Venturing into the world of self employment is becoming more and more popular these days. Not only does running your own business give you a greater degree of flexibility, but also means that you gain all the benefits of your hard work. That said, it isn’t something you should rush into without doing your homework.
A large percentage of small businesses fail within their first two years so you must be aware of the risks and have a clear idea of how you are going to make your venture a success. Here are 4 things to plan and organise if you are thinking of starting your own business.
Working from home
As you are just starting out, it probably makes sense to work from home in the first instance. If this is the case, then it is a good idea to allocate a dedicated space for this, particularly if you have a family or house share. Although you might think that working from your dining table will be perfectly adequate, you will very quickly realise that it isn’t a long term option.
Having a dedicated office area within your home will not only help to keep things running more smoothly but will also make things seem more professional and ensure that there is a clear division between work and family time.
Register with HMRC
Although you don’t have to do it immediately, it’s a good idea to register as self employed with HMRC as soon as you get the chance. Once things are up and running you may struggle to find the time to do it and other things may take priority so get it over and done with sooner rather than later.
If you don’t yet have a company logo, it’s worth looking into. A logo helps develop a brand, and will also make it easier for customers to recognise and identify with your business. If you consider yourself fairly artistic, you could put it together yourself or, if that isn’t your thing, go online and find a designer to do it for you.
Once it’s finalised, be sure to use your logo on all packaging, stationery, social media, and any marketing campaigns that you put together.
Reliable and competitively priced suppliers can help your business become a success, so make sure they are doing what is expected of them. If timescales aren’t being met, or prices seem to be on the rise, shop around or renegotiate. Many suppliers get complacent from time to time, so keep them on their toes and make sure they are giving you the best possible service.
It’s also worth meeting with them once or twice a year to find out about new product lines and to discuss prices. Good professional relationships and business-to-business loyalty can lead to preferential rates, which all add up, so it’s worth keeping hold of good suppliers once you find them. It could make a big difference to your bottom-line profits.