Want to be your own boss?
Last year, the number of self-employed/sole trader businesses rose by 3%. That’s 84,000 new entrepreneurs entering the market, deciding to go it on their own and be their own boss.
Small businesses accounted for 99.3% of all private sector businesses at the start of last year, so it’s a sector which can’t be ignored.
And the trend shows no signs of slowing down for the start up business.
It’s not surprising really, running your own business is appealing. No-one to answer to, you can decide what you work on, who you work with, and when you work.
However, although many new businesses are started each year, there are many that don’t make the grade. About one in ten businesses don’t reach their first birthday, and around four in ten won’t exist in five years. The stats don’t make for pleasant reading.
If you are thinking about starting your own business, then now’s the time to do what you can to ensure you are one of those who make it. Although it’s easy enough to set up a business, the hard work starts when you’re sitting there on the first day working for yourself. There’s so much to learn, things that you won’t realise you need to know, and some of these are key if you want to start out in the right way.
So here’s our advice on what you need to get in place when starting your own business:
- Business plan. Without a doubt, THE most important document you’ll ever need and write for your business. This should be the core of everything you do. It will be needed to help you write your objectives, goals, as well as determining strategy. Use it to measure where you are and to remind yourself what the long-term plan is, as it’s so easy to have your head down in the day-to-day
- Get yourself an accountant. We can’t emphasise this enough (although yes, we know, we would say that), but getting an accountant on board at this stage is invaluable. They can advise you on what is the best situation for your set-up, sole trader, limited company, LLP etc. They can help you get the processes in place so you are starting off in the best way possible, tracking your cash flow, getting projections in place, as well as being able to advise you on things like start-up loans/grants etc. Basically, your accountant will be your wing man (or woman!)
- Ensure you are legal and compliant. Dependent on what your business is, you may need to get operating permissions, insurances and certificates set-up so that all the ‘i’s have been dotted and ‘t’s crossed. Again, dependent on your industry, you may have an association or body who can help you with this
- Get your brand and marketing sorted. Work out who your customers are, so you know where to go to target them. Then work out how best to get in front of them. Whether that is at networking events, through advertising or attending industry shows, then ensure that you are putting some budget aside as you will quickly learn that you need to find your customers, they won’t flock to you
- Work out what you need to invest at the beginning. What software do you need? What equipment do you need? Can you rent or lease to begin with? Investigate different ways to be able to get up and running as cost effectively as possible, you can always purchase outright or updated equipment later on if you need.
If you are thinking of starting your own business, then you are more than welcome to come along and have a chat with our very own small business expert, Flight Dynamics Officer Emma Duda.
What she doesn’t know about getting a small business up and running isn’t worth knowing. She’s the fountain of all knowledge, her mission which she has accepted is to have a real in-depth knowledge of all of her clients, and so she really helps when it comes to the day-to-day running of your business. She is really your go-to person, so if you want to get going with your own business, then give her a call.
You’ll also be pleased to know that we have a specific Blast Off package which is perfect for start-up businesses. It’s designed to support you for your first two entrepreneurial years, from registration and set-up to getting your accounts in order, dealing with taking on employees, and general business support which includes invitations to networking events and seminars, all designed to give you the best start possible.
All you need to know is that you are in good hands if you choose to start your entrepreneurial journey with Blue Rocket. We’ll help you reach for the stars (sorry!), and you won’t regret the best decision you ever made to be your own boss.