Whether you are looking to supplement your income by developing a side hustle, or this will be your full-time job going forward, starting your own business is an incredible accomplishment. It means you are taking something you are passionate about, and turning it into a reality. The result is greater freedom, the chance to be your own boss, and the potential to increase your income significantly.
However, success as a small business does not come easily. You have to be willing to put the work in day in, and day out, especially in the early stages.
With that in mind, here are five things you need to do at the start of your business journey, to ensure you succeed later down the line.
1: Register your Business
When you run your own company, you will be in charge of monitoring your taxes and ensuring you pay the appropriate fees. However, before you can begin with this, you must ensure you register as a small business online with the HMRC. This does not take up too much time and can be done online. The earlier you get this step sorted, the better.
2: Focus on curating a brand
Each year, thousands of entrepreneurs across the world decide to launch their own business. Whilst this is exciting, it also means you face a lot of competition from the word ‘go’. Therefore, before launching your company, you must spend time curating a brand that will stand out from the crowd. You can do this by undertaking market research and hosting focus groups. Find as many ways as you can connect with your customers. Build a website, an online shop and set up some social media accounts.
3: Get the appropriate insurance
There are many hidden costs associated with running your own business that you may not think of immediately. This includes paying for insurance, that protects you (and your clients) should something go wrong. For example, if your company will focus on building and construction, it is important you have the appropriate insurance in place to deal with workplace accidents. You can find out more information about the different contractor insurances here.
4: Think about your message
Though your brand will serve as your income, it should not be viewed as a money-making scheme. Therefore, you must find a way to ensure your morals and values are reflected in the work you do. This will also make your company more attractive to potential clients and customers. For example, if you are selling a product, you may want to focus on making your small business eco-friendly by using recyclable packaging and materials.
5: Set yourself goals
When you start out a company, you are in charge. This means you are in responsible for setting yourself goals and deadlines each week. If you fail to do this, your company could lack direction, as you may struggle to complete tasks on time. Therefore, each week you should set yourself a series of goals and do whatever it takes to meet them.