Things You Need to Know when Starting Your Own Small Business

Things You Need to Know when Starting Your Own Small Business

Starting your own small business can be a great way to take control of your life and choose your own working schedule. You will most likely already know what kind of business you’d like to do – perhaps you just want to go freelance and keep doing the job that you’ve been doing for a while or maybe you’d like to turn a hobby into a side hustle or small business to then grow into a full-time job? Either way, there are a few things that are good to know if you want to start your own small business.

• When is a good time to start a new business?

If you already have an employed position, it’s a smart move to keep that while you’re getting started with your new business venture on the side. Then you will still have your regular income while building a side hustle. Once you’re making steady money, you can quit your day job and work for yourself full time (or however much time you’d like to work!).

The main thing that matters is whether you’re ready to start a new business. Have you got what it takes? Are you passionate and willing to work long hours to make it work? Yes? Then you might be ready…

• It’s easy to get started!

Registering as self-employed sounds scarier than it actually is. It’s a quick and easy process that can be done online or by phone. You should register as soon as possible after you’ve decided to do self-employed work.

• Record keeping

Keeping records is one of the most important parts of working for yourself. You can do this using accountancy software or programs like Excel. Keep records of the work you do, dates, income and any business expenses, if applicable. There’s lots of helpful information online about record keeping so do read up on the subject before getting started. Using a separate business bank account is a great way to help the process.

Each tax year, self-employed people need to do a self-assessment which also sounds like a scary thing but, again, it’s not as bad as it sounds as long as you have made an effort keeping track of the above. If you are feeling insecure about the process or feel like you’d prefer to have professional help with these aspects of running your own small business, you can always use online accounting services to assist you.

• Be realistic

Most new businesses don’t make a profit straight away so do be realistic about your new business venture. It might be a quick success (you never know!) but it will most likely be something that will take time and a lot of work too. If you keep putting the effort in, you will hopefully see your business grow steadily over the years.

• Be prepared to work hard

Working for yourself sounds like the dream but you do usually need to work very hard to make it a success. You will most likely need to work more at first before you reach a position where you can put in fewer hours or outsource some of your business tasks.

If you’re feeling drawn to the idea of starting your own business, it’s probably right for you to give it a go. Hopefully it will be a successful venture and you’ll soon be able to achieve a work-life balance that works for you and your family.

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