financing and doing the maths to plan it all out is key.
Business Bank Account
If you don’t really want to go down the loan route, or want to keep your finances for work separate from personal bank accounts, then it is a good idea to have a business bank account set up. If you have set up a company, then this is a requirement. While it isn’t if you are only a self-employed sole trader, it can be helpful to have the clear records of your ingoings and outgoings, and keep things away from your personal finances. Quite often, there can be some pretty good rates for business bank accounts, especially for overdrafts, so shop around and see what works best for you.
Make a Solid Business Plan
To have got to this point you are likely to have been thinking about your ideas a lot. But have you written them down or done any research to show that it is going to be worth it? What are people going to be willing to pay for what you offer? How many things will you need to sell or clients will you need to get to make it worth it? Are there ways to expand the business or not? When you think about this and all that you need to do, you have to write it all down to make sure that you have a stellar business plan, to launch the business or self-employment with a bang.
Of course, these things are just the tip of the iceberg when it comes starting your own business and working from home. But if you get these things nailed, then it will make a massive difference to how well things go.