Before you Set Up in Business

Posted: 8th September 2015

5 things to consider from Anna Goodwin

1. Why is setting up in business the right thing for you?

There are several reasons why you might want to set up in business and be your own boss.

  • You may have an idea of what you want to do and you think you can make money from it.
  • It may have always been a dream of yours to have your own business.
  • You may want a change of lifestyle to give you more flexibility and to spend more time at home.

2. Know yourself

Over the 11 years that I’ve been trading people have said to me “You’re ok, you work for yourself.”  They see the flexibility I have and think that my life is easier than someone who is employed.  In some ways it is easier but it can be more stressful.

Before taking the step towards self-employment its worth asking yourself whether it will suit you.  Ask yourself some searching questions:

  • Will you miss the company of working with others?
  • Will you be able to cope with the responsibility; with having to make all of your own decisions?
  • Are you the kind of person who is happy to network; to find your own clients?
  • Will you be able to cope with the lack of security of not receiving a definite amount of money each month?

It is important to be honest with yourself at this stage as over the years I’ve met lots of people who I feel would be happier on an employed basis.

I would recommend keeping some employed work while you get established to give you a financial safety net.

3. Have an idea

This is your starting point.

The aim when working for yourself is to do what you most enjoy and make a living from it.

There may be something you’re passionate about, you’ve identified a gap in the market or you may have a skill that you can convert into a business.

I was always flummoxed when trying to connect my business with my passion as I really enjoy colouring!  I have always thought how does that work when I’m an accountant?  However, last year I started writing and drawing Anna’s Simple Accounting Guides.  I did this using A3 paper and felt tip pens and I thought I’m finally using my colouring in my business!

4. Market research

Having an idea is all well and good but you need to know that there is a need for the product or service.

The questions to ask yourself are:

  • Who is going to buy it?
  • Who are they specifically?  The more specific you can be, the better!

It’s possible to survey people to see if they would buy the product/service and also how much they would be prepared to pay.  This survey can be done online or face to face.  It’s a good idea to ask what they think of your idea; would they buy it?

5. Sort out a name

This name needs to be memorable and easy to spell.  I have met up with potential clients who have had to explain why they have chosen a particular name and what the name means.  If it is so confusing that it needs explaining it won’t be attracting customers to you.

Before you decide on a final name check that the domain name is available.

I hope you have found these simple tips useful and wish you best of luck with

setting up your business.

If you have any queries then please get in touch.

07711 805 183