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Tips for starting your own business
It’s spring and the time of year when people start considering a change of job or career. The very bravest among us even decide to be our own boss! It often seems the attractive option for parents keen to balance work commitments with children and the benefits can be enormous. But what does it take to launch your own start-up company? Read our tips to find out whether it’s for you.
1. Think of a need
Have you ever thought ‘why hasn’t this been invented yet?’ or ‘why isn’t this service available?’ to help make things run smoothly? If so, you’re probably on to a winner. If you think something’s missing, that means there’s a chance someone needs it too. It’s a great way to spot a gap in the market and it’s how countless successful businesses have been born.
2. Are you resilient?
This is one of the many questions you need to ask yourself if you’re planning to go it alone and start your own company, along with whether you’re confident and motivated enough to handle the responsibility. You can have the brightest business idea but it will go nowhere if you haven’t got what it takes to see it through and it’s important to be honest about it before you invest too much cash.
3. Plan, plan, plan
So you’ve come up with the next big thing and decided you’ve got what it takes to bring this innovative product or service to market! The next step is to set about writing a business plan which you’ll need to secure the backing of investors. It should include details such as a company mission statement, a service or product offerings, a description of the target market and financial projections. Click on this link for information from Barclays on how to write one!
4. It’s all in a name
It’s important your company’s name has impact so it’s easily remembered, but make sure it can’t be confused with any other businesses. You might want to do a quick search online and check whether domain names are available. Also, have a look on the Companies House website.
5. Be on the right side of the law
You’ll need to let HMRC know of your plans and register your company with Companies House to make sure you’re on the right side of the law. Also, organise your books and keep on top of your business finances!
You’re ready to go. Good luck!
Have you started your own business and do you have any words of advice? If so, share them with us and other parents over on our Facebook and Twitter pages.