Do you ever wish you were your own boss? You’re not alone. It’s thought that almost 3 in 5 UK workers have considered setting up their own business.
Their reasons range from having a strong business idea they dream of taking to the market, to they want to be in control of their own schedule, or they are fed up with their current boss or, indeed, all of the above. Yet, while going it alone is a common ambition, it’s not necessarily straightforward. Here are 5 key steps to consider before you take the plunge.
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What business are you planning to run? It might sound like a silly question, but it’s important to be able to have a detailed picture of what you’re going to do with your business once you become your own boss. What products and services will you offer? What price will you set them at? How will you source any materials or equipment you need? Get your core idea right and everything else falls into place.
Speaking of which, you need to do your homework on the market as a whole. Who would your competitors be? What do they currently do? What will you be able to offer that they don’t? This will go hand in hand with the process of refining your core idea. Further, it will help to shape how you market yourself once you set up as your own boss.
Do you want to be someone who others want to do business with? At the start, after all, you are your business. Your reputation and that of your business might well be one and the same. This means you need to work hard to gain a good reputation. Whether it’s through networking events, conference talks or thought leadership blogs, get your name out there and establish a good name for yourself.
Before you begin being your own boss, you need to ensure you have the finances you need to get up and running.
At the start, you’ll find that there’s a lot to buy and not necessarily a lot of money coming in. That means you need to have built up a decent launch fund. You should spend a decent amount of time doing this before you break out and become your own boss.
Use high-interest savings accounts and even market investments such as CFD trading to make your money go as far as possible. Set a financial goal and don’t be tempted to risk launching your business before you’ve reached it.
Finally, where are you going to be working? If it’s from home, do you need to create an office space in order to keep your work and home life separate? Do you need a better internet connection? If you’re getting an office, is it in the best location? Will you have access to all the amenities you need?
In essence, these steps deal with the where, when, how, what and why questions that you need to ask of yourself before you start your own business. This means understanding: