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As we are growing up, we tend to assume that we will always work for someone else. As children, we are asked what we want to be when we grow up. The majority of kids will give an employed position as a response: a firefighter, a member of the armed forces, a teacher, a doctor, or an astronaut. Throughout school, we are encouraged to study hard, not for knowledge’s own sake, but in order to gain qualifications that will prove our competency to future employers. If we slack, we are told that we will never get a job with our given attitude. But there is nothing to say that we have to get a “job” or become employed.
While being employed does have its benefits (you have a steady income, work contracted hours, and can receive benefits such as sick leave, annual leave, or maternity pay), you will find that you are working towards building someone else’s dreams on their behalf. Instead, why not become your own boss? Increasing numbers of people are starting to take this attitude, leaving the rat race of the standard nine-to-five position and starting up a small business for themselves. Sure, this can be daunting, and you will have to put a whole lot of hard work and effort into the venture to become successful. But it’s a great opportunity that you should give some serious consideration!
So, if you’re considering taking the leap and starting up your own small business, here are a few things that you should be prepared for!
Company Formation
Forming your company entails so much more than establishing brand identity. You need to legally form your company with a company formation service, too. This process will involve registering your business with Company House, establishing your business as a distinct legal entity and separating your personal finances, personal property, and personal assets from your business’ finances, property, and assets. This means that if your company does fail somewhere along the line and has to be dissolved or go bust, your personal living situation will not be affected.
This, of course, isn’t something you really want to consider when you are first starting out, but you always need to be prepared for the worst, as you never know what turns of fate could result in difficulties or problems down the line.
Another thing you will need to consider when you are starting your new business is whether you want it to be an offshore business or not. If you do decide you want to start your business in Cyprus for example, you will need to consult with someone about starting up your Cyprus company formation to make sure you’re following all the legalities that the EU and Cyprus have in place.
Online vs. Brick and Mortar
A major decision that you’re going to have to make early on in the formation of your business is whether to operate online, on a brick and mortar basis, or whether to embrace both. Now, generally speaking, small businesses are best off starting up online. There are various reasons for this. Operating online is a lot cheaper than opening a brick and mortar store. You don’t have to fork out for a commercial property, commercial energy bills, store fittings and furnishings, or staff and security to serve customers and monitor the shop floor.
This leaves you with more disposable cash to invest in other key areas such as product development, market research, and manufacturing. All you really have to pay for is web design and the creation of the products that you’re going to sell. Operating online also allows for more flexibility. If you find that you have to alter your brand image to cater to customers’ tastes and preferences (this is extremely common in the early stages of a startup), it’s much easier to alter some code and change your web design than it is to decorate an entire store again.
Online operation also allows for maximum profitability, which is necessary to get your business off the ground. Rather than operating between standard nine to five hours, your business is open around the clock. Customers can make purchases as and when they please, twenty-four hours a day, seven days a week.
As you can see, forming your own company is possible. Anyone with an innovative or unique idea or a good understanding of how to undercut their competition effectively could make some serious money from leaving the standard employed lifestyle and taking their careers into their own hands. Sure, you’re going to have to dedicate a whole lot of time, hard work, and financial investment into the venture. But the rewards that you reap should prove more than worth this initial investment!
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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