6 Top Tips for Setting Up Your Own Business

by Hannah

Have you decided to take the plunge and become your own boss by setting up your own business? If so, you’re probably feeling a mixture of emotions, from excitement to anxiety. There are lots of things to think about and plan for, so just take it slow and take time to wrap your head around everything. If you rush into something before you’re ready, there’s far less chance of your company succeeding. Grab yourself a trusty notepad for all your ideas and have a read through the following tips.

Consider the logistics of your business, like your brand name, your target audience, key competitors and where you’re going to operate your company from. Will you be setting up a home office or renting somewhere?

Decide whether you’d like to operate as a sole trader or a limited business and register with HMRC so that you’re not faced with any tax mishaps going forward. You may need to hire an accountant to handle your finances and things like tax returns.

Gain the relevant qualifications you need in order to run your business effectively, or perhaps consider hiring staff with these appropriate skills. You may need a recruitment expert to help you with this, as finding someone absolute perfect for your company will be tricky unless you have the right connections!

Think about how you’re going to market your business, otherwise your prospective customers/clients won’t actually know you exist. There are many marketing methods, from social media ads to promotional merchandise, or something more traditional like flyers and billboards.

Work with a web design company to get a website set up that works well on all types of devices. Nowadays, people have access to the internet in their pockets, so you’d be missing a trick if you didn’t place some emphasis on the online world.

Be wise about your spending in the early stages. There are lots of ways to cut back on costs whilst you’re starting out, like buying refurbished computers which you can replace once your company starts making a profit.

Nb. Collaborative post.

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