A Guide to Setting up your Own Business

Had enough or worked long hours to line someone else’s pocket? Perhaps you feel that your boss takes advantage of your great work ethic and you see no long-term future, other than more of the same. Many people think that you have to be a special breed of person to make it on your own and in some respects, that would be true; there’s a lot more involved than simply turning up for work and whatever skills you may have, setting up your own small business is definitely doable.

What can you bring to the table?

If you are a tradesperson, you can become self-employed and tender out your services to main contractors; all you need is an accountant to keep records and file your tax returns. Failing that, you could set up some kind of brokerage, utilizing your specific knowledge and skillsets, or you could set up a shopping cart website and sell products online. Most people follow their passion in life; if you love fine antiques, why not start selling antique and vintage pieces? If you are a model aircraft fanatic, create an online store that sells kits and accessories, or if you can make stunning handicrafts, why not offer your wares to the public? If you are an IT technician, take a look at leading providers of managed IT Services in Seattle and see if they work with tech start-ups.

Core concept

Of course, your business should have a concept, something that defines the organization and what you are about. It might be handcrafting unique items, providing a comprehensive service, or offering a much-needed service at a price that everyone can afford. Once you have a concept, you can build on that and the next stage is the business plan. Click here for a couple of tips when starting your own business.

Create a business plan

If you have crunched the numbers and there does seem to be a mark-up there for you, you need to compile a comprehensive business plan. A good business plan might be 25-50 pages in length and should include the following:

General overview of the business – Describe your concept and create a mission statement.
Start-up costs – List everything you need to launch the venture. Include any assets the business has.
Running costs – List all running costs. When calculating your running expenditure, break it down to a daily figure that you need to break even.
Marketing plan – This would mainly focus on digital marketing and you need to identify your target groups and show exactly how you plan to reach them.
Organization flow chart – A chart that shows all people involved and their respective roles within the organization.

Business registration

You will need to register your business; talk to a business attorney to get the best advice on what type of business to register. The last thing you want is to have legal issues and the business lawyer can advise you regarding insurance policies that you should take out as a form of protection.

You will need an endless supply of energy, plus the initial funding to get the business off the ground, and with some careful planning and a lot of hard work, there’s every reason to expect your enterprise to work.