If you have got to the end of the road in your current position and feel you could take a leap into the world of self employment then you are going to need a few basic tips to get you started. We’ve got a quick rundown on everything you need to do when you take your first few steps.
Having an idea is the most important first step. Many people will get as far as this though and not go any further. The key to starting a successful business of your own is to keep doing. Every small step you take is progress and sitting back, waiting for the right time isn’t the best strategy. It is the right time. So go forward and be confident. If you have been working for someone else in the same sector, chances are you have all you need to know to deliver a great service. You just need to work on the structure, funding and marketing.
Funding a startup is tough. However there are loads of incentives to get you going. Sometimes the best route isn’t always through your bank. Angel investors have the ability to see a great idea or a brilliant person and are more likely to invest on a gut feeling, rather than just numbers and figures. Work on a solid pitch and spend more time considering the hurdles you might come across. You can never be too prepared when it comes to the problems you might face. Show potential investors you have considered all areas and have a strong contingency plan for moving around them. Getting help from an accountant will ensure you are prepared when it comes to numbers. A lot of pitches fail because of unrealistic figures or predictions so be conservative whilst ensuring there is incentive for an investor.
Once you have the funding you can celebrate the first major hurdle. Now it’s time to consider your premises. You could work from home or look at renting some space like these from Guardian Business Center. It is important your location is accessible for any clients and that you are near suppliers in case of last minute emergencies. You also don’t want to make any major investments like buying a premise until you have some strong contracts under you belt.
Ensuring your accounts are in order will set you up well. Great accounts are the foundation to your business and if you have strong foundations then you will be able to handle any earthquakes that might come along. It is wise to employ someone to take care of your bookkeeping and main accounts. Someone who can take a little pressure from your work load but you trust to see the intimate details of your financial health. Don’t be tempted to allow someone to deal with everything though. You need to know exactly where every penny is going to and coming from. Just delegate the admin work so you can focus on the rest.
If you get these few steps in order, you will have a healthy start and strong business legs to take you through to the bigger leaps.