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You can set up your business with some business coaching

How do I start my own business?

As a business coach and a business owner, I get a lot of people telling me they’d love to work for themselves. Many people ask me how it’s done. So I thought I’d share my story, insights and knowledge. Here are the questions you should ask yourself:

 

Why do you want to work for yourself?

Knowing exactly why you are choosing this path can be helpful. Try to think about what your top 5 core values are for your business practice. This is basically your vision for your business and will help you decide if you are doing this to try to be more in control of your life and schedule, or because you want a business venture, or because you like the idea of being able to wear PJs and work from home! Here is a list that is nowhere near exhaustive.

 

Should you ease into it or throw yourself in?

People often ask if they should quit their 9-5 job and begin being their own boss. It depends entirely on the industry in which your business is location and your financial needs. It also depends on whether or not your boss will let you go part-time whilst you set up your new venture. If you are someone who values financial security, then you might prefer to ease yourself in. If you are someone who just wants to work in your current job until you are ready to launch, then that might be seen as the middle group.

But if you are someone who thinks that, unless they take drastic action, they won’t actually do it, then possible throwing yourself in completely might be right for you. But only you can know what is right. If you are unsure, I suggest you get some business coaching before making such a big decision as quitting your 9-5 job!

 

 

What practical things do I need to know at the start?

Once you decide on an industry, your business location, and your core business values, you can get started! You need to register your business with HMRC so that you can start paying tax. It is advisable to get an accountant, particularly for the first year. This is because, for the £250-400 you spend on an accountant, they will be able to advise you correctly about what you can claim against your taxes (expenses and business set up fees) and what you cannot.

 

You should also make sure you set aside enough of your income to pay your tax and NI. HMRC require you to pay your tax bill in the January following the last tax year. (I.e. for the tax year April 2018- April 2019, you pay your tax bill before the end of January 2020.)

 

I would also advise you to have a website and social media pages to promote your business. You could also get references from former employers to show to your first clients before you have any testimonials or online reviews. Once you’ve been in business a while, as clients you are working with if they would mind writing a review.

 

Many people also advise you need a marketing plan and business plan. These are particularly important if you have investors, as they will want to see that you have ensured your business will grow year on year.

 

Let’s Go!

If you would like some business coaching to help you get started, please email hello@bexharper.com