December 10, 2014

How to start your own business

With Christmas fast approaching, it’ll soon be the New Year with all the resolutions and promises it brings with it. It’s also a great opportunity to finally do what you’ve been wanting to do for some time: start your own business. And whether its finances, paperwork or something else that’s been deterring you from taking that step then it’s time for a rethink. There’s loads of help available to make setting up your business more enjoyable than stressful and it’s definitely not as difficult as you think it is.

So once you’ve got that great idea, done your research and found your place in the market, the first step you need to take is to register with Companies House, HMRC and complete all the relevant paperwork. This is the most important official step so do it as soon as possible and do it right.

Check if you need insurance. Especially if your business is in the beauty industry as although it isn’t required by law, it’s imperative you have insurance. As beautician Hayley Nichols says “before I got my insurance I had no clue that I can be sued up to 7 years after the incident so I have a client record card for everyone I work on which I have to sign as well as the client. If I forget to fill this in then I’m liable”.

When that’s all set up, it’s time to get your name out there. It depends on what business you’ve begun as to how you might want to do this, but whatever industry you’ve chosen, you need to use social media. The least you should be doing is setting up a Twitter account and a Facebook page with a short but informative bio (including a link to your website) and regular updates.

Don’t underestimate the power of word of mouth. Start with getting your friends and family to recommend you to their friends to get your business out there. If your business is one that creates tangible goods, consider giving discounted or free products to your friends and family so they can showcase what you’re offering to encourage more business.

Test your ideas on the market, friends and family. Test them on the market to see if there’s a need for it, then test it on your friends and family to get an honest response. Build a network of people whose opinions your trust who you can bounce ideas off when you need to. This is especially important if you’re starting up as a sole trader. Brainstorming with others or simply seeing issues from another point of view will help with your creativity.

Organisation is key. You’ll thank yourself for it when it comes to the end of the financial year. Keep all of your receipts, invoices and all movements of money in a safe place so you can fill out tax forms and whatever else comes your way quickly and easily.

Finally, be prepared. Starting your own business isn’t easy but it’ll definitely be worth it. Check out the links below for more help and advice and, when the going does get tough, remember this:

“It does not matter how slowly you go,

so long as you do not stop.” —Confucius

Need some help? Try these:

• Prince’s Trust
• HMRC
• British Library Business and IP Centre