Right now, increasing numbers of people are deciding to set their own businesses up. This is understandable. Throughout the pandemic, many of us have lost work as a result of the companies we work for collapsing or making us redundant. Alternatively, some of us kept our jobs throughout the pandemic, saw some of the perks of remote work and don’t want to return to office, so are looking for alternative options. Setting up your business is one way that you can gain control over your own career, work flexibly around your family and potentially even earn more money! Here are some steps you can take to get the process started!
Know the Perks
It’s first important to understand the sheer number of perks that come hand in hand with running your own business from home.
- No commuting – you can work from home. This cuts the costs and time of commuting to work, allowing you to spend more time with your family.
- Choose your own hours – when you’re your own boss, you choose your own working hours. This means you can fit your work schedule around your children and their needs.
- Approve your own leave – want to go on holiday during peak times? That’s absolutely fine. You approve your own leave.
Know What You Want to Sell
Chances are you already have an idea of what you want to sell. This could be a product or service. Of course, you need to make sure that you have a good idea that will actually sell. This is where market research can come in handy. You can get insight into what your customers want, what they will pay for it and other elements, such as how they want it presented or packaged. You could also involve Customer Education in this journey.
To work for yourself, you will need to register as self-employed. In employed positions, your employer generally deducts tax and other essential contributions from your pay and pays them on your behalf. However, when you work for yourself, you’ll need to track your earnings, save your tax yourself and pay it in your self assessment at the end of each fiscal year. You may also want to register your business. By registering with Companies House, you will separate yourself and your business as legal entities. This means that if your business experiences financial trouble, your personal assets or finances won’t be affected.
Come Up With a Routine
When you work for yourself, you have to be disciplined. This will ensure that you get all of your work done and don’t fall behind. Remember, there won’t be anyone chasing you or keeping track of your tasks and projects. Instead, you need to take full responsibility yourself. It’s important to come up with a routine that allows you to work around caring for your little ones and any other responsibilities that you may have.
As you can see, running your own business could be exciting and beneficial for you. Hopefully, some of the information will help you out!