Over the last decade, there has been a significant rise of entrepreneurs and independent small-business owners. The growth of technology and the far-reaching effects of the Internet have also enabled a large number of online businesses to boom. Many mothers who gave up their jobs after having children are also starting their own home businesses – be it making and selling things online, or being Virtual Assistants or providing freelance writing services. And in the past year, due to the global pandemic and resulting loss of jobs as well as extra time on hand due to the lockdown, many more people have taken the plunge and started their own business. Here are some tips to start your own business.
But while it is exciting to be your own boss and start your own business, it requires a lot of hard work, perseverance and some basics which will set you on the path to success.
A Business Plan/Model
It’s one thing to want or think of starting one’s own business but to actualize it, you need to have some sort of business model in place as well as a business plan (at least for the near future). You need to consider things such as whether you will be working from home or have your own office space; whether you will need a team; and things such as costs and expenses. You will also need to have a plan as to how the business will function on a day-to-day basis.
Capital And Investment
Whatever business you might be going into, you will need some sort of capital and investment. This could be from your own savings over the years, or you might need to take a loan from your bank. Alternatively, if you are starting a tech business, you could use the services of a boutique investment firm such as www.sturgeoncapital.com which will help you get started on your journey.
Licences and Insurance
Again, depending on the nature of your business, you might need a permit or a licence to proceed. Make sure you check these and have them before starting, else your business could get shut down or put on hold.
Insurance is something else you need to keep in mind – what are the things you would need to insure, depending on your business. Make an inventory and check with an insurance company – it’s always better to be safe than sorry.
Accounting And Taxes
You will also need to think of your finances to see your business through. For starters, you will need to open a business account with your bank. If you aren’t too good with numbers, it might make sense to hire an accountant to look into the financial workings of your business. He will also be able to guide you regarding the taxes you will need to pay, depending on your income.
Create a brand for your business
You would want to make a lasting first impression once you launch so make sure you create a strong brand image and identity for your brand. Have a USP if possible, or offer something others already established in the market aren’t offering. Make a striking logo and a website to match. Have a strong social media presence. Be seen and be heard as much as is possible.