Should I Set Up My Own Business?*

*This is a collaborative post*

As with most things, there are pros and cons to being self-employed. If you’d like the flexibility of working to your own schedule and therefore earning what you want to earn, then it’s definitely something you should carefully consider. The word “carefully” was used here because setting up a business is complicated and there is so much to think about, so you have to be up for the challenge. In the long run, it will certainly be worth it, but don’t be afraid to put in the hard work. 

You’ll have to consider things like your company name, brand colours, logo and various other logistics. For instance, where are you going to operate? Can you work from home or will you need to hire an office space? Perhaps you need a restaurant or shop location? Will you need to hire staff right away or can you operate alone for a while? You’ll have to have this all figured out before you launch your company.

Once you’re sure you’re ready to begin your business venture, you’ll have to register with HMRC before you do anything else because you don’t want to get into any tax-related trouble. There are different types of businesses you can register as, including a sole trader or a limited company, so you’ll need to figure out which one is right for you. If the idea of sorting out a tax return is frightening for you, then you should consider hiring an accountant to help, or things could get messy.

Think about your marketing as well. After all, you can’t expect potential customers/clients to pay for your products or services if they’ve never even heard of you. Marketing comes in many shapes and sizes, from an SEO-friendly website to promotional merchandise, and you’ll probably have to try a few different strategies until you find something that sticks. Regardless, try and be patient and don’t give up too soon – if you put in the time and effort, your new business will eventually take off. 

So, if you think you’re up for the challenge and you have a great idea, then yes, you should set up your own business. However, don’t be afraid to speak to professionals if you find any aspects of running the business difficult. 



*Photo source Pexels

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