Setting Up Your Business: The Basics

We’re living through tough times. Coronavirus and Covid-19 have taken the world by storm and turned many of our lives upside down. Among a number of struggles that many of us are facing right now, job insecurity and consequent financial difficulties feature highly up many of our lists. Many of us are finding ourselves living on reduced incomes or completely jobless, meaning that many of us are struggling to support ourselves. If you’re in this situation, you may crave more control over your day to day life. You might want to make major decisions around your own career yourself. On top of this, you may want the freedom of working when you want, with people you want to, where you want at any time. All of this can be achieved by running your own business. Here are some suggestions that will help you along the way!

Make Sure You’re Committed

Running a business is no small feat. It’s going to take a whole lot of work, effort and investment of time and money. So, you need to make sure that you are fully committed to your cause before you get started. If you’re more in the mindset of working a nine to five and calling it a day, you may be better off looking for an employed position. Read accounts from successful business people to gain some insight into how things may pan out. Haval Dosky is a great place to start. If you do this and you’re still truly dedicated, you can advance to the next steps!

Do Your Research

Next, you need to make sure that you have a good product or service to sell. You can have all the best intentions and a great work ethic, but if you’re trying to sell something that nobody wants, you’re not going to have much luck. So, make sure to carry out plenty of research that will help you to determine whether there’s demand for what you’re selling and whether you can sell your products or services for a sufficient amount to maintain a great profit margin. Remember to bear in mind the world we’re living in right now. People aren’t as willing to spend on non-essentials during the pandemic, due to financial insecurity, so a product that would usually succeed may struggle. So, be realistic and know whether you need to hold off for a while or not.

Register Your Company

The next step to take once you’ve settled on setting up is registering your company. All companies should consider being registered with Companies House to make sure that the company is a different legal entity to you. This will make sure that if your business fails, your personal assets can’t be seized to repay professional debts. This is extremely important during such difficult and unprecedented times.

Of course, these are just the steps that you need to take to get the ball rolling. But they’re essential. So, take them sooner rather than later!

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