More of us than even are taking the plunge and heading into the world of entrepreneurship. Setting up a small business is relatively simple, but setting up a successful one will take some work. So what is the appeal of being your own boss, and what are the drawbacks? Read our guide to setting up and having success in a small business, and decide if it's for you…
Be Your Own Boss
One of the main plus points for owning your own business is being your own boss. The role ensures you get to chose your own hours, maybe even pay, and are responsible for all the top levels of decision making. On the flipside, being your own boss means that when money is tight you’ll have to take a cut in wages. You will be under constant pressure and scrutiny from those who’ll look to you for answers.
Whilst you may have a great idea for a business, and the enthusiasm, determination, and drive to match- you need to take into consideration whether setting up a small business is right for you…
Before setting yourself up with offices, a company bank account, or any of the other trapping of small business, you’ll need a plan. This isn’t something to be produced in a rush either. Your business plan needs to have satisfied the following questions:
What will your business do?
How much can you expect to make (profit) in the first year?
Where will you operate the business from?
What makes your idea different or unique?
Will you need financial help?
Start with a well-researched idea. Something you’ve been thinking about for years, not days. Register your idea so that no one can copy it. Find out who your customers or clients are and get lots of information and tips from them. You’ll be going into business with similar people so make the most of their wisdom!
You need to secure the finances to make a small business work. Whether you're putting all the money in yourself, or need a loan, get all your finances in order first. You’ll also need solid financial advisors. An accountant and lawyer are a good place to start. If you ever have any problems with your tax you’ll need to get a tax attorney to help. Similarly, if there are any disputes in the workplace a lawyer versed in company law can give you legal advice.
Hiring the right people is another crucial step in setting up your own business. You need people who are able to perform and take your startup to the next level. Hire staff who want to be part of something, right at the start. They need to be prepared to put in the hours whilst the business gets off the ground. Start off small in terms of the number of staff and expand in accordance with your workflow. Create a team atmosphere and make everyone feel they are a part of something big.