If you feel as though you’d like to pivot from your career to a business then now is the best time for you to be taking the plunge. If you don’t take that next step now, you may find that the right moment never comes and this is the last thing you want.
Do your Research
The first thing you need to do is your research. The idea for your business may arise in a lot of different ways. It may be based on your skills, or it may be based on your current job. It may also be based on something that you’re passionate about. On the flip side, if there is a gap in the market for a product or even a service then this is something that you might want to consider. However you approach it, you do need to make sure that there is a demand. You should also do your research and talk with your friends and family if you can. There are lots of tools out there that you can use to try and help yourself as well and when you take advantage of them, you will find it easier to get the result you need out of your new venture.
Source: Pexels
Draw up a Plan
You also need to take the time to draw up a business plan. There is so much that you have to account for, and your plan is essentially the blueprint for your goals. If you want to make money as a webcam model then you may need equipment and a good computer, for example. In your plan, you will need to account for things like this, and you will also need to take the time to make sure that you have all the right tax documents set up as well. If you can do this then you will soon find that it is easier for you to get everything lined up.
Look for Funding
You also need to give some thought to funding and everything you will need to pay out for. Self-funding your business is the easiest option but at the same time, you will also need to use your savings. You may not want to take on debt and this is understandable but at the same time, you do need to make sure that you do not limit your business through fear of getting into debt.
Choosing a Name
You will also have to choose a name for your company. This is easier said than done, but it is an important step in the process. You will need to build your brand from day one, and finding a suitable business name is so important. If you choose a business name that is in use then this could prove to be a disaster. You may also need to register your name because the last thing you need is to start a business, begin making a name for yourself, and then have someone else steal it. If you can make sure that you are building your brand from day one then this will help you out quite a lot.
Insurance
Tackling red tape is so important. You will have to notify HMRC about what you want to do. You can be both employed and self-employed at the same time but you do have to keep the right records and you also need to make sure that you are ticking all of the right boxes. Whether or not you register your company with Companies House or anything else similar will depend on the structure of your company. You also need to make sure that you understand whether you want to start an LTD company or not. If you are a sole trader then you will have to register with the HMRC or relevant body. You may also need to pay different types of insurance.
You also need to give some thought to your visual identity and your representation online and in person. This will influence how your company is perceived and it will also influence how people resonate with your brand. This is especially the case if you are going to be working with clients regularly. If you are dealing with clients in person then you may need to take out a public liability cover. You should also consider taking out indemnity insurance as well if you know that you are going to be providing advice, or services. If you can do this then everything else will fall into place and it will be much easier for you to get your business off to a good start.
Can I start a business?
Absolutely! Anyone can start a business. Doing so does require dedication and a lot of research, which was outlined above. Make sure that when you start looking into starting your own business, you are prepared for the hard work and in most cases, finances that you need to invest for this business. Look at every option, write everything down and ask questions. Starting a business can be daunting, but with hard work and determination, anything is possible. Good luck!
Disclaimer: This is a collaborative post. All opinions are my own, 100% honest & unbiased. Affiliate links are posted throughout. Feel free to read my Disclaimer Page for details and information on collaborative (collab) posts, guest posts, sponsored posts, affiliate links, and more.
