Whether you like the idea of being your own boss or are frustrated with the lack of opportunities in your sector, starting your own business is a big step.
Luckily, there are a range of supports out there to make the transition a little bit easier, from financing to advice and support.
Here are a few of the main things you’ll need to consider if you want to go it alone…
1) Make sure your idea is feasible
Setting up a business is an all-consuming endeavour so it’s important to make sure that you have a solid idea first. Look at carrying out a feasibility study to gauge your potential customer base, taking into account what your competitors are offering. Doing your research will help you to identify and exploit any gaps in the market and refine your offering accordingly.
The process of setting up a business can be daunting at first and many find it helpful to get in touch with their local Enterprise Office. These exist solely to stimulate micro-enterprises and offer training, advice and funding for eligible companies. You can get more information here.
2) Identify your source of finance
All companies need money and even if you don’t have a huge financial outlay at the beginning, access to funds for cashflow purposes is essential. Depending on your business, you may be to avail of Government grants, loans from financial institutions or private investment. You will need a comprehensive business plan to apply for any of these and the Enterprise Office can help you to compile this.
3) Get your paperwork in order
You have several options when it comes to the structure of your business so you will have to register as either a sole trader, partnership or limited company. There are benefits and drawbacks to each so make sure to check out all the details before you proceed. Further details what each involve are available here.
4) Build a support network
Money and research are great but the best thing you can do when starting up your own business is learn from other people’s mistakes. Networking is absolutely essential but don’t worry if the term sends shivers down your spine, as this can be anything from chatting to people in your field on Twitter or meeting up with a contact for a coffee. Most professionals are delighted to offer advice, feedback or a friendly ear so don’t be afraid to ask!
5) Consider all options
A lot of budding entrepreneurs find that it is easier to start their own business while still in steady employment, as it eases the financial burden and risk. Even if you can’t manage full-time hours, consider working part-time during the initial stages of setting up your company and this will give you a safety net until you get on your feet.
6) Manage your expectations
One sentence basically sums up this point – ‘Fools rush in’. It may be tempting to sign a lease on a swanky office and order everything on that wishlist but this can be a very easy way of wracking up a lot of debt and putting yourself in a difficult position. Start small and grow with your business. Sharing an office space can be a much more affordable way to start or try using a virtual office, whereby a company supplies support including a receptionist to give you a professional image without the prohibitive overheads.
7) Believe in yourself
The most important thing when going it alone is having complete and utter faith in what you’re doing. Every company, from a corner shop to a multi-national corporation, started somewhere and there’s no reason you can’t be the next big thing. Good luck!
