Have you ever thought that you could make it in business? Maybe you’ve got an amazing idea – a solution to solve a problem for people? Or perhaps you have a passion for all things creative and have an idea you know consumers would love.
Why not turn your love into a business? With people longing for a better work/life balance and the ability to live in a more flexible way, many are turning to freelancing or starting out alone to get what they want. But where do you even begin?
Things to consider
Before you jump straight into creating a limited company on HMRC, you need to sit down and consider a few things first. What are your interest? Is there a gap in the market for this? Who is your ideal client? Will they be willing to pay for your product or service?
Answering these questions will give you a better start than if you were to simply jump in head first. Try writing this quick Q&A down on a whiteboard or piece of paper – from this you’ll be able to come up with a solid strategy to get yourself started.
Setting up in the right way
Knowing the difference between setting up as a limited company and registering as self-employed is incredibly important. Each one will have different tax and accounting implications. If you’re unsure of which one would be best, there is a wealth of information on the HMRC website as well as a plethora of YouTube videos and blog posts out there to help. It’s worth reading up so you don’t end up setting up the wrong one!
What are some of the best business ventures?
The best business idea for you will all depend on who you are as a person and what your interests are. There is no point starting a venture in something you know absolutely nothing about or have very little interest in!
Explore all your options first and have a good old fashioned brain storming session, these are great to get the ball rolling.
If you’ve been in business for a while, people may be dying for some knowledge and insight for their own company. Why not turn all your know-how into a new career as an independent consultant. You never know, you may even end up getting asked to speak at large industry conferences and events too!
Social Media Management
Many companies are too busy for social media, and with a huge focus on platforms such as Facebook and Instagram to help drive traffic and sales, why not turn your social media wizardry into a profitable business?
Do you love planning events for your friends and family? Perhaps you’ve helped your friends plan their wedding or have worked for events venues in the past? Freelance event planners have much more freedom than working for a single hotel, so dust off your best black dress and start helping couples plan the biggest day of their lives! Don’t forget though, as an events planner or catering company, you’ll need to invest in all the right equipment to make your job as painless as possible.
No matter what your business venture may end up being, making sure you give yourself the best start, will help you in the long run and hopefully journey you down the path to success.